Vetpreneurs Leading the Way [Infographic]

Veterans make up only 8% of the US population, but they’re twice as likely to own a business as their civilian counterparts.Vetpreneurs Leading the Way

As of 2015, America’s 21.4 million veterans own 9.2% of all U.S. firms
• 20% of all veteran-owned firms have employees
• They employ 5.8 million employees
• And make $1.1 trillion in sales

They are 50% more likely than non-vets to own two or more firms.

Veterans with 20+ years of service have higher rates of self-employment, and officers have the highest propensity to become self-employed.

They tend to work in technical industries:

Professional, scientific and technical services 16.9%
Construction 15.5%
Repair, maintenance and other services 9.9%
Real estate 8.9%
Retail 8.1%
Administration and support 7.2%
Transportation and warehousing 6.5%
Finance and insurance 5.5%

Vetpreneurs generally secure funding on their own:

69.2% use personal or family savings and assets
12.9% use credit cards or home equity loans
9.8% use business loans from financial institution
1.9% use business loans from family or friends
1.2% use government guaranteed/originated loans
0.3% get investments from venture capitalists
0.1% earn grants

Here are some helpful business resources for veterans:

SBA Boots to Business

Department of Veteran Affairs

Office of Veterans Business Development

Veterans Business Outreach Center (VBOC)

And, don’t forget SCORE…contact Raleigh SCORE. We provide free, confidential business mentoring and training workshops to small business owners. To schedule a free appointment with our experienced counselors, go to http://raleigh.score.org, or call us at 919-869-4151. Or, sign up to attend one of our local small business workshops by going to https://raleigh.score.org/localworkshops.

Source: https://www.score.org/resource/infographic-vetpreneurs

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