Why military vets are starting their own businesses in this red-hot job market investinyou (In partnership with acorns.)
The types of businesses they launch runs the gamut, but many gravitate toward finance and insurance, transportation, home services, construction, mining, oil and gas, manufacturing, science and technology, travel and real estate.
Two-thirds indicated that the long-term growth opportunity for their business is either "strong" or "very strong."It's not surprising that 1 in 7 franchises are owned by veterans, generating more than $41 billion, the International Franchise Association reports. Some famous franchises were founded by military veterans, including real estate giant RE/MAX, co-founded by Air Force veteran Dave Liniger. Another is JDog Junk Removal & Hauling, a company founded by a U.S.
"We find that franchising fills a gap for veterans who want a home for their entrepreneurial skills," says Radim Dragomaca, director of VetFran. "It's not surprising that they often outperform non-veteran franchise owners since they have tenacity and they are unfazed by long 80-hour work weeks needed to launch a business."But they face three unique challenges, Stutsman points out.
VetFran, launched in 1991, was one of the first programs aimed at 'vetrepreneurship" and to date. Others include:, an entrepreneurial education and training program run by the SBA that provides lessons on fundamentals, like developing a business plan and fund-raising.work in partnership with the SBA and provides business training, pre-business plan workshops, counseling, mentoring and resource partner referrals.
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