The unemployment rate for veterans aged 20 to 24 has averaged 30 percent this year, more than double that of others the same age. As more veterans find their way back into civilian life — a number that could total 1 million veterans according to a White House estimate — President Obama has challenged companies to hire veterans .
One California-based technology company, TeamLogic IT , is offering veterans not just a job, but an opportunity to run their own businesses and potentially hire fellow veterans. To do this, it is waiving its $40,000 franchise fee for 10 qualified military veterans in 2012.
“Waiving the franchise fee gives [veterans] a huge leg up, especially those who have the entrepreneurial spirit,” says Chuck Lennon, president of TeamLogic IT.
Applicants must have some resources, however. Besides having a basic understanding of technology, experience managing staff and financial management experience, they will need to have a minimum of $70,000 working capital or qualify for $70,000 in third-party funding in order to be considered.
Lennon, whose father was an Army veteran, says that former military personnel are a natural fit for the TeamLogic team, since the fundamental structure of the franchising industry is similar to that of the military.Page 1 of 2 | Next Page