Franchise ownership is a unique form of entrepreneurship that lends itself naturally to the skills and disciplines learned in military service. Franchise success, like success in the military, means becoming a strong leader under an established system and combining a commitment to excellence with a drive to succeed. Franchisors are learning that having Veterans run their business is good business, and as a result, there are special discounts and incentives offered to Veterans to become franchisees. Sound like the right opportunity for you? Find out if you are fit for franchise ownership with this list of ten franchise attributes.

1. Comfortable following an established system

Are you a take-charge leader who wants to make creative business decisions and develop successful marketing techniques, or are you seeking an opportunity to be your own boss while following the systems and procedures set up by someone else? If you are the type of worker who thrives under an established structure and is not tempted to deviate from proven business methodologies, franchise ownership might be right for you. However, if you are interested in being a hands-on entrepreneur who is directly responsible for the products and services offered by your business, you might be better suited to starting your own business. Use the questions below as a guide for determining your entrepreneurial style:

A. I have an idea for a new product or service for which there is demand
B. I don't have an idea for a new product or service, but I would like to sell an existing product or service

A. I want to own a business that can grow beyond its immediate reach via the Internet and other innovative marketing tools
B. I want to own a business that has a specific territory to which I can market and a specific set of marketing guidelines I can follow

A. If I run into trouble, I will use my business skills and expertise to solve my problems
B. If I run into trouble, I am more comfortable having a team of experts available to help me solve my problems

A. I want my products, ideas and successes to be my own, and I want to take pride in every aspect of my business
B. I want to own a successful business but am less concerned with whether the ideas and products are my own

How did you answer the questions above? Mostly A's? You might be a self-starter and should consider starting your own business. Mostly B's? You may be perfectly suited for franchise ownership. A combination of A's and B's? Keep reading to learn more and discover if franchise ownership is right for you.

2. Financially qualified to operate a business

Like any business, a franchise requires a cash investment as well as available working capital. There are two primary reasons new franchise businesses fail: the first is not following the established franchise system, and the second is undercapitalization. In fact, undercapitalization is one of the major reason start-up businesses fail as well. The importance of having enough money to afford your business cannot be stressed enough. While the franchisor and lenders will look at your financial situation before approving your franchise purchase, only you can say whether or not you can afford the business. Look closely at your expenses, your immediate funding needs, and your future emergency funds. Franchises come at all cost ranges from under $50,000 to well over $1 million. Find a franchise that suits your financial capacity, but do not settle on a risky or uncertain venture just because you can afford it. Consider how drastically your quality of life at home will change after you purchase the franchise. Because the cost of a franchise may alter some of the decisions you make outside of the business, such as being able to afford a vacation or eat at restaurants, it is important to involve everyone who will be affected in the decision. A franchise is a long-term investment that you and your family should agree on together.

3. Strong interpersonal skills

Entrepreneurs often seek business ownership because they want to be in business for themselves, but are you the type who wants to be in business by yourself? How well do you work with others in the workplace, and what types of interpersonal skills do you have? Successful franchise owners should have strong interpersonal skills that blend all of the aspects of business ownership. You should be a strong manager with solid team-building skills. Prior experience managing or supervising others is a good way to predict how you will handle your employees. If you don't have prior management experience, consider instances in the workplace when you have demonstrated you ability to work with others. Managing employees so that they have structure yet feel empowered to succeed in their jobs is a critical skill for all business owners to possess. Are you comfortable interacting with lots of people everyday? Would you be able to handle hiring, managing, and firing employees as necessary? If an employee came to you with an issue, would you be able to work with that person to resolve it? Although many entrepreneurs assume business ownership is an independent job and requires a lot of hard work alone, the truth is that it requires daily interaction and a blend of management and teamwork. Are you ready to lead your franchise team to success?

4. Dedicated to succeeding

Franchise owners must be driven to succeed and persistent in that drive. The dedication individual franchisees possess is often the key factor in the success of a franchise. A franchise is a business based on an established system, a proven product, a tested market, and a successful business model. Done correctly, it is designed to succeed every time. Nevertheless, it requires hard work, especially at the beginning, and any franchise owner must be committed to doing everything it takes to make the business work.

