Franchise Business Review’s Independent Survey of Veteran Franchise Owners Reveals 8 Out of 10 Would Recommend Their Franchise System to Others
Portsmouth, NH – November 5, 2020 – Franchise Business Review, an independent market research firm that benchmarks franchisee satisfaction, has announced the list of the Top Franchises for Veterans for 2020.
Franchise Business Review, the leading research firm serving the franchise sector, provides ratings of franchise opportunities based solely on independent research that measures franchisee satisfaction and performance. Franchise Business Review analyzed 18 months of data from over 25,000 franchise owners, of which just over 10% were veterans, representing 235 brands. Franchisees were surveyed on their overall satisfaction with their brands and their likelihood to recommend them to others.
Data from the 80 top-ranked brands revealed that eight out of 10 veteran franchise owners would recommend their franchise company to another franchise candidate, and 88% said they trust and respect their franchisor.
Other key findings show:
- 82% of veteran franchise owners rated training & support above average
- 54% of veterans have owned their businesses for 5 years or less
- 31% of veterans have owned their businesses for 10 years or more
- 53 is the the median age of veteran franchise owners
- $85,459 is the reported average annual income of veteran franchise owners
- 34% of veterans are multi-unit owners (own more than one franchise location)
While some sectors like restaurants, retail, and the travel industry were especially hit hard by the pandemic in 2020, many franchise companies mobilized quickly to help their franchise owners pivot—providing new safety operating protocols, expedited government funding access, and new products and services to address changes in the marketplace. This extreme level of support has given franchise businesses a significant competitive advantage over smaller, independent business operators.
“Franchising needs more business owners with grit and leadership skills… especially now given the pandemic,” said Eric Stites, founder and CEO of Franchise Business Review. “Veterans are very resilient by nature. If anyone is well-equipped to operate under challenging circumstances, veteran franchise owners are.”
To identify the best franchise opportunities for veterans, franchisees were asked 33 benchmark questions about their experience and satisfaction regarding critical areas of their franchise systems, including training & support, operations, franchisor/franchisee relations, and financial opportunity.
“The reality is that two-thirds of the thousands of franchise opportunities available today are simply average or below average opportunities,” said Stites. “That’s the whole reason we do what we do. Franchise Business Review is like the Consumer Reports of the franchise world. We help prospective small business owners understand which franchises are the top opportunities—based on the actual experiences and satisfaction of other franchise owners.”
Visit www.FranchiseBusinessReview.com to see the full description of the 2020 Top Franchises for Veterans.
Research is now underway on the Top Franchises for 2021. Franchisors who are interested in participating should visit: https://tour.franchisebusinessreview.com/awards/.
About Franchise Business Review
Franchise Business Review (FBR) is the only independent market research firm that specializes in benchmarking franchisee satisfaction based exclusively on ratings and reviews from franchise owners. Since 2005, FBR has surveyed hundreds of thousands of franchise owners from over 1,100 leading franchise companies. FBR publishes free and unbiased franchisee satisfaction research reports throughout the year online at http://www.FranchiseBusinessReview.com. To read our publications, visit https://franchisebusinessreview.com/page/publications/.