With over 86% of transitioning service members being unsure of their next career move, Entrepreneurship is a practical way for veterans to re-enter the workforce.
According to the Bureau of Labor Statistics, the U.S. veteran population was more than 21 million strong as of 2018. War veterans are comprised of individuals of all ages; many are in service from their late teenage years to their early twenties, entering the workforce at the same time as a university graduate.
Also, according to the latest U.S. Census Bureau’s survey of small business owners, there are 2.52 million veteran majority-owned businesses in the U.S. The, survey also reveals that veteran owned small businesses employ more than 5 million people in the U.S. Additionally, they generated revenue of $1.14 trillion, an annual payroll of $195 billion and they represent 9.15% of all U.S. businesses.
This makes starting a business after military service a great idea if your considering your next move. Veteran Business Start-ups have become a viable alternative to the grueling job hunt. It is recognized nationally as an exciting way to achieve independence & wealth. We provide vetrepreneurs with “high-touch mentoring” in think-tank groups where goals, action steps, & accountability results in rapid growth.
OPERATION Vetrepreneur is not a program, it’s a process. We start with “your business” assessment to determine the best course of action – then we connect you with the right resources to fit your needs by leveraging relationships with other veteran service organizations through our Integrated Veteran Entrepreneur Support System – IVESS.
Everything is custom-designed around your unique needs.
We start with a determination of which of the 7 stages of starting/growing a business you are in, then we match you with the right resources to help you grow.
7 Stages of starting and growing a business:
1. Seed Stage: The ‘seed stage’ of your business life cycle is when your business is just a thought or an idea, akin to the conception or birth of a new child.
2. Start-Up Stage: Your business is now born and exists legally; products or services are in production and you have your first customers, well done and now breathe! If your business is in the start-up life cycle stage, it is likely you have under estimated money requirements and the time to get to market.
3. Growth Stage: Your business has made it through the toddler years and is now a child – in business terms your turnover and customers are increasing with many new opportunities and issues. Profits are strong, but competition is now appearing. The biggest challenge growth companies face is dealing with the constant range of issues bidding for more of the owner managers’ time and money.
4. Established Stage: Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable. Business life has become more repetitive and routine. However it would be too easy to rest on your laurels during this stage. You have worked hard and maybe earned a break but the marketplace is relentless and competitive.
5. Expansion Stage: This life cycle stage is characterized by a renewed period of growth into new markets and distribution channels. This stage is often the choice of the small business owner to gain a larger market share and find new revenue and profit channels.
6. Mature Stage: Negative changes in the economy, society, or market conditions can decrease sales and profits for all businesses. Companies at this stage are in a “business as usual” state and are not innovating.
7. Exit Stage: At this stage you may be thinking of ‘cashing out’ and get a return for all the years of hard work. Alternatively it could be simply recognizing that the business is no longer a viable entity and closing down the business is the best option.
Once we know what stage your business is at, then we connect you with the right resources through our national network of state-level veterans chambers of commerce, who further connects you with local resources.
Click here to start your entrepreneurial journey today!