Veterans and servicemembers are rightly held in high regard in our country, sacrificing greatly to protect our freedoms. As many former military members retire from active duty, they’re considering business ownership. In fact, the U.S. Small Business Administration reports that about a quarter of all veterans are interested in starting their own businesses. Fortunately for the franchising sector, veterans are flocking toward franchise ownership because they can apply much of their military discipline and acumen to business.
Before considering a franchise, veterans should consider their commitment, passion, and interest in the industry they want to become franchise owners. Here are a few questions that can help former service members think in-depth about the decision to become a franchise with ASP – America’s Swimming Pool Co.
Are You Passionate About the Industry You Want to Own a Business In?
In a previous blog, we talked about traits ASP franchise owners possess, and while passion wasn’t explicitly mentioned, it goes without saying that you should love what you’re investing in. After all, if you’re not passionate about something, why do it? Measuring your level of interest is much different than gauging your passion for something. Franchise ownership, while exciting, can be a significant responsibility for anyone. As a veteran who has a passion for the industry you want to invest time and money into, you’ll find more value in what you’re doing and have more success because you love it regardless of the ebb and flow of business.
Will an Economic Downturn Affect Your Potential Business?
It’s always important to ask yourself if the industry you want to join has seen its fair share of economic hardships. For instance, the hospitality industry was hit pretty hard by the pandemic, forcing many businesses to close permanently. Many franchise owners were among those hit hardest by the virus and their inability to attract patrons with stay-at-home orders in full effect. You have to ask yourself if a negative shift in the economy is something you can handle and, hopefully, bounce back from.
With ASP, our industry was one of the least affected by COVID-19 because we already had a business model that accounted for no-contact service. We were able to still serve customers safely and effectively.
Is It the Right Time to Open a Franchise?
Regardless of what the economy is doing, it’s important to discover if franchise ownership is the right move for you after military service. Many veterans coming out of activity duty have to adjust to civilian life, which can be somewhat challenging for some. According to a Pew Research Center survey, 27% of activity duty servicemembers found it difficult to transition to life as a civilian.
A few ways to help answer this question include:
- Ensuring your finances are in order
- Discussing this new venture with your family and getting their input
- Speaking with one of our current franchisees to get their take on life as an ASP franchise owner
Is There Room in the Market for Your Franchise Business?
Some industries are already stock full of businesses that occupy the same territories and offer the same services, and it can be challenging for consumers to tell them apart. For veterans, finding a niche in the market that is unique isn’t always easy with so many franchise brands out there today. The best thing to do is research the specific industry and see who and where the competition is. If you’re finding there’s not a lot of market share, you may want to consider looking elsewhere.
The swimming pool industry, ASP especially, has a wide range of market territories in multiple states where you can stake your business claim.
How ASP Supports Veterans
Not only do we recommend you ask yourself these questions, but we also encourage that you ask us questions. At ASP – America’s Swimming Pool Co., we want you to feel comfortable learning more about our brand, how we influence franchisees’ success, and how we care for our veterans.
We value potential and prospective franchise owners who are former activity duty servicemembers. And for that reason, we established our veteran incentives to help make business ownership easier and straightforward for the men and women who give their lives in service of our country.For more information about a swimming pool franchise opportunity with ASP, contact us online today!