Franchising, essentially, means buying a proven business model from an already established organization. While they do give you the framework for success, it’s not as simple as making the transaction and then sitting back and watching the money roll in. Making the initial payment is only the beginning. While buying a franchise is a lower risk than starting a business from the ground up, it’s no walk in the park and it’s not for everybody, it’s hard work. According to the U.S. Small Business Administration, about 1/4 of all veterans are interested in starting their own businesses, and franchises are a popular route to go due to all of the reasons mentioned before. With the business framework already in place, opening a franchise is an easy way to enter the market. These are a few of the reasons why veterans and other members of the military community make such great franchise owners.
As mentioned before, buying a franchise means buying a business model and the playbook which lays out all of the processes and procedures for running that business which has proved to yield success. Veterans are no strangers to following orders or abiding by rules and regulations, making it a perfect opportunity for those who are looking to run their own business. Former service members also bring with them strong leadership skills which allow them to surround themselves with a team of individuals who will get the job done and help make the business thrive.
Having the business model for a franchise doesn’t guarantee success. Success means putting in the hard work, which is why members of the military community are a great fit, they come with a great work ethic. While some owners work less than 40hrs per week, that isn’t the norm, the more flourishing franchises have an owner who is hands-on. Veterans come ready to put in the extra hours and the extra effort to ensure your business success and money in your pocket.
According to the International Franchise Association, which works with over 600 companies, even though veterans only account for about 7% of the population, 14% of all franchise owners are vets. That’s because veterans have proven to make great leaders and thrive in the world of franchising. It is no surprise that veterans have great work ethics and that they are both disciplined and hard-working. On top of it all, many service members leave the military with a solid financial situation, and if your company is part of the VetFran network, there are added benefits for both your organization and the veterans. If all of that isn’t enough to indicate that they will succeed in the world of franchising, just look at the numbers, they already have.
The problem that individuals in the franchise development sector are having even though they’ve identified their target audience is that the military audience can be an elusive one. The good news is that we’ve been collecting our own first-party data for the last two decades. That means that we have the attention of the audience, we know how they operate, and we know how to locate and target even the most elusive individuals. We can assist you in targeting these military veterans and spouses based on the predetermined qualifiers defined by you and your team. Let’s use behavioral targeting as an example. This basically means that we are gathering data from a variety of sources about the online activity, or behavior, of potential candidates. As we gather information about these potential franchise buyers, we learn about their tendencies while online which then allows us to target them accordingly.
Perhaps behavioral targeting casts a net too large for your needs and you want information that is a bit more tangible. No problem. Our Military DSP allows us to pick, choose, and blend various tactics based on our client’s needs. One example would be running a strictly site-retargeting campaign, which means you’re only targeting people who have actually spent time on your company’s website. This is clearly popular because you’re getting your message in front of users who have expressed their interest in your franchise opportunity(s) just based on their browsing history. While this approach is better than sending your marketing materials into the endless abyss that is the internet, employers tend to see the best results when they blend multiple targeting/advertising techniques into an all-encompassing data-driven campaign focused on results.