In today’s economy starting a Business is scary thing to do, but a new study shows that 7 out of 10 consumers would prefer to shop at a Veteran-owned business rather than one owned by a non-veteran, according to the National Veteran-Owned Business Association.
For many returning U.S military members the option for starting a business is becoming more and more appealing given the lack of job opportunities in this economic landscape. One in seven veteran have either become self-employed or a small business owner say’s the U.S. Small Business Administration.
Studies show that businesses owned my Veterans are twice as likely to become successful due to the instantaneous credibility and consumer affinity that come with the title of “Veteran”. The biggest challenge would be trying to figure out how to utilize their record of service and sacrifice in a business world. Some may not like the “self-promotion” or even wonder why their status of being a Veteran would be important. Learning to harness the power, positivity and unique programs associated with military service can make a world of difference for veteran small business owners.
The U.S. Small Business Administration created a program called Patriot Express Pilot Loan Initiative that provides funding and educational resources to help entrepreneurs create or expand small businesses. Scores of military community members are eligible for the Patriot Express program, from veterans and some active duty service members to National Guard/Reserve members and even military spouses.