The ranks of this army of small business owners continue to grow.
By Marilyn Carr, Strategy Consulting Practice Leader
The big influx of veterans into the economy after World War Two spawned a tidal wave of GDP growth and the ubiquitous baby boom generation. Although the order of magnitude hasn?t been as high, veterans have continued to be significant contributors in the intervening years. They represent only 11% of the population, yet veterans own 24% of all businesses in the U.S. ? a significant slice of the pie.
Veteran Business Owners
Source: Small Business Administration, 2005
There are several factors that make veterans an interesting segment. Veteran business owners are more experienced and better educated than average. Ninety-five percent are over 40, and half have a college degree. Their businesses are less likely to be home-based than other small businesses, at 39% and 53% respectively. One in four veterans who are not currently running their own business are actively engaged in planning to start or purchase one. To add to this potential growth, there is a fresh new pool of entrepreneurs returning from conflicts in the Middle East.
Since the passage of the Veterans Entrepreneurship and Small Business Development Act in 1999, increasing attention has been given to the entrepreneurial needs of America?s veterans. The good news is there are many ready-made channels and aggregators you can use to reach them, including Veterans Business Outreach Centers and the Retired Officers Association. You can also gain exposure through niche conferences, such as the National Veteran Business Conference being held in Las Vegas in June 2006. The other good news is that veterans have been flying below the radar of most marketers, so they offer a fresh patch of potential prospects. Get there before your competition does.