By Ted Baker, CEO, Muncie Innovation Connector, Inc.—
MUNCIE, IN—While we pause this time of year to honor and celebrate the brave women and men who have served our great nation as part of the military, it is important to understand that securing employment or other revenue-generating opportunities becomes an important part of their reentry into civilian life. We are thankful for the many employers who make it part of their business’s mission to hire and employ veterans. During their service, veterans may have learned skills that could be transferred to starting a business. This option is usually overlooked, but it is one that veterans should be aware of. U.S. Veterans Magazine states, “Veterans own 7.5 percent of 5.4 million businesses. The reason is simple: the military teaches skills most business owners have to learn the hard way, like self-sufficiency, leadership, and the ability to perform under pressure. If you’ve already got those skills, you’ve got some of what it takes to run a successful business.”
FedEx, Sport Clips, Sperry Shoes, RE/MAX, Walmart, GoDaddy, Nike, Universal Healthcare, Amway, and Enterprise Rent-A-Car Company are businesses started by military veterans. While these businesses are highly visible nationally and internationally, most veteran start-ups are smaller, employing less than five employees. But their impact is significant. 2021 U.S. Census Bureau data reveals Veteran-owned businesses had sales of over $925 billion, 3.6 million employees, and over $176 million in payroll. In Indiana, as of 2022, there are 46,785 veteran-owned businesses.
Many business services and loan and grant programs are specifically for military veterans. As a department in the U.S. Small Business Administration (SBA), the Office of Veterans Business Development’s mission statement reads “to provide veterans, service members, National Guard and Reserve members, military spouses, and family members with programs and services to start, grow, and expand their small businesses.” On June 6, 2023, the U.S. House of Representatives passed bipartisan legislation to support veteran entrepreneurship through the Boots to Business program known as the Veteran Entrepreneurship Training Act of 2023. There are also regional and local business resources available to veterans.
The Regional Office for the East Central Indiana Small Business Development Center, located in the Muncie Innovation Connector, serves eleven counties with FREE business startup services, which includes working with veterans. The SBDC provides private coaching services, Start Your Own Business Workshops, capital and funding assistance, and more. The Innovation Connector serves veterans with one-on-one business coaching, cash flow projections and analysis, finance management, and assistance locating needed capital. Just like the SBDC, the Innovation Connector’s services are provided at no charge for military veterans. Other organizations that serve the veteran business community include V-Wise (Veteran Women Igniting the Spirit of Entrepreneurship), Hivers & Strivers (Angel investment group for veterans), Indiana Veteran Owned Small Business Program, and many others. Needless to say, there are abundant resources to help veterans at any step on the business startup journey.
One way that all Americans can support veteran-owned businesses is to purchase their goods and services. Not only does this honor and validate their service to our country, but the revenue allows these businesses to pay employees, provides a living for the veteran owner, and provides ongoing sustainability needed for the future. November is recognized as National Veterans & Military Families Month. Let’s be mindful to thank veterans for their service – possibly even buying their meals or paying for their car’s next fuel stop and supporting veteran-owned businesses. The United States has been protected, and our country enjoys our freedoms because of their service, sacrifice, and love of our country. Let November 2023 be a reminder that we need to celebrate our veterans not just for one month a year but all year long.
To everyone who has served, thank you.
1208 W. White River Blvd.
Muncie, IN 47303
(765) 285-4900
http://www.innovationconnector.com
