Owning a franchise is a terrific option for veterans integrating back into civilian life. The discipline and leadership skills learned in military service can be transferred and applied to running a business. Military service is good training ground for following established systems and processes, which is the foundation of franchise success.
Statistics and research from the Small Business Administration, and Entrepreneurship & Business Ownership in the Veteran Population reveal some interesting facts:
- More than one-third of U.S. veteran business owners say they apply the skills acquired during active duty service to their businesses.
- There are an estimated 30 million veterans in the U.S., and 275,000 more leave the Armed Services each year.
- In 2001, there were 1.6 million self-employed veterans -- 14 percent of all U.S. self-employed.
- Of veterans in the U.S. household population, 22 percent are either purchasing or starting a new business or considering purchasing or starting one.
- 72 percent of veteran business owners will employ at least one person in their new venture.
- According to a Small Business Administration Office of Advocacy study, veteran-owned firms receive a substantial amount of federal contract dollars, loans and grants. Veterans have a distinct advantage in buying a franchise because there are many resources available to former and current military personnel that are not accessible to the general public. One outstanding program is The Veterans Transition Franchise Initiative known as VetFran.
Franchisors agree that the wealth of experience and knowledge ex-military personnel bring to a business system is of a very high degree, making veterans a very attractive franchise target group for franchisors.
The technological, business and discipline skills attained in military service can be easily adapted to work within the franchise system. To find out about participating franchises that are actively looking for veterans to invest in their business model, please take a look at VetFran. This association is set up to help ex-military personnel enter into the franchise industry. See below for more information.
About VetFran
VetFran is a voluntary program of the International Franchise Association. The program extends financial incentives to honorably discharged vets to help them acquire a franchised small-business. You can see a list of the 200+ companies, with informative profiles and details about the veteran incentives, at the IFA web site. Basically, these incentives allow veterans to get the best possible deal on buying a franchise – giving vets a real boost toward success and faster profitability for their business.
The VetFran program had helped launch 800+ new veteran-owned franchises in 2007. For more information about Vet Fran and how it can help you locate a franchise, visit IFA Vet Fran homepage.
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