There’s no easy button for starting a franchise, but there are dozens of programs to lend a helping hand.
Buying a franchise is often touted as the easier path to business ownership. But the road to becoming an entrepreneur will never be risk-free. There’s no such thing as a free lunch, and even buying a franchise requires some kind of seed capital. In addition, making the transition from employee to franchisee—and more important, going from having a secure paycheck to none at all—can be daunting. Finally, acquiring the business knowledge necessary to get up and running takes time, even if the franchisor provides training.
But don’t let the obstacles turn you away. Franchisors are offering a variety of programs that are specifically designed to help you over the hurdles and give you a leg up on franchise ownership. So if you’re a veteran, a minority or just someone looking for a break, read on. You might be surprised by what we’ve uncovered.
VetFran
You won’t have to look far to find a franchise that’s participating in the Veterans Transition Franchise Initiative (known as VetFran). Launched by the International Franchise Association after the Gulf War, the program was designed to ease veterans’ entry into business owner-ship by offering them some form of financial assistance. ‘Some systems may reduce the initial franchise fee, some systems may decide not to assess a training fee, some systems may provide temporary initial adjustment on the royalty payment,’ explains Matt Shay, president of the IFA. Now, with nearly 1,000 franchises launched by veterans and franchisors eager to get involved, VetFran is accomplishing exactly what it set out to do.‘The opportunity to give a veteran not just a unique business opportunity, but a bit of a kick-start into a new business is something we think is a great idea,” says James Alisch, director of franchise development for 1-800-Got-Junk?, a full-service junk removal franchise that has participated in VetFran for more than 2 years. The program is working out well for 1-800-Got-Junk?—it has already brought nine qualified franchisees to the table. Says Alisch, ‘[Veterans] have experience, a fairly strong track record of dedication and integrity, and the ability to commit to delivering what they say they will.’
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