Looking to turn your military experience into a successful business? This guide covers everything you need to know about starting and growing a veteran owned business. Learn about certifications, state and federal support, and get inspired by success stories from fellow veterans. Additionally, various entrepreneurial training programs are available to help veterans transition into successful business owners.
Key Takeaways
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Certification programs, such as the Veteran Small Business Certification (VetCert) and the Service-Disabled Veteran-Owned Small Business (SDVOSB) program, enable veteran-owned businesses to access federal contracts, tax incentives, and networking opportunities.
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State-specific initiatives, like those in New York and Washington, offer tailored support including certification processes, grants, and procurement opportunities to bolster veteran businesses.
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The federal government, through agencies like the Small Business Administration (SBA) and Veterans Affairs (VA), provides robust support structures including training programs, mentorship, and federal contracting opportunities to aid veteran entrepreneurs.
Certification Options for Veteran Owned Businesses
For veteran-owned businesses seeking specific resources and opportunities, obtaining a certification is key. Two primary certification programs cater to veteran entrepreneurs: the Veteran Small Business Certification (VetCert) program and the Service-Disabled Veteran-Owned Small Business (SDVOSB) program. These certifications enable veteran-owned businesses to compete for federal sole-source and set-aside contracts, providing a significant competitive edge in the marketplace.
The VetCert program is designed to support veteran-owned small businesses by allowing them to qualify for federal contracts reserved for veterans. This can be a game-changer, as it opens up new avenues for revenue and growth that might otherwise be inaccessible.
On the other hand, the SDVOSB program specifically benefits businesses owned by veterans rated as service-disabled, providing additional support and opportunities tailored to their needs.
Though the certification process may appear daunting, it yields rewarding results. These certifications serve a dual purpose; they verify the business owner’s veteran status and unlock an array of resources and programs that boost the growth of veteran businesses. Some of the benefits of certification include:
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Accessing government contracts
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Receiving special tax incentives
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Gaining access to networking and mentorship opportunities
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Qualifying for grants and funding programs
The benefits of certification are manifold and can greatly contribute to the success of veteran-owned businesses.
Benefits of Certification
The benefits of certification for veteran-owned businesses extend far beyond the initial recognition. One of the most significant advantages is access to government contracts set aside specifically for certified veteran-owned businesses. Programs like VetCert and SDVOSB ensure that a portion of federal contracting dollars is allocated to veteran-owned enterprises, providing a steady stream of opportunities.
In addition to contracting opportunities, certified veteran-owned businesses can also qualify for special tax incentives, which can significantly reduce operational costs and improve profitability. Another notable benefit is access to surplus federal property through the General Services Administration’s Federal Surplus Personal Property Donation Program, allowing businesses to acquire necessary equipment and resources at reduced costs.
State-Specific Programs for Veteran Owned Businesses
Many states recognize the value that veteran-owned businesses bring to their communities and offer tailored programs to support them. These initiatives range from certification processes to grants and state procurement opportunities, providing a comprehensive support system for veteran entrepreneurs.
We shall examine some significant state-specific programs related to sensitive information.
New York State Initiatives
New York State has made significant strides in supporting service-disabled veteran-owned businesses through the Service-Disabled Veteran-Owned Business Act, signed in 2014. This act aims to increase the participation of SDVOBs in the state’s economy by setting a goal of six percent participation in state contracts. This initiative empowers SDVOBs economically and motivates them to contribute actively to the state’s economic growth.
To qualify as a Service-Disabled Veteran-Owned Business in New York, the business must be at least 51% owned by veterans with a service-connected disability rating of at least 10%. The New York State Division of Service-Disabled Veterans’ Business Development is responsible for certifying and promoting these businesses, ensuring they have the support needed to thrive in the competitive marketplace.
Washington State Support
Washington State offers robust support for veteran-owned businesses, starting with a free certification process that requires basic veteran discharge status and business information. This streamlined process makes it easier for veteran entrepreneurs to get certified and access state procurement opportunities, providing a significant boost in visibility and potential revenue.
The state has also streamlined registration through the Washington Electronic Business Solution (WEBS) and the Washington Department of Veterans Affairs (WDVA), making it simpler for veteran-owned businesses to engage with state agencies. Additionally, the Washington Business Licensing Service allows veterans to register their businesses and be listed in a statewide directory, further enhancing their market presence.
Other State Programs
Beyond New York and Washington, other states like California and Texas also offer specialized support for veteran entrepreneurs. California provides grant opportunities and business development resources tailored to veteran-owned businesses, ensuring they have the financial and operational support needed to succeed.
Texas, known for its strong support of veterans, offers various programs, including certification processes and funding opportunities. These state-specific initiatives are instrumental in guiding veteran entrepreneurs through the intricacies of starting and expanding a business, equipping them with the resources necessary for success in their communities.
Federal Support for Veteran Owned Businesses
The federal government also offers substantial support to veteran-owned businesses, recognizing their potential and contributions to the economy. Each year, a portion of federal contracting dollars is specifically allocated to businesses owned by veterans, with a spending goal of 3% of all contracting dollars for Service-Disabled Veteran-Owned Small Businesses (SDVOSBs).
Small Business Administration (SBA) Training Programs
A variety of training programs designed for veteran business owners are provided by the Small Business Administration (SBA). These programs cover essential aspects of business planning, marketing, and finance, helping veterans build a solid foundation for their enterprises. Some of the programs offered by the SBA include:
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The Veteran Federal Procurement Entrepreneurship Training Program, which equips veterans with the skills necessary for careers in federal procurement
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The Boots to Business program, which provides entrepreneurship training to transitioning service members
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The Veterans Business Outreach Center program, which offers counseling, training, and mentoring to veterans who want to start or grow their businesses
These programs are a valuable resource for veterans looking to start or expand their businesses.
