Things You Should Know About Veteran Businesses
Military service is challenging, regimented, demanding, and often dangerous. Therefore, after many years of service, up to 27% of veterans state that they have had difficulty adapting to civilian life. One way to ease this transition is for these individuals to adopt a new mission, such as starting a veteran-owned business.
Those who complete military service receive extensive training. Although this training may not directly apply to the businesses they start, the training process and habits they develop can. For example, soldiers are taught self-discipline above all else, and this characteristic is vital in the success of any business. In addition, they are taught perseverance as they fight through the trials and circumstances of their training and military service. They are also self-sufficient and take responsibility for their actions. These individuals understand the value of integrity. They also adapt quickly to new circumstances and can work under pressure.
Those who serve in the military are taught leadership skills and financial stewardship. They even acquire technological skills. Their analytical skills and ability to plan and develop solutions for complicated situations or problems are valuable in the business world. Finally, these individuals are taught about the importance of teamwork and how to create and work within teams, which is vital in a veteran-owned business.
Many veterans need help starting businesses, so several organizations offer resources for a veteran-owned business. For example, some organizations offer business training, including business finance, contracts, business plan development and other skills, while others provide mentoring and counseling. These organizations may also help veterans find financing and contracts, including government or VA contracts. Some firms direct the former military to local business resources and networking opportunities. Although these resources are available for those who have left military service, some organizations also help active military start businesses and prepare for their transitions to the free-market economy and civilian life.
Although less than 1% of the population has served in the military, they comprise nearly 10% of business leaders according to the Small Business Administration. Four of the 28 million small businesses in the US are owned by veterans, and these businesses employ more than 5 million people. In addition, 78% of these businesses make more than $100,000 per year, and 38% make more than $500,000. Veteran-owned businesses also pay their employees up to 20% more per year than non-veteran-owned businesses.
Businesses owned by veterans are great investments. If you are a veteran, consider putting your valuable skills to work by starting a business you are passionate about. If you are an investor, consider investing in those who have served this country with honor and integrity.