In 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.
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.
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.