There are more than two million veteran-owned small businesses in the U.S. today with receipts of more than $1.14 trillion. It’s obvious these business owners continue to contribute to the country, long after their service to it is over.
What veteran-owned businesses are thriving today?
Best Business Categories for Veterans
A study by the Small Business Administration shows that veterans seem to excel in these six top industries:
The highest percentage of these businesses exist in the professional, scientific, and technical services fields. While the majority (just over 84 percent) are owned by men, more than 15 percent are owned by women vets.
The data shows that many of these companies are smaller; more than half of veteran firms have annual sales of less than $25,000. The data also shows that 80 percent of these companies have only one to 19 employees and 57 percent say they are a home-based business.
Despite these statistics, when veterans hit it big with a company, they go all the way. You might be surprised by some of the companies out there that are owned by U.S. veterans. Veterans United reports on 10 that are wildly successful.
More and more veterans are starting their own businesses. Forbes calls it “vetrepreneurship,” and says it’s a movement sweeping the country. Some of the veteran-owned companies Forbes mentioned include:
What made these veterans so successful? At some point, they all had access to small business lending resources to help fuel their new companies.
Small Business Lending for Veteran Entrepreneurs
The facts are in; veteran-owned businesses make a big contribution, hiring more than 5.8 million Americans every year and contributing more than a trillion to the national economy.
At Benetrends Financial, we understand the importance of helping veteran entrepreneurs realize their dreams of business ownership. We’ve been working with veterans on small business funding for decades, specializing in small business lending strategies that pay off big in business.
If you are a veteran looking to launch a business, let us help you with your funding. You can turn your Thrift Saving Plan or Blended Retirement System without incurring upfront taxes or early withdrawal penalties. To learn more, schedule a consultation.
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