How to Start a Veteran-Owned Small Business

Statue of LibertyIn honor of Veteran’s Day, we wanted to start the conversation about veteran-owned small businesses. If you’re one of the millions of Americans who has served in any branch of the military, you may be eligible for certain programs that can help you start a business and operate it.

In starting your business, you’ll join the significant number of vets who are contributing to the US economy. In 2007, veteran-owned businesses had sales of $1.220 trillion. They employed 5.793 million people, and had an annual payroll of $210 billion. Even if you’re not sure where to begin, there are ample resources to help you. Join the 2.45 million businesses run by veterans with these resources.

Start with the SBA

The Small Business Administration is the best place for anyone thinking of starting a business to begin, but its Veteran Portal you as a vet with even more targeted information. Here you can get help with writing a business plan, finding local organizations to help you, and discovering financing programs specially tailored for vets, such as the Patriot Express Pilot Loan Initiative and the Military Reservist Economic Injury Disaster Loan.

Get Verified

You may be eligible for more funding and set-asides if you become a verified Service-Disabled Veteran-Owned or Veteran-Owned Small Business. The US Department of Veteran Affairs can help you with that. The Verification Counseling Program can help you with the verification process, as well as provide training that can help make you a better small business owner. The best part? All these services are free for veterans.

Choose Your Business Structure

One of the items on your list when starting a business is choosing a business structure. Becoming incorporated or an LLC can protect your personal assets and provide you with protection of your personal assets. Not sure what the best business structure is? We’ve got plenty of resources here on The Startup Starting Line to help.

Get Listed

Once you’ve established your business, get it listed on VeteranOwnedBusiness.com. This will help people looking to work with a veteran-owned business find you, and boost your SEO online. The directory also includes veteran-owned business news, jobs and other resources.

Ready to start your veteran-owned business? We’re here to help. Our small business consultants can give you free advice about the best business structure for your company.

Get 10% off of any business filing service*. Use Promo Code: VETERAN at checkout.

Here’s to our wonderful veterans and their dedication to our country!

*Discount NOT applicable to any basic formation packages or to any state/governmental filing fees.

2017-11-21T03:47:46-07:00 November 12th, 2012|Categories: Startup and Launch|Tags: |

About the Author:

Susan Payton
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management, as well as the founder of HowtoCreateaPressRelease.com. She’s written three business books: How to Get More Customers with Press Releases, 101 Entrepreneur Tips and Internet Marketing Strategies for Entrepreneurs, and frequently blogs about small business and marketing on sites including The Marketing Eggspert Blog, AllBusiness, CorpNet, Small Business Trends, Chamber of Commerce and BizLaunch. Follow her on Twitter @eggmarketing.

2 Comments

  1. Nikki November 12, 2012 at 3:40 pm - Reply

    I just read an article on Mashable yesterday about the declining number of veteran-owned small businesses in America. Of course, veterans are already a small group among our country’s general population, so I didn’t expect the numbers to be plentiful. But I’m hoping that in the years to come, more vets will have the stable ground to secure small business financing and become owners of their own companies.

    Thanks for your post 🙂

  2. Michaela November 14, 2012 at 7:35 am - Reply

    One issue many veterans looking to start businesses face is a lack of the equity required to secure a small business loan, despite otherwise being completely qualified to start and run a business. The “equity-injection” requirements, even for an SBA loan, often make small business ownership out of reach for many veterans.

    The Veterans Business Fund is a not-for-profit organization that was created this week with this specific issue in mind. The Fund provides capital to veterans in the form of a low-interest loan with very favorable terms, and all principal and interest paid to the Fund are made available to future veteran entrepreneurs requiring similar assistance. The initial capital for the Fund has been provided by BoeFly, an online marketplace connecting small business owners with more than 2,400 lenders, and it has the support of organizations such as Syracuse University’s Burton Blatt Institute, International Franchise Association’s VetFran program, SCORE, TD Bank, SunTrust and others.

    You can learn more at their website: http://www.veteransbusinessfund.org

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