Veteran Business Ideas
Veteran Guide To Starting and Owning A Business
In addition to protecting our freedom at home and abroad, U.S. veterans are returning home and strengthening our economy. In fact, 10% of all small businesses in the United States are launched and run by veterans. This translates to over 6 million created jobs and over $1 trillion in annual domestic revenue. Additionally, veteran-owned businesses have a higher success rate than other startups, which is a reflection of training, discipline, and diverse skill sets. With that, we have put together a number of business resources for veterans to help them with their continued success back home.
Nuts And Bolts
Before deciding on what type of business to start, it helps to have business resources for veterans at your disposal. There are organizations out there with everything from laying the foundation for veteran entrepreneurs to launch their businesses, to business plan templates, to gateways for veteran entrepreneurs to connect with each other for advice and trade secrets. There are even networks for managerial and business owner training for veterans transitioning into the private and commercial sectors.
Veteran Business References:
Business Services For Veterans
Jumping into entrepreneurship for veterans may require some additional training. Learning small business accounting, business-to-customer logistics, managerial skills, the interviewing process, and managing cash flow. These skills are necessary to launching, maintaining, and growing your business operation, regardless of size or industry.
One of the most difficult places to start sometimes, is with a blank canvas. Veterans have a wide array of skills which can be poured back into the commercial and private sectors, and sometimes there can be too many options available, all with equally successful results.
Franchises For Veterans
The franchise model is perhaps the most “turn key” business available to veterans today. Franchisors have businesses down to a streamlined method to deliver products and services to customers while maximizing profitability. The major difference between starting a business from scratch and buying into a franchise is that franchises offer veterans built-in training, branding, and support. Plus, franchises offer lots of room for growth and expansion.
Veteran owned businesses comprise almost ten percent of all companies in the United States. These veteran owned businesses have created roughly 6 million jobs, and generate over a trillion dollars in revenue, annually. Many veteran-owned businesses are franchises, because of the streamlined business model, great benefits, and fantastic growth potential. However, there are business opportunities out there that are better than franchises, with no recurring fees or royalties. Veterans are encouraged to explore both franchise opportunities, as well as these other opportunities to decide which ones make a better fit for their dreams of business ownership.
Many veterans are using their knowledge and experiences to give back to their neighborhoods and communities. The philosophy behind this is that veteran businesses become successful by raising others up. We see this a lot in self-defense courses, automotive and IT training schools, first aid, and other services.
Businesses are always in need of help to run leaner and make the most of their resources. Many veterans are becoming independent consultants to lend their knowledge of logistics, project management, team building, and more to larger corporations. Independent consultants are very much in-demand, and as industries diversify, the need is expected to grow even more over the next few decades.
Some veterans take their specialized training to form independent security businesses, both with a physical presence and serving to protect intellectual properties in the big data industries. As businesses become more specialized in proprietary goods and services, the demand for security with the know-how and training will continue to be a lucrative business idea for veterans.
Community Improvement And Rehabilitation
Many veterans find fulfillment in improving their immediate communities by purchasing, building, and rehabilitating commercial real estate to provide multifamily rentals, homes, healthcare centers, physical therapy facilities, managed care housing and more to civilians and returning veterans alike. Commercial real estate builds a sense of community while also providing substantial revenue for veteran investors and renovators.
Building A Strong Network Of Veteran Entrepreneurs
Emerging veteran entrepreneurs need a strong network of like-minded compatriots to engage about the challenges they face in launching independent business ventures and work together to come up with solutions and offer experiences from their own backgrounds in business, as well as their military training. While individual veteran business owners are success stories in their own rights, the totality of our economy is built on a strong foundation of small business owners working together. Fortunately, there are a number of outlets for veteran business owners to reach out to one another for guidance and to offer advice to ensure success across the board.
Women Veterans And Business Ownership
Of the total veteran-owned businesses in the United States, over 400,000 (up from roughly 130,000 in 2006) are owned and run by women veterans. In fact, veteran women-owned businesses generate over $20 billion in revenue annually. As such, the Small Business Administration has partnered with veteran women entrepreneur organizations to help with launching and growing small businesses across all industries throughout the country. With the number of veteran and women-owned businesses on the rise, it is very important to have these resources available for emerging entrepreneurs.
Disabled Veteran-Owned Businesses
Disabled veterans make up a great portion of emerging business owners in the United States. Fortunately, over the past decade, a number of resources and outreach programs for disabled veterans have come together to offer opportunities and assistance for launching businesses.
Organizing At Home
With all of the information provided in the age of information, many of us forget there are resources in our immediate areas. Check with city and state commerce departments to see what incentive programs are available to veteran entrepreneurs. Often, there are tax breaks and other offers available for veteran-owned businesses that create jobs or improve a given area in some way. By talking with people at your local VFW, Legacy Hall, and even small business associations, veterans can meet other veteran business owners and work together to create a local group of veteran entrepreneurs to support one another and welcome new veterans into the fold for years to come.
Get Started Today
If you are thinking about launching your own veteran-owned business, there is no better time than now. Veteran entrepreneurs are starting businesses in every industry – ranging from franchises to niche startups, and work-at-home ventures. With a leaner economic landscape, there is a lot of room for veteran entrepreneurs to carve our a share of the market for themselves and embrace financial freedom doing what they love. If you have an idea for a business of your very own, use the resources linked throughout this article to get you started on a successful career of your own.