The IFA’s VetFran Program (Veterans Transition Franchise Program)
Franchising can make an excellent career transition for military veterans. Military life is rigours, demanding, physically taxing, and undoubtedly regimented. A franchise system is an established module of rules, regulations, and procedures – a language that any veteran could understand.
Founded in 1991, VetFran is the only program of its kind that helps veterans establish themselves in the franchise world by providing them with a plethora of resources, from informational to financial, and supported by a number of governmental and private groups. VetFran has over 200 franchisor members, all of which are members of the International Franchise Association and this membership continues to grow every year.
These franchisors have agreed to help qualified veterans acquire franchise businesses by providing financial incentives not otherwise available to other franchise investors. Veterans will get the "best deal" from these companies. If you are a veteran and seeking to invest in a franchise opportunity, visit the franchising section of each company’s website.
Other Resources Available for Veterans: The Veterans Business Outreach Program
For these individuals, there is an government-funded organization that can provide multiple levels of support to help veterans start their own business or grow an existing business. It’s called the Veterans Business Outreach Program (VBOP), one of the many services provided by the Small Business Administration (SBA).
What makes this program so great is that the services offered don’t just include grant and loan administration. They help individuals integrate themselves into entrepreneurship and provide small business management training, advice, and mentorship after many years of military service. The VBOP offers the following:
Pre-Business Plan WorkshopsVBOCs conduct entrepreneurial development workshops dealing specifically with the major issues of self-employment. An important segment of these workshops entails the usage of the Internet as a tool for developing and expanding businesses. Each client is afforded the opportunity to work directly with a business counselor.
Concept AssessmentsVBOCs assist clients in assessing their entrepreneurial needs and requirements.
Business Plan PreparationsVBOCs assist clients in developing and maintaining a five-year business plan. The business plan includes such elements as the legal form if the business, equipment requirements and cost, organizational structure, a strategic plan, market analysis, and a financial plan. Financial plans include financial projections, budget projections, and funding requirements.
Comprehensive Feasibility AnalysisVBOCs provide assistance in identifying and analyzing the strengths and weaknesses of the business plan to increase the probability of success. The results of the analysis are utilized to revise the strategic planning portion of the business plan.
Entrepreneurial Training and CounselingVBOCs, working with other SBA resource partners, target entrepreneurial training projects and counseling sessions tailored specifically to address the needs and concerns of the service-disabled veteran entrepreneur.
MentorshipVBOCs conduct, as appropriate, on-site visits with clients to ensure adherence to their business plans. Additionally, VBOCs review monthly financial statements to determine whether a revision of the business plan is warranted or that desired results are being attained.
Other Business Developmental Related ServicesVBOCs also provide assistance and training in such areas as international trade, franchising, Internet marketing, accounting, etc.
A representative from the Veterans Business Development Office can help you prepare and plan for your entrepreneurial venture.
