As published by the Bureau of Labor Statistics, 2.5 million veteran-owned firms employ over 5.8 million people.
Studies have also shown that veterans outperform the average franchisee by 25%. According to Entrepreneur Magazine, the military is trained to focus until they win. The commitment to serving goes beyond pay or reward. It’s about service and loyalty. Companies require hard work and focus if they are to succeed. Focusing on providing a solution or value to the clients is essential for a business to thrive. Veterans who carry this focused attitude and values to the business environment are destined to succeed.
Many Franchises give a hand up to veterans by giving them a break on certain items, such as the franchise fee.
Why are veterans so important to franchisors? It is because of the military’s training, discipline, and commitment to succeed. Business-minded veterans will work as hard as the project needs and for as long as it takes to accomplish it. Franchising can be a perfect fit for veterans whose strength is execution if they have a solid plan and well-defined SOP (Standard Operating Procedures).
Franchisors know that a growing, successful franchise happens only by having dedicated, hard-working, loyal franchisees. The veterans fill all those characteristics, which is a perfect win-win scenario. The franchise and business community can help veterans by thanking them for what they do for our country. The veteran receives an excellent opportunity to own a business and create jobs for others. Finally, the franchise grows with influential dedicated franchisees.
I have been fortunate to work with and place a number of veterans into franchise systems. In my role on the Board of Directors of the Dallas/Fort Worth Veterans Chamber of Commerce and serving as the Director of Entrepreneurship, I have the privilege of working with veterans on a regular basis. What I’ve learned is that they are often a perfect fit for the franchise business model. My father was an Army Air Corps veteran and the hardest-working person I know. There’s just something special about them.
Nearly all of the franchises that I work with are very active in the International Franchise Association’s VetFran Program and offer special discounts to Veterans.
In honor of all those who served, on this upcoming Veteran’s Day, I would like to say Thank You.