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Why Are Small Businesses a Great Opportunity for Veterans Returning Home From Service?
Veterans have a unique skill set that can be leveraged in the small business world. They are leaders, problem solvers and strategic thinkers. Owning their own business gives them the opportunity to utilize these skills in a way that benefits them and their community.
There are many different industries that are well-suited for Veteran entrepreneurship, but some may be more challenging than others. It is important to do your research and choose an industry that you are passionate about and in which you have the skills to succeed.
What Percentage of Small Businesses are Owned by Veterans?
According to the United States Small Business Administration, about 6.1% of all U.S. businesses are owned by military Veterans who employ approximately four million people. Veteran businesses support the economy and contribute to job growth while bringing unique perspectives and abilities to the table.
Why are Veterans Great Business Owners?
Veteran entrepreneurs are often successful because they have the discipline, leadership skills and work ethic necessary to run a successful operation. They understand deeply that leadership is a form of service. These skills are essential in the small business world and are just as important in our private lives.
What Are The Most Popular Industries for Veterans to Start a Small Business?
The best industries for Veterans to start a small business are those that utilize their unique skills and abilities. Some of the most popular industries for Veteran entrepreneurs include:
- Security: Veterans often have the skill set necessary to start and run a successful security company. They are familiar with handling sensitive information, managing people and working in high-pressure situations.
- Technology: The technology industry is perfect for Veterans who want to leverage their problem-solving skills and leadership abilities.
- Fitness: Veterans often have the discipline and motivation necessary to succeed in the fitness industry. They are also familiar with working in a team environment and helping others reach their goals.
- Food & Beverage: Having the ability to manage large-scale operations and teams are skills that are essential in opening and running a restaurant franchise where there is a high demand for fast and efficient service. Who better to manage and run a straightforward business model such as a quick-serve restaurant than someone who has a disciplined military background?
What do Veterans Look For in a Career?
Veterans seek out jobs and business ventures that offer a sense of purpose and meaning. They look for work that makes sense and offers structure and clearly defined goals. It’s also common to be drawn to companies that appreciate their military service and are committed to helping them transition to the civilian workforce.
How do Veterans start a small business?
If you’re a Veteran interested in starting a small business, you should utilize the resources and networks that are available. You may be able to access funding, mentorship and training through the Small Business Administration (SBA). The SBA has a number of Veterans Business Outreach Centers across the country that provide workshops on business plans, assistance with reviewing financials and business counseling.
What Need or Niche Will You Fill?
The best small businesses for Veterans are those that fill a need or niche in the marketplace. Consider the market of your community and their wants and needs. Also, research any potential competition you may have. The SBA may be able to provide you with assistance in market research to determine if your business idea can be profitable.
What Resources Are Available to Help Veterans Succeed in Their Small Business Ventures?
We’ve discussed a few, but there are countless resources available for Veterans to start and grow their businesses. There are several government and not-for-profit organizations that provide resources and support for Veteran entrepreneurship, including Boots to Business training and Bunker Labs which offers local and virtual communities and support to Veteran business owners and entrepreneurs.
Are There Special Financing Options for Veterans Who Want to Become Business Owners?
Yes, there are special financing options available for veterans who want to start their own businesses. The Office of Veteran Affairs provides financing for Veterans to start businesses. The Small Business Administration also has programs specifically for Veteran entrepreneurs, such as the 7(a) Loan Guaranty Program. There are several other loan options available to Veterans through a variety of financing entities. Be sure to check with your peers to learn more about the ins-and-outs of each opportunity.
What is the Best Small Business for Veterans?
Simple Simon’s Pizza is the best small business for Veterans who want to start a straightforward business that serves their community. We offer a 10% discount on our start-up costs to Veteran franchisees.
Our franchise model is perfect for those who are looking for a turnkey business opportunity with a proven track record of success. Contact us today to learn more about how we can help you start your own business.