Military members develop crucial skills during their time in service including responsibility, determination and leadership. Many military-based skills easily transfer into civilian life as veterans pursue academic studies, employment or personal opportunities.
The combination of skills preached by the military actually create savvy business techniques, so it’s not a surprise that more veterans are putting their training into use through personal businesses and franchises.
Taking care of business
According to the U.S. Small Business Administration’s Office of Advocacy, were majority-owned by veterans in 2012, and veteran-owned firms represented 9.1 percent of all U.S. firms. The number is steadily increasing as unemployment rates for veterans’ falls to 4.5 percent during 2017.
Veterans are not only providing employment for themselves, but about 72 percent of veteran entrepreneurs employ at least one person at the outset of their venture. Depending on the industry, it could be a lot more.
There are a slew of industries that military members are participating in. The top groups are retail trade, wholesale trade, manufacturing, construction or professional, scientific and technical services. The industries cover sectors such as real estate, agriculture and food services. Veterans can tackle any area they find interest in.
Supporting veterans’ businesses
Texas was among the top states for veteran-owned businesses, and the Texas Secretary of State wants to continue encouraging veteran entrepreneurs through official legislation. A 2016 Senate bill allows new veteran business owners to file for exemption from certain filing fees and the Texas franchise tax for the first five years of operation.
Private and public agencies and businesses in Texas also disseminate information about programs and services that benefit veteran-owned businesses. The governor of Texas holds small business forums annually to feature speakers or organizations that assist veteran businesses. They also encourage veteran business owners to discuss on their experiences and help interested military members build businesses.
There are also national resources for supporting veterans including the “Boots to Business” program – designed to help active duty veterans and retiring military members pursue entrepreneurship as they transfer to civilian life.
A reassuring environment will allow future military members to contribute to the community by employing others and building their own opportunity.