Veterans make up only 8% of the US population, but they’re twice as likely to own a business as their civilian counterparts.
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%
Repair, maintenance and other services 9.9%
Real estate 8.9%
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:
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.