With 17.4 million veterans in the United States, chances are you have at least one family member you give a special thanks to every November 11th. Veterans Day allows Americans the opportunity to thank the men and women who have served our country and to honor the sacrifices that they’ve made to protect our freedom.
Most veterans begin their service in the U.S. armed forces in their late teens or early twenties and return to civilian life as young adults ready to join our country’s workforce and contribute to our economy. Veteran-owned small businesses are rising as we embrace the unique qualifications that make them successful business owners.
Veterans are particularly prepared to handle many of the challenges they face as small business owners. Many of the skills that made them successful in the military are transferable to entrepreneurship. They are used to wearing many hats while handling diverse situations and changing conditions. This has been especially important this year, as many veteran business owners’ crisis management skills have helped them navigate the unique challenges of 2020.
Service members are disciplined leaders who are adept at working towards goals as members of teams. It should come as no surprise that veterans are nearly twice as likely to be self-employed as non-veterans. They are also twice as likely to own franchises.
Current and former service members pursuing business ownership have helpful resources available from both the government and the private sector. Here are a few notable examples:
VetFran is a strategic initiative of the International Franchise Association and the Franchise Education and Research Foundation. Their mission is to educate both veterans and franchisors and facilitate veterans' transition into franchising by encouraging franchisors to offer discounts and incentives.
Boots to Business is an entrepreneurial education and training program offered by the U.S. Small Business Administration (SBA). It is part of the Department of Defense’s Transition Assistance Program (TAP), and it provides transitioning service members with an overview of business ownership in a condensed format.
The Office of Veterans Business Development is another SBA program. Their mission is to maximize the availability, applicability, and usability of all administration small business programs for veterans, their dependents, and their survivors.
FranFund offers veterans special pricing to help them get the financing they need to start a franchise or small business.
We are also a proud longtime sponsor of the Armed Forces Bowl here in our hometown of Fort Worth, Texas. Although this year’s football season looks very different than seasons past, the Armed Forces Bowl will be played as scheduled. We are looking forward to another year of supporting this great cause and honoring the men and women who protect our freedom.
We extend a sincere thank you to those who have served and those who continue to serve our country.