Veterans have to be careful when it comes to buying a franchise as there are a lot of sharks in the waters!
HOW MUCH DO FRANCHISES ACTUALLY MAKE? https://youtu.be/bHoezHqvMjI
SBA STIMULUS LOANS https://youtu.be/1G-OCBDhybA
ARE THERE ANY CORONA-PROOF FRANCHISES? https://youtu.be/bRmW2r8oxnE
CAN YOU TRUST THE FRANCHISE 500 LIST? https://youtu.be/4iBOusezuLw
IS 7-ELEVEN A GOOD FRANCHISE? https://youtu.be/7ZN5R0CY-UU
IS UPS FRANCHISE A GOOD INVESTMENT? https://youtu.be/s2mTPSFN5D4
IS GNC A GOOD INVESTMENT? https://youtu.be/L5mJVuoJnlY
DO FRANCHISES REALLY SUCCEED AT 95%? https://youtu.be/t3hu2G90jl0
OUR FREE SERVICES: https://www.franchise.city/our-services
Do these veteran lists prequalify any of the brands listed in their directory? Lets take a look at some of the franchises listed as “veteran friendly”
7-Eleven. They have a large number of lawsuits and unhappy franchisees. There are currently a record number of 7-Eleven stores for sale, and Since April 2018, stores put up for sale by franchisees have increased by more than 95% in California, 39% in New York; 314% in Illinois; 84% in Virginia and 60% in Washington State. Sales of franchise owned stores more than quadrupled from 2013 to 2018.
Baskin Robbins is listed as a VetFran franchise. They have the distinction of being the single lowest earning franchise on the qsr50, so out of the top 50 qsr food franchises Baskin Robbins has the lowest earnings. Is being bankrupt “veteran friendly”?
GNC is listed as vet friendly – they have closed over 200 stores over the past 3 years. 200 stores closed where investors lost their money. I wonder how many of those were veterans? We did a video warning about GNC years ago.
I could go on for hours about franchises on this list that have lots of failures, lawsuits, unhappy franchisees, some even have over a 50% failure rate – there are several of them. Is having a 50/50 chance of your business failing “vet friendly”?
Many lists including Entrepreneur magazine include franchises that are supposedly great fits for veterans. Coming in at #5 on the Entrepreneur list is the UPS franchise, a brand we have reviewed in the past that has a very poor track record with franchisees. I’ll post a link to our UPS review at the end of this video.
You see when you get the warm and fuzzy feeling at the outset of your search because of the veteran connection, you are likely to be less critical, which is dangerous. You need to be very critical of every franchise whether they are supposedly good for vets, minorities or whomever. If I asked you do you want a franchise that is supposedly good for veterans and makes $50,000 a year or one that makes a million and isnt on a veteran list – which would you prefer? Or if I had franchise where you worked 60 hours a week and another where you had to work 30 hours a week, that wanst “veteran approved”, which would you prefer? When you look at it this way, who cares if it is supposedly good for veterans? You want the most profitable franchise, that makes the most sense in your city, that you are most comfortable operating based on your skills.
The problem is that a lot of really poorly performing brands just use the term “great franchise for veterans” to lure in unsuspecting buyers. If you watch the channel you know there are no shortage of franchises that will just take your money, and despite industry claims, like “franchises succeed at 95%” the reality is many franchises fail. There are some great franchises out there, but you have to know where to look, and align them with your own skills and goals.
Also lets be honest, not every veteran has the same skills, goals, operational preferences, or exit strategy. Just because a franchise is good for veterans doesnt mean it is good in your neighborhood, doesnt mean you will like conducting the day to day activities, doesnt mean you will be good at running the franchise. The best franchise is the one that is aligned to to a person individually. Some veterans are good at sales, some are not, some are good managing people others are not. Soe cities need more fast food, some do not.
Many brands claim because veterans are great at following systems and processes that makes them great franchisees. And thats true, but if you buy a franchise with bad systems and processes it doesn’t matter if you follow them, you will fail.
Now imagine if there was a free service, that could help you align your own individual skills, goals and objectives to the best franchises, and then compare those franchises, in a report, side by side with the competition to be sure you are investing in the most profitable franchise, best suited to your goals and market demographics. There is! Franchise City – you can learn more by clicking https://www.franchise.city/our-services