There are nearly 66,000 veteran-owned franchises in the United States, according to IFA's VetFran program. That's about 14 percent of all franchises in the United States, roughly twice their share of the American population. Why do so many veterans choose franchising?
Franchising offers veterans the opportunity to be their own boss, while also providing established structure and a proven business model. This combination of clear structure and entrepreneurial freedom attracts vets to franchising, but not necessarily to a specific type of franchise.
Close to 780,000 franchise establishments are operating in the United States alone, ranging from fast food and fitness to print shops and tanning salons.
Many operate in saturated markets, competing with other franchises and businesses that offer similar products or services.
To stand out in the franchising sector, a company must be a disruptor in the industry or differentiate itself from the competition.
My company, Signal 88 Security, has disrupted the security market using a franchise model and innovative technology. We've partnered with veteran owners at an unparalleled rate, and they have been key to that success.
SECURITY: A NATURAL FIT
Traditionally a stable market, the security industry has grown quickly in recent years. Law enforcement agencies are strapped for resources while today's world sees constant threats of terrorism, instability and crime.
As a result, the private security industry is projected to reach $240 billion by 2020. For those who have made a career protecting and serving their nation, the security industry is a natural fit. In fact, nearly 75 percent of Signal 88 Security's franchise owners come from military or law enforcement backgrounds.
Veterans pride themselves on a background of service, excellence and leadership, which makes them great franchise owners and employees. They have the expertise to manage teams, the strength to overcome all obstacles, and the discipline to follow a franchise model to create their own success.
Military personnel develop and use the most advanced technology in the world. Technology can provide a huge advantage in preparation, planning and on the battlefield. Superior technology can be the difference between life and death.
The same lessons apply in the business world. If a company refuses to adopt new, better technology they will find their business gasping its last breath.
Veterans are terrific early adopters, willing to try...