How to start a veteran-owned business

Veterans represent about 6.1% of the adult American population . According to the U.S. Census Bureau, approximately 4.7% of all businesses in America are veteran-owned, accounting for about $884.5 billion in annual revenue, 3.2 million employees and approximately $179.7 billion in annual payroll.

Veteran-owned businesses are prevalent across a wide variety of industries. In particular, many are in construction and professional, technical and scientific  markets, according to America's Small Business Network.

Not all veteran-owned companies are small businesses, though. Many of the larger businesses we regularly depend on may be veteran-owned. For example, FedEx was founded by Frederick Smith , who served four years in the Marine Corps. Similarly, brothers Bud and Sam Walton — who founded Walmart  — served in the Navy and the Army, respectively.

During active service, veterans depend on a large skill set. When they start a veteran-owned business, they can use many of these same skills to inform successful business operations and to inspire fellow employees toward improved performance.

The following military skills can benefit business owners:

• Problem-solving — This is an essential skill when adapting to your company’s market, navigating challenges and overcoming potential pitfalls facing a business.
• Leadership  — This skill inspires employees and drives a company’s team members toward success.
• Decision-making — This skill comes in handy when committing to specific strategies to support employees and drive business growth.
• Public speaking — Practice makes perfect with this skill. It’s useful in addressing employees, vendors, stakeholders and executives, as well as to convey business details and persuade potential consumers.
• Financial management — This skill is mission-critical for managing budgets, investments and spending habits in the name of business growth.
• Interpersonal communication — With this skill, business owners can correspond effectively with all team members and anyone else involved in regular operations.
• Technological proficiency — In today’s digital world, this skill is essential for operating computers, phones and any other technology necessary to sell products and communicate with customers.

These and other military-taught skills can have a profound impact on a veteran-owned business.

Veterans can benefit from a variety of programs that make starting a business easier. These programs often provide funding, resources, networking channels, mental health support and other benefits that assist in build a veteran-owned business. 

One program — the Veterans Crisis Line  — provides 24/7 support for any veterans who might be suffering from suicidal thoughts or tendencies. Since its inception in 2007, the Veterans Crisis Line has fielded more than 5.6 million calls from veterans in need, in addition to the hundreds of thousands of text messages and 660,000 chats.

Give an Hour®  also provides mental health support for veterans and their families through confidential counseling options designed to accommodate busy schedules. Active duty, National Guard and Reserve veterans all qualify for free mental health assistance through Give an Hour.

Some veterans might be ready to work on some specific skills to improve their business. American Corporate Partners  (ACP) works directly with veterans by providing personalized mentorship. More than 20,000 veterans have benefited from the one-on-one relationships with mentors who can help servicemen and servicewomen enhance their professional career.

Of veterans who start their own companies, nearly 63% rely on personal funding or family savings . This use of family funding for veteran-owned businesses raises the stakes for success.

But securing funding isn’t the only step to owning a business. There are plenty of things veterans can and should do when it comes to successfully sustaining their business ventures.

One of the first steps veterans can take toward successful business ownership is obtaining a business degree. Whether it's to start a business or simply improve existing company performance, a business degree is designed to help with succeess and growth in the business world.

After deciding to pursue a civilian education,  veterans can decide which type of business degree is right for them. They should consider the industry,  financial needs and strengths. For example, a veteran might opt for a Bachelor of Science in Management degree  to improve leadership, management or implementation skills. Or they might consider a Bachelor of Science in Business degree program — especially if it offers an operations management certificate option.

To further enhance knowledge to run a veteran-owned business, consider obtaining a Master of Business Administration (MBA) to develop skills that inform critical business decisions, including communication, marketing, data analysis and decision-making.

After you complete your business education, you’re ready to start your own veteran-led business. Between legal steps, fees, paperwork and other requirements, starting your own business  can feel difficult at first. However, the process itself is fairly straightforward. It starts with a business plan and continues with these steps:

• Settle on a business idea, name and mission statement
• File with the IRS and obtain any necessary state licenses
• Complete a market analysis by identifying target customer segments
• Draft an actionable business plan
• Onboard any required employees
• Fundraise any necessary capital
• Deploy marketing or advertising campaigns
• Take products or services to market

Whether you want to hone your skills to run your veteran-owned business more effectively, or are looking for education resources for veterans, a University of Phoenix student services representative can help.

Veteran education benefits  can help cover tuition expenses and other costs associated with education. Various other military and veteran educational benefits  are also available.

University of Phoenix also offers several online business programs  for working adults who want to start businesses. Examples include:

• Bachelor of Science in Business with a Small Business Management and Entrepreneurship Certificate 
• Bachelor of Science in Management 
• Master of Business Administration 

Contact University of Phoenix for more information