Misconceptions About Franchising: Insights for Veterans
Column from Homeland Magazine
'Franchise Dreams - Veterans Make Great Entrepreneurs'
Written by Doug Dwyer
President & CSO of DreamMaker Bath & Kitchen
Franchising presents a unique opportunity for veterans transitioning from military service to civilian life. The structure, support, and established systems can make it an appealing option for those accustomed to discipline and teamwork. However, several misconceptions about franchising can deter veterans. I’d like to take a moment to debunk some of the most common myths, specifically from a veteran's perspective.
Myth 1: Franchising Guarantees Success
A prevalent myth is that franchising guarantees business success. While franchises often have higher success rates than independent startups due to established brand standards and support systems, they are not a guaranteed ticket to prosperity. Veterans, familiar with rigorous training and strategic planning, understand that success depends on several factors such as location, market conditions, and their management skills. The military's emphasis on preparedness and adaptability can be crucial in navigating these variables.
Myth 2: Franchises Are Easy to Run
Some believe that franchises are simple to operate because they come with a set operational model. This misconception can be misleading. Managing a franchise requires effort in areas like staffing, marketing, and customer service. Veterans, who excel in leadership and operational excellence, are well-suited to handle these challenges. The franchisor provides a framework, but veterans must apply their discipline and leadership to execute the business plan effectively.
Myth 3: Franchises Are Mainly for Fast Food
When people think of franchises, they often picture fast food chains like McDonald's. However, franchising spans numerous industries, including healthcare, education, home services, and even kitchen and bath remodeling. Veterans, with their diverse skill sets and experiences, can explore a wide array of franchise opportunities that align with their interests and strengths. This opens possibilities that allow veterans to find a niche that suits their passions and career goals.
Myth 4: Franchisees Lack Independence
Another common misconception is that franchisees are merely extensions of the franchisor with little independence. Franchisees are independently owned and operated, providing you with significant control over your business operations, from staff management to local community involvement. Veterans, who are used to making decisions in high-stakes environments, can thrive in this model. The structure provided by the franchisor ensures consistency, but the day-to-day operations and local adaptations are in the hands of the franchisee.
Myth 5: Franchising Is Only for Large Investors
Many veterans might believe that franchising requires a substantial financial investment. While some franchises do have high entry costs, many are affordable and offer financing options. There are also specific programs and incentives designed to assist veterans in franchise ownership. Organizations like VetFran (go to VetFran.org to learn more) provide resources and discounts to help veterans transition into franchising, making it accessible to those with varying budget levels. At DreamMaker, we’re proud to offer veterans a 20% discount on their franchise fee.
For veterans considering franchising, understanding these misconceptions is crucial. Franchising offers a structured yet flexible path to entrepreneurship, blending the benefits of proven processes and systems with the autonomy of running a business. With realistic expectations and the right approach, veterans can find a rewarding and prosperous career in franchising.
Doug Dwyer is the President & CSO of DreamMaker Bath & Kitchen, a company dedicated to helping its remodeling franchisees achieve Strong Margins and a Quality of Life.
doug.dwyer@dreammakerbk.com
