AFTER THE ARMED FORCES
Once their service ends, veterans often expect to start a new career. In many cases, the same skills and characteristics that helped make them successful in the military, such as ambition and a drive to succeed, make veterans uniquely suited for entrepreneurial endeavours like business ownership.
Franchising is a path toward business ownership that requires strong leadership skills, so veterans are often some of the most qualified and successful prospective franchise owners. According to the Veterans Transition Franchise Initiative (VetFran), a strategic initiative of the International Franchise Association and the Franchise Education and Research Foundation, at least 97 percent of franchisors believe veterans would make excellent franchisees; 70 percent have brought on a veteran franchisee or employee in the last year alone.
“The skills veterans develop through their military experience are integral to pursuing a new career,” said Tim Davis, president of The UPS Store, Inc. and former U.S. Marine Corps captain and Gulf War veteran. “Franchising presents a great opportunity for veterans to utilize the unique skillsets they developed in the service while also developing additional traits necessary for business ownership.”
Leadership. Work ethic. Discipline. These qualities are exactly what help more than 200 veteran The UPS Store franchisees succeed.
• WORKING AS A TEAM: The success of an organization relies on its members working together and a recognition that the business is greater than the sum of its parts. Many veterans learn to rely on their fellow service men and women; franchise owners must embrace teamwork at multiple levels, from employees of the local franchise to the franchise’s national and regional leadership team.
• EXECUTING A PLAN: Although a franchise owner typically has access to a proven business model and ongoing support, executing the plan is the franchisee’s responsibility. Putting the pieces together and developing a working business plan requires an entrepreneurial approach similar to the military training veterans received.
• THRIVING UNDER PRESSURE: Things don’t always go according to plan, and service members possess the training and discipline to remain calm in pressure-filled situations. For best results when navigating situations like disgruntled customers or employees, a level-headed approach often prevails.
• WORKING HARD TO ACCOMPLISH A GOAL: Not all business owners have the level of commitment and work ethic necessary to accomplish their entrepreneurial goals. Service members are trained to understand the requirements of a mission and work diligently to achieve them.
Financing a franchise dream
Through its participation in VetFran, The UPS Store, Inc., makes it easier for veterans to attain their post-military professional goals.
that can thrive even in the face of market volatility.
4. What type of marketing, advertising and promotion do you provide?
While you can generally expect to receive marketing assistance and grand opening guidance when first opening a franchise business, the type of marketing and advertising support provided beyond that can vary greatly among franchisors.
5. What is the total short and long-term financial commitment?
It’s important to discuss all initial and ongoing fees in depth with the franchisor before committing to buy. Keep in mind that you will also need enough operating capital to support the business until it breaks even. The franchisor should be able to give you an idea of how long it typically takes franchisees in the network to become profitable.
6. Do you offer funding, incentives or deals?
The costs associated with opening a franchise business can be a significant factor in finding the right opportunity. Some franchisors offer financing options, as well as special incentives for veterans, women and minorities; certain business models; or opening a location in specific geographic areas.
To learn more about franchise opportunities and special incentives for veterans, visit
www.theupsstorefranchise.com/veteran
This is true no matter what the circumstances are, but the stakes are seemingly more intense in times of crisis and uncertainty – much like the coronavirus pandemic.
As many franchise businesses can attest, COVID-19 rocked daily operations to their core – leaving owners with a multitude of questions and franchisors with little turnaround time for answers. The franchise companies that deployed effective responses and overcame the hardships brought on by the pandemic, like East Coast Wings + Grill, share a key similarity: they demonstrated an unwavering commitment to their franchisees.
ECW+G has always been data driven and hyper focused on unit-level economics, and that focus did not change in with the arrival of the pandemic. In fact, it only reinforced our efforts and, in turn, those efforts continue to solidify our outstanding relationships with our franchisees.
For other franchisors looking to create similar bonds with their owners, here are three ways to harness, elevate and leverage franchisee relationships for the betterment of your company.
Set the Tone Early On
When you speak with franchise prospects and candidates, many will cite “culture” and “support” as reasons why they’re looking at specific companies to invest in. To that point, franchisors have a lot to gain, and potentially lose, when it comes to setting the tone early with its owners.
At ECW+G, we pride ourselves on the relationship we have with franchisees and the internal culture we espouse – one built on support, commitment, trust and data-driven strategies and tactics. From the onset of the pandemic, we wasted no time updating and implementing new operation procedures to reflect the current realities our franchisees were facing. These updates included refining labor models, revisiting financial-analysis programs, providing timely white papers, supply chain inventory, COVID educed unit level breakeven models, debt/ rent deferment strategy, pivoting our business model to emphasize delivery and curbside options, and more.
The relationship between franchisor and franchisee is absolutely critical to the success of a company.
As a franchisor, one of your first priorities, and arguably the most important, for you to focus on is setting the tone with your franchisees. Ensure they understand you are there to support them at the beginning and through the duration of any storm.
Keep Open Lines of Communication
In any successful relationship, communication is key. The presence, or lack of, of open and honest communication will play an essential role in determining a company’s success.
In today’s world, business owners are being challenged by some of the toughest realities ever faced. The value and importance of providing frequent and transparent communication to franchisees cannot be overstated.
For example, to keep our franchisees looped in and sustain their faith in us as a supportive franchisor, ECW+G provided constant updates where the brand was in its response process and shifted monthly conference calls to biweekly. We even provided templated letters franchisees could send landlords for rent relief and banks for loan deferments. These enhanced communication measures allowed us to give real-time updates, share strategies and provide a solid shoulder for owners to lean on during these hard times.
Franchisees want to hear from their franchisor just as much as the franchisor wants to hear from the franchisees. A positive, elevated relationship between the