5. Ability to commit long-term

Statistics show that franchises enjoy significant business longevity, with approximately 95% of all franchises staying in business for more than five years. Does five years seem too far away to plan? How about twenty years? Most franchise contracts last 15-20 years with clauses imbedded that can make it difficult or expensive to sell or get out of a contract early. Potential franchise owners should think seriously about the long-term commitment a franchise requires and the willingness to make such a commitment. Will you still want to be in business fifteen years down the road? Is this a business you are interested in running for the next fifteen years? Will the rest of your family be happy living in the same location for the next fifteen years, or is there a chance you may have to relocate sooner than that? Answering these questions beforehand can save you the time and resources it might cost you if you try to terminate your franchise contract before it ends.

6. Willing to invest the time needed

Twenty years in business may seem like an eternity, but what about twenty years, seven days a week, and ten to twelve hours a day? Believe it or not, that can be the life of a franchise business owner, especially when first starting out. Businesses require a lot of hard work and a large commitment of your time. Because most franchise chains are retail or service oriented, many are open seven days a week and on holidays. In addition to long business days, there are also things that must be done during non-business hours, including payroll and inventory. Will the hours always be as long as they are at the beginning? It depends on the business and on your staff, particularly your manager. If you have a competent manager who can run the business without you, you may be able to spend more time away from the business; however, if you do not have trustworthy management, or your contract stipulates that you must personally be on the premises during business hours, then your hours may remain long beyond the opening stages of your business. The bottom line is that if you are looking for a part-time job or a hobby, a franchise business is not the answer. It is a total commitment of your time and energy, and you should carefully consider your other commitments and your priorities.

7. Leadership ability

Leadership skills are important in any business venture, whether a franchise or otherwise. Even if you are following the established guidelines and processes handed down by the franchisor, you must still excel as a leader within your business. You must be an effective leader to your employees and to your customers. Employees should look up to you as a role model for how to act in a business environment, and customers must see you as the face of the business and the person to whom they can turn if they have a problem or complaint. Effective leadership garners respect, and respect is the cornerstone of any successful business.

8. Capacity to work with customers

The ability to work with customers, clients, suppliers and others is essential for any business owner. When problems arise, you must be able to step in and come to a satisfactory conclusion quickly, efficiently and professionally. When customers have a complain, the franchise owners must not blame anyone, accuse the customer of lying, or get into a shouting match with the customer; rather, an effective owner will find the quickest resolution to the problem that leaves the customer satisfied. Likewise, if a supplier messes up and forgets to deliver something the business needs, a successful business owner will not panic and yell at the supplier; rather, he or she should find out how soon the missing item can be delivered and find an alternate solution in the meantime. For example, if you own a burger joint and your primary supplier forgets to deliver hamburger buns, you should request that the missing buns be delivered as soon as possible the following day and go to the nearest grocery stores to purchase as many hamburger buns as you will need to get you through the night. If your supplier fails to deliver a certain type of cheesecake, on the other hand, and you have other varieties in stock from which customers may choose, the effective solution would be to make it unavailable for the evening and resume selling it when the shipment comes in. Problems will always arise, but a strong franchise owner should handle every problem delicately and professionally and should be able to make quick decisions in front of customers and clients.

9. Need for intellectual stimulation

One question that many people fail to consider when deciding whether franchise ownership is right for them is the level of intellectual stimulation they need in a job to be satisfied. While business ownership of any kind of a tough job, there is a different level of business know-how and intellectual capacity needed for franchise ownership than for starting up a new business. Franchises demand simplicity because, in order to succeed, they must be replicable by multiple individuals with varying skill levels. Oftentimes, business models and marketing plans are designed as cookie cutter formats that are easy applicable to different franchise branches. Because so much of the hard work is already done, many franchises won't offer the level of intellectual stimulation some individuals need to remain committed to a job. Prospective business owners who seek opportunities to constantly challenge themselves by inventing new ideas, developing new sales models, and finding innovative marketing methods may not be satisfied in a franchise. Consider the level of intellectual work that you are comfortable performing daily and whether franchise ownership has the right balance of stimulation and support for your entrepreneurial needs.

10. Threshold for risk

Franchise owners are typically more risk-averse than business start-up owners. Franchisors share the risk with franchisees and, as such, will do their homework on prospective owners before selling them a branch of their company. They will make sure the individual is a fit, financially and personally. This extra work is done beforehand to ensure the highest percentage of success for both the franchisors and the franchisee. Although franchise ownership is by no means risk-free, those prospective owners with the heart for entrepreneurship but without the stomach for a business start-up may be well-suited for the world of franchising.