The UPS Store Waives Franchise Fee for Veterans For Limited Time
Franchise Fee for Veterans Waived By UPS Store Through Nov 2020
If you have considered franchising a brand be sure to check out The UPS Store. From May 12 through November 11, 2020, UPS will waive the $29,950 franchise fee for the first 10 veterans who qualify. This program ran in 2019 as well.
If you are too late to apply for the limited promotion mentioned above, The UPS Store has a standing discount for veterans of $10,000 off the franchise fee. This includes 50% off the application fee.
Veterans approved to franchise The UPS Store locations will still be financially responsible for regular operation expenses. Applicants should expect to pay for rent, utilities, and any costs built in to their Franchise Disclosure Document which may include ongoing licensing fees, rental equipment, training and support fees, advertising fees, and so on. All The UPS Store franchisees are required to have $60,000 in liquid start-up cash.
The UPS Store estimates the full financial obligation for opening a rural store ranges from $130,000 to $380,000, while a traditional location can range from $140,000 to over $500,000.
Veterans who would perform well as The UPS Store franchisees include those who have strong skills in leadership, work ethic, and discipline. The current CEO of The UPS Store is a former captain of the Marine Corps.
Franchising in General
A franchise is simply a license for someone to operate with a certain business’s brand. McDonald’s, 7/11, and Re/Max are all very popular (and successful) businesses that have large a large franchise footprint.
Franchising is a great way to have access to brand power and to have the expertise of a large corporation behind them. Franchisors assist their franchisees with every aspect of the business from training and site selection, to marketing and operations support. The oft-quoted phrase in the franchising world is “you are in business for yourself, not by yourself.”
While franchising allows access to a business’s expertise and marketing, owning a franchise does not guarantee success. If a company has corporate struggles, then a franchisee may feel those repercussions despite running a smooth operation. Also, a franchise agreement limits creativity since a franchisee must operate within the business model corporate dictates.
Franchise opportunities are excellent for someone who wants to excel within a structured environment much like the way the government or military is set up. However, if you are more independent or free-spirited, you may want to consider an independent business model or select a franchise that resonates with your values.
- Choose Veteran-Owned Businesses as the Economy Normalizes
- SBA Service-Disabled Veteran-Owned Small Business program