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Veterans Fuel Economy Via Franchising

[ 0 ] Aug. 30, 2012 | SBO Editor

Franchises owned by military veterans have annual revenues of $41 billion annually and employ 1.5 million people, reports the International Franchise Association.

The franchise industry had developed several programs to recruit and train military veterans as franchisees.

One in four returning active duty military veterans is interested in launching a small business, according to the U.S. Small Business Administration, but most don’t know where to start, said G.I. Jobs Vice President Sean Collins. “The list is a transparent resource for veterans to compare franchise opportunities.”

The IFA initially launched its Veterans Transition Franchise Initiative — VetFran for short — in 1991 to encourage franchisors to offer discounts to military veterans who wanted to buy a franchise. By 2007, 66,000 franchises were owned by veterans, according to the U.S. Census.

Richard Ascolese, president and CEO of franchisor Coverall North America, explained, “We have overwhelmingly found today’s returning veterans to be highly skilled people with excellent operational skills that apply well to business ownership. The independent thinking required in today’s military, combined with an emphasis on processes and systems, makes veterans a perfect fit for franchising.”

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Category: Features