NORTHBROOK, Ill., Oct. 23, 2017 /PRNewswire/ -- Optimism among
veteran small business owners is outpacing the nation's small
businesses as a whole, according to this year's Allstate/USA Today
Small Business Barometer.i The annual index study
released new data ahead of Veterans
Day showing that veteran entrepreneurs' optimism is at a
resounding 99 out of 100 — which the Barometer found is a
reflection of veterans' overall success in areas such as business
performance, hiring and growth.
In fact, nearly three-quarters (73 percent) of veterans say
there's never been a better time to own a small business. And while
the numbers are high among all small business owners — 64 percent
say the best time to own a business is now and 92 percent report
high optimism — veterans' positive views of the small business
climate are consistent across the board.
"Being in the military challenges you to become your best self,
and some of the skills it teaches — respect, organization,
discipline and loyalty — are exactly the kind of traits it takes to
successfully run your own small business," said Steven James, an Allstate agency owner for the
past nine years and a 10-year military veteran. "Owning two small
businesses also allows me to continue pursuing my passion for
giving back and serving the community I call home."
The Small Business Barometer, in its second year, combines a
national survey of nearly 2,800 small-business owners with federal
economic data to provide a comprehensive profile of the sector
across the United States and in 25
of its largest cities. For the first time this year, the Barometer
oversampled veteran business owners to get a pulse of this
influential group.
The U.S. Small Business Administration's Office of Veterans
Business Development says there is approximately one veteran-owned
firm for every 10 veterans; veterans are 45 percent more likely
than nonveterans to be self-employed; and more than one-third of
veteran business owners say that while on active duty, they learned
skills that directly transfer to the business
world.ii
More findings from the Small Business Barometer:
- 70 percent of veteran small business owners say their business
is doing well (64 percent for small-business owners overall).
- 64 percent of veterans' small businesses have experienced
recent growth (55 percent overall).
- 57 percent of veteran small business owners have experienced
more growth this year than last year (49 percent overall).
- 51 percent of veteran small business owners plan to hire this
year (42 percent overall).
The Barometer results reveal that nearly half (45 percent) of
all small-business owners employ veterans, and more than a third
(35 percent) have veteran hiring practices. Why is that?
Respondents gave a number of reasons, but a few stood out: 51
percent said they have veteran hiring practices because it's the
right thing to do; 46 percent said it's because of transferable
traits and skills; and 41 percent of all small-business owners said
they value veterans' teamwork skills.
In addition to selling business insurance products, Allstate
works with a network of more than 10,000 small businesses across
the country who use veteran-friendly hiring practices. Through its
Joining Forces for Good Licensing Program, for example, Allstate
provides veterans and their spouses with the necessary tools to
translate their skills into a career as a licensed sales
professional for an Allstate agency owner — and with bonuses for
passing their property and casualty licensing test, even if they
don't end up in an Allstate agency. The classes are offered online
and in person.
Allstate's long history of supporting veterans and organizations
includes hiring and community involvement. As part of its
relationships with businesses run and owned by veterans, the
company last year spent more than $50
million with over 500 veteran-owned vendors.
For more information on the Small Business Barometer, including
veteran-specific data, visit allstate.com/barometer. For more
information about Allstate's veteran hiring and insurance sales
licensing program, Joining Forces for Good, visit
allstateveterans.com. For small business owners looking for access
to valuable advice and insights, visit Small Business Connection,
where Allstate and many other companies are helping small
businesses succeed.
About Allstate
The Allstate Corporation (NYSE: ALL) is
the nation's largest publicly held personal lines insurer,
protecting approximately 16 million households from life's
uncertainties through auto, home, life and other insurance offered
through its Allstate, Esurance, Encompass and Answer Financial
brand names. Allstate is widely known through the slogan "You're In
Good Hands With Allstate®." Allstate agencies are in
virtually every local community in America.
____________________________
i View the Allstate/USA Today Small Business
Barometer, a comprehensive profile of the small business
environment across the nation and in 25 of its largest cities. It
combines a survey of nearly 2,800 small business owners with
federal data to create eight key indicators and an overall
measure.
ii U.S. Small Business Administration – Facts on
Veterans and Entrepreneurship:
sba.gov/content/facts-veterans-and-entrepreneurship
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SOURCE Allstate Insurance Company