This Friday, Nov. 11, America celebrates Veteran’s Day – an annual date where we pause to pay our solemn respects to the brave men and women throughout history who proudly served our country. It’s also our annual opportunity to reflect on the value our former military members add to the franchising industry. Though veterans only make up 7% of the U.S. population, it’s estimated that 14% of all franchise establishments are veteran-owned. Data from 2021 shows that this equates to 66,000 units, generating $41 billion to the GDP.
The exercise below is worth revisiting, which reveals the remarkable suitability that veterans have for franchise ownership. It has the makings of a perfect match, a role they were cut out to fill, in an industry that welcomes veterans with open arms.
Marching Onward
According to a recent survey conducted by VetFran, a strategic nonprofit that promotes veteran-owned franchise opportunities, approximately 65% of franchisors shared that their rate of hiring among veterans is on the up and up. Subsequently, interest among veterans for ownership is also on the rise – as illustrated in this intriguing testimonial from a FranNet client. The subject was a retired officer in the U.S. Army, whose story resonates with millions of other veterans transitioning to civilian life.
The Makings of a Perfect Match
What makes veterans such a good fit for franchising in general? For openers, their training. The culture, lessons, and values learned during their military service align perfectly with the way franchise systems are owned and operated. Just as franchise ownership is dependent upon following a proven model of success, military missions are executed by following the right procedures at the right time. Veterans understand the value of training and support – two of the key linchpins of franchise operations. The military develops highly trained leadership capabilities, something veterans will find a use for in an entrepreneurial future.
Most Popular Franchise Industries for Veterans
Among veterans, there are some clear preferences when it comes to the multitude of different industries and business categories. Recently, Franchise Business Review conducted a survey of more than 3,000 U.S. veterans representing more than 300+ brands. To determine the best-ranked brands, 80 brands made the preferred list by having a satisfaction rating 10-30% higher than other franchise categories. The breakdown of the most popular categories found that Home Services (14%), Service-Oriented (11%), and Automotive (10%) were the leading industries.
Earlier, we mentioned that franchising is an industry that welcomes veterans with open arms. An overwhelming majority of franchisors offer veteran discounts for initial franchise fees and other associated costs. And many organizations – mostly nonprofit – are designed to help U.S. veterans establish an entrepreneurial future once they transition to civilian life. These include:
FranchiseWire put out a comprehensive list of resources in 2022, focusing solely on veteran and military franchise discounts. If you’re a veteran or preparing for a transition from military to civilian life, FranNet has a dedicated Veterans-Only landing page with resources to help you take that all-important first step towards an entrepreneurial life.
Let’s Chat!
FranNet is standing by to help you navigate your own personal entrepreneurial journey. Getting started is simple and involves setting up a no-cost, no-obligation appointment with one of our qualified FranNet representatives. Not yet sure what type of business you were meant to own? That’s fine, too – you simply need to reach out and speak with one of our qualified franchise experts today! Together, we can find a business opportunity that aligns with your lifestyle and income-oriented goals.