Veteran-owned businesses are an important engine of economic growth. New research from Experian has found that veterans tend to own and operate business with a larger employee base, and veteran-owned businesses have better longevity and sustainability than non veteran-owned business. (Experian analyzed and compared the credit data of veteran-owned businesses and non-veteran-owned businesses from 2015 through July 2019.)
Nearly 25% of veterans express interest in starting a business. That’s the good news. The bad news is entrepreneurship among younger veterans is on the decline. A report by Bunker Labs suggests one way to foster veteran entrepreneurship is through an “ecoystem” approach: “Taking an ecosystem approach to facilitating entrepreneurship requires ensuring that there is relationship density, strong network effects, and connected resources for entrepreneurs.”
Fortunately there are a growing number of free programs designed to help veteran entrepreneurs tap into ecosystems that can help them thrive. Here are 11 of these programs:
1. Boots to Business
Boots to Business (B2B) is an entrepreneurial education and training program offered by the Small Business Administration (SBA) as part of the Department of Defense Transition Assistance Program (TAP). The course provides an overview of entrepreneurship and applicable business ownership fundamentals. It begins with a two-day “Introduction to Entrepreneurship” course, and after completing that course, participants may further their study through the B2B Revenue Readiness online course, delivered through a partnership with Mississippi State University.
Who qualifies: Active duty service members (including National Guard and Reserve), veterans of all eras, and their spouses.
Learn more: Visit SBAvets.force.com. To register, contact the Transition Service Manager (TSM) on your military installation.
This one or two day in-person course is offered off installation and provides participants with an overview of business fundamentals, while introducing techniques for evaluating the feasibility of business concepts. The course covers a range of entrepreneurial business concepts and provides resources for accessing startup capital, contracting opportunities, and more.
Who qualifies: Veterans of all eras, including National Guard and Reserve members, and spouses.
Learn more: Review the class schedule and register at SBAvets.force.com.
VETRN trains veteran small business owners and family members, free of charge, on how to successfully grow their own small businesses. This executive MBA program is based on the award-winning “StreetWise MBA,” which is taught in over 70 cities across the United States. VETRN has an exclusive contract to teach this management training program to veteran cohorts. Veterans accepted into the program receive a mentor on Day One and have access to a substantial professional resource network.
Who qualifies: In order to be accepted into the VETRN program, veteran small business owners must have been in business for one or more years, have at least one employee, and have annual revenues of $75,000 or greater.
Learn more: Visit Vetrn.org
One out of seven franchise businesses are owned and operated by veterans of the U.S. military. VetFran is a strategic initiative of the International Franchise Association (IFA) and includes over 600 IFA member companies that offer financial incentives, education, and support to veterans interested in franchise ownership and/or a career path in franchising. Navy Federal Credit Union is one such partner, providing startup capital for veterans who are buying franchises, as well as additional capital for franchise expansion.
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