Transitioning from military service to civilian life is a significant shift, but it also presents an array of new opportunities, including the possibility of starting your own business. For young veterans, the journey of starting and growing a business can comes with unique challenges, but the benefits can be well worth it. Veterans can also take advantage of a range of resources to help them on their way.
Why Do Veterans Choose Entrepreneurship?
Veteran entrepreneurship is a growing field, with many ex-service members finding that their skills and discipline can be easily applied to business ventures.
Access to Funding
Securing funding is often a major hurdle for any entrepreneur, but it's a bit easier if you're a veteran. The Veterans Business Fund offers non-interest-bearing loans to veterans for starting or expanding a business. The SBA Veterans Advantage program, provided by the Small Business Administration, offers fee relief for loans to veteran-owned businesses. And organizations such as the Second Service Foundation and the Hivers and Strivers Angel Fund provide grants specifically for veterans. These funding sources can significantly ease the financial burden and provide the necessary capital for veteran entrepreneurs to launch and grow their businesses.
Training and Mentorship
Several programs offer guidance to veteran entrepreneurs. Boots to Business, a training program offered by the SBA in conjunction with the Department of Defense's Transition Assistance Program, provides business education to veterans, and women can also take advantage of the Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) program, which offers specialized training and mentorship. SCORE, a national nonprofit, offers free, confidential business mentoring and training workshops to small business owners, including veterans. These programs can equip budding entrepreneurs with the knowledge and skills needed to navigate the complexities of running their own LLC.
Networking Opportunities
Building a strong network is vital for business growth, and veterans are uniquely positioned to build strong networks with peers and potential clients. The SBA's Veteran Business Outreach Centers (VBOCs) provide business training, counseling, and resource partner referrals to transitioning service members, veterans, and military spouses. The National Veteran Small Business Coalition (NVSBC) offers networking opportunities and advocacy for veteran-owned businesses in federal contracting. And organizations like the American Legion and Veterans of Foreign Wars host events and provide platforms for veterans to network and promote their businesses, which can open doors to new partnerships, clients, and growth prospects.
Government Contract Opportunities
Veteran-owned businesses can benefit significantly from government contracting opportunities. The federal government has set aside a portion of contracts specifically for veteran-owned small businesses (VOSBs) and service-disabled-veteran-owned small businesses (SDVOSBs). Programs like the VA's Veterans First Contracting Program give preference to VOSBs and SDVOSBs for VA procurement. Additionally, the Department of Defense and other federal agencies offer contracting opportunities through programs such as the Vets First Verification Program. By participating in these programs, veteran entrepreneurs can secure substantial contracts, which can provide a steady stream of revenue and stability for their businesses.
Resources for Veterans Starting a Business
- Veterans Business Fund
- Boots to Business
- Second Service Foundation Military Entrepreneur Challenge
- Hivers and Strivers
- Veteran Women Igniting the Spirit of Entrepreneurship
- SCORE Resources for Veterans
- Start Your Own LLC Online
- SJU Entrepreneurship Bootcamp for Veterans
- Warrior Rising: Find Assistance for Entrepreneurs
- Veterans Entrepreneurship Program
- American Legion Entrepreneur Series
- DAV Patriot Boot Camp
- VA Vets First Verification Program
- Veteran Institute for Procurement