Veterans Business Outreach Centers (VBOCs) are another vital resource, offering:
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Business plan workshops
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Concept assessments
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Mentorship
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Training nationwide
Additionally, the Women Veteran Entrepreneurship Training Program provides targeted support to women veterans, ensuring they have the tools and knowledge needed to succeed in the business world.
Federal Contracting Programs
Federal contracting programs aim to facilitate access for veteran-owned small businesses to government contracts and surplus property. These programs ensure that a portion of federal contracting dollars is set aside for veteran-owned businesses, providing them with a steady stream of opportunities.
The VA’s Vets First program, for example, offers additional opportunities for certified veteran-owned small businesses to pursue contracts, further enhancing their market presence. Veteran-owned small businesses can also qualify to purchase surplus government property, providing them with essential resources at reduced costs.
Veterans Affairs (VA) Resources
Veteran-owned businesses can avail themselves of a plethora of resources from the Veterans Affairs (VA), including mentorship programs, concept assessments, and networking opportunities. The VA’s Direct Access Program, for instance, allows veterans to network, build partnerships, and gain access to program and contracting staff, providing invaluable support for business growth.
Additionally, the Veterans Business Outreach Center Program offers mentorship, training, and business plan workshops, helping veterans navigate the complexities of business ownership. The VA’s Corporate Connections initiative also assists veteran small businesses with capacity building and past performance evaluation, ensuring they are well-prepared to compete in the marketplace.
Success Stories of Veteran Owned Businesses
The success stories of fellow veteran entrepreneurs serve as an immense source of motivation. These stories highlight the potential and achievements of veterans in the business world, showcasing how military skills can translate into entrepreneurial success. The company appeared on Shark Tank, securing investments from prominent figures, further propelling their mission and reach.
Combat Flip Flops
Matthew Griffin, a former Army Ranger, founded Combat Flip Flops with the aim of creating positive, forward-thinking opportunities for entrepreneurs in conflict-affected areas. The company produces footwear, apparel, and accessories in these zones, helping to stimulate local economies and promote peace.
Combat Flip Flops gained notable attention with products like the AK-47 flip-flop, symbolizing their mission and dedication to creating a positive impact. The company appeared on Shark Tank, securing investments from prominent figures, further propelling their mission and reach.
Donald Lee’s Journey
Donald Lee, a Navy veteran, faced significant challenges in securing initial funding for his business. Through persistence and utilizing various entrepreneurial training programs, he eventually obtained critical financial support from veteran-focused grants, enabling him to start his own successful business.
Fast Company’s Veteran Entrepreneurs
Fast Company has featured several veteran entrepreneurs who have made significant impacts in various industries. Veterans like Pitch Johnson and Bill Draper, who served in the Air Force and Army respectively, founded some of the earliest venture capital firms in Silicon Valley, showcasing the diverse contributions of veterans to the business world.
Transitioning from Military Service to Business Ownership
The shift from military service to business ownership, a significant step, can be eased with the myriad support and resources available to veterans. The Small Business Administration (SBA) offers funding programs, training, and federal contracting opportunities tailored to veterans, providing a solid foundation for their new ventures.
Programs like Military OneSource help transitioning service members set goals, plan for a successful transition, and prepare for the civilian workforce. Veterans can also benefit from unique training and employment programs designed to aid their transition to civilian employment, ensuring they have the skills and knowledge necessary to succeed in the business world.
How to Access Additional Resources and Support
The Veteran Entrepreneur Portal (VEP) can be a valuable tool for veterans seeking further resources and support for their businesses. This portal simplifies access to federal services and connects veteran entrepreneurs to best practices and information, providing an invaluable resource for business development.
The SBA’s Lender Match tool is another useful resource, helping veterans find authorized lenders in their area. State-specific initiatives, such as those offered by New York State, provide additional support and resources tailored to veteran-owned businesses, ensuring they have the necessary assistance to thrive.
Summary
Navigating the path from military service to business ownership is a challenging but rewarding journey. With the right resources, certifications, and support, veteran-owned businesses can achieve remarkable success. By leveraging state-specific programs, federal support, and inspiring success stories, veterans can confidently transition into the world of entrepreneurship and make a significant impact.
Frequently Asked Questions
What are the primary certification options for veteran-owned businesses?
The primary certification options for veteran-owned businesses are the Veteran Small Business Certification (VetCert) and the Service-Disabled Veteran-Owned Small Business (SDVOSB) program. Both provide opportunities for procurement preferences and support for veteran entrepreneurs.
What benefits do certified veteran-owned businesses receive?
Certified veteran-owned businesses receive benefits such as access to government contracts, special tax incentives, and surplus federal property. These benefits can provide valuable opportunities for growth and success in the business world.
Which states offer specific programs for veteran-owned businesses?
New York, Washington, California, and Texas are among the states that offer programs tailored to support veteran entrepreneurs. These programs can provide valuable resources and support for veteran-owned businesses.
What federal support is available for veteran-owned businesses?
Federal support for veteran-owned businesses includes training programs, contracting opportunities, and resources provided by agencies such as the SBA and VA.
How can veterans access additional resources and support?
Veterans can access additional resources and support by utilizing tools like the Veteran Entrepreneur Portal (VEP), SBA’s Lender Match, and state-specific initiatives. These platforms offer a range of resources tailored to veterans’ needs.
