Portsmouth, NH (PRWEB) November 04, 2013
Hundreds of franchise companies offer military veterans incentives to invest in a franchise, but sign-on perks don’t necessarily lead to success as franchise operators. Where are veterans actually the most satisfied and successful once they become franchisees and what are the keys to that success? That’s what an annual research project by Franchise Business Review sets out to determine.
The research findings, published this week in Veterans and Franchising 2013, show that franchisees with military experience are drawn to a number of franchise models and investment levels. Some, like Signal 88 Security, complement their military experience, but others, like Sport Clips (a chain of hair salons), are a far cry from the battlefield.
Franchise Business Review surveyed nearly 3,000 military-trained franchisees, representing close to 300 brands, to compile its list of the top 100 vet-friendly franchises. These are the franchise companies that score better than average in franchisee satisfaction based on the areas of training and support, financial opportunity, brand leadership, operations and product development, core values (e.g., honesty and integrity of franchisor), general satisfaction, and the franchisee community. Franchise Business Review also interviewed senior executives and franchisees at several brands for their first-hand perspectives.
According to the Franchise Business Review report, franchise owners who are vets tend to rate their satisfaction about the same as non-vets on average. The areas where satisfaction runs the highest include advertising and promotional programs, effective use of technology, ongoing support, and system-wide communications. Eighty-two percent of all veterans said they enjoy being a part of their franchise organizations, and 74 percent of all vets (up from 72 percent in 2012) said “they would do it again today” related to investing in their franchise (84% of franchisees at the top companies said they would do it again.)
There has been a big push recently to get veterans more involved in franchising because military training—and a veteran’s ability to follow a set process—often transfers well into franchise ownership. Franchisors told Franchise Business Review researchers that franchisees with military experience often outperform non-military franchisees. However, military success doesn’t guarantee business success, Franchise Business Review warns. Vets (like non-vets) must go through an adjustment period as they learn to run a business.
One of the best ways to know if a franchise opportunity is really as good as it appears is to look at its third-party franchisee satisfaction data. This data is even more important to prospective franchisees on active military duty because it may not be easy to conduct the necessary due diligence—calling current franchisees, visiting local stores, and meeting with the corporate office—from afar.
About Franchise Business Review
Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. The firm’s services include commissioned franchise research projects, CEO performance groups, and industry-wide studies of franchisee satisfaction. Franchise Business Review is headquartered in Portsmouth, NH, and can be reached at (603) 433-2270.
Visit http://www.franchisebusinessreview.com for more information.