How Can You Grow As A Veteran Owned Small Business
As veteran, transitioning from the theater to civilian live style can seem a bit of an extreme change in direction. It can, at many times catch a veteran off guard and limit the amount of progress and growth they can attain with an otherwise focused mindset and the right support system.
Luckily for veterans there are support systems available in the U.S. that help them transition from the military industry to the civilian lifestyle. This is very important because veterans owned businesses in the United States compose 7.5% of America’s 5.4 million businesses that contribute to employing the labor workforce.
According to the Census Bureau there are 2.5 million veteran owned businesses in the United States. These business establishments contribute about $1.7 Trillion to the U.S. GDP (Gross Domestic Product) which comes to roughly 10% of the U.S. economy. Veteran owned businesses provide 8 million Americans with suitable jobs each year. This means that veteran owned businesses also payout about $1.2 Trillion in payroll each year with an annual profit of around half a trillion dollars ($500 Billion).
What are some important facts you should know about veterans in the labor work force?
- On average the unemployment rate is lower for veterans than non-veterans for those 45 and older.
- The unemployment rate for those veterans of age 24 and younger is also less than their non-veteran counterparts of the same age group.
- Statistically women veterans have had the same unemployment rate as their non-veteran counterparts over the last 2 years.
- And the veterans labor force participation rate after 9/11 has increased to nearly 80% while their non-veteran counterparts in the labor work force has decrease sightly to 65.8%
Our military was said to be shrinking back in 2015, while that may not be the case anymore per the new U.S. Administration. It is safe to say that by 2020 we could have about or more than a million veterans coming back to the labor work force. At the moment it is said that about 4 out of 5 veterans are employed on average across the nation. This is the good news. Below we will go more in depth with our new veteran owned small business PO financing program which is another great news for veteran owned establishments.
What happens when more enter the civilian lifestyle?
There are resources and support systems like Score who help entrepreneurs with the ins and outs. How to succeed and keep a healthy business. As a non-profit organization, score provides volunteer business counselors who are there for in-person appointments and courses related to business development & other topics.
The Veteran’s Business Outreach Program (VBOP) was created to assist veteran entrepreneurs with business development services that consist of counseling, mentoring, business training and referrals. This is a great tool for veterans to utilize and start their own business.
In San Diego, Meridian PO Finance is focusing on helping our veterans acquire the flexible business financing options that limits their burden and increases their profit potential. By using a combination of purchase order financing with invoice factoring, the ability to have instant cash flow for business operations and fulfillment of contractual obligations becomes a lot easier to attain. Veteran owned small business PO financing is one of the latest industries we are catering to with business funding. Our team at Meridian looks forward to helping every veteran owned business with our veteran owned small business PO financing program.
We hope some the details in this article can help our veterans get the business assistance they need to build a successful company.