Top 5 Business Ideas for Veterans in 2020

Let’s take a look at the Top 5 Business Ideas for Veterans coming up for 2020. We know that veterans usually make the best entrepreneurs but often do not understand where or how to start. We’re giving you the ideas to get started in business and become a veteran entrepreneur.

There should be no doubt that veterans can become great entrepreneurs and business owners; this is because they already possess many of the skills needed to survive and flourish in the business world.

Not only do veterans have great discipline and the ability to lead a team but they can also make important decisions on the spot. All this sets them up for success in business.

What the Numbers Reveal

The Office of Advocacy at the Small Business Administration (SBA) agrees with this and reveals that veterans have a much greater chance of becoming entrepreneurs than civilians or people who have not served in the military.

The Office of Advocacy also reveals that businesses owned by veterans are a major contributor to the U.S economy. In total, these businesses employ close to 6 million people and contribute more than US$ 1 trillion to the economy.

Another study by the U.S. Census Bureau on ‘Veteran-Owned Businesses and Their Owners’ provides a breakdown of veteran-owned companies by industry.

According to the study, more than 16% of the veteran-owned business are in the Professional, scientific & technical services industry, over 13% in the construction industry, 8.6% in real estate, 8.1% in retail trade, and 8% in admin, support, and waste management.

The breakdown of the rest of the veteran-owned businesses by industry is as follows:

Healthcare and Social Assistance—6.9%

Transportation and Warehousing—5.8%

Finance and Warehouse—4.9%

Arts and Recreation—4.1%

Wholesale Trade—2.7%

Looking at these numbers, you would think that the best industries for veterans to start a business are the Professional, scientific & technical services or the construction industries.

While the above statistics provide some insight into what’s a suitable business to start as a veteran, they do not necessarily tell the whole story or provide the complete picture.

There are some industries or sectors with a low count of veteran-owned businesses where veterans can quickly rake in the profits once they get a hold of things.

Therefore, I have compiled a list of the best businesses to start as a veteran taking into consideration several key factors rather than just picking the industries/sectors with the most veteran-owned businesses.

The Top 5 Business Ideas for Veterans

If you have a particular talent or are passionate about something specific, then it can be easy for you to pick a business to start as a veteran.

If you don’t have a specific talent or passion which you can single out, then you’d do well to consider the following top 5 business ideas for veterans.

1.     Business Ideas for Veterans – Franchise

Securing the rights to operate a franchise is one of the easiest and most popular ways to start a business as a veteran. According to the 2014 Veterans in Franchising Report, more than 5500 veterans became franchisees between 2011 and 2014.

The best thing about owning and operating a franchise is that you don’t need to start a business from scratch.

Instead, all the systems, standard operating procedures (SOPs), and key performance indicators (KPIs) are already in place. Additionally, you get support and training from the franchisor or parent company.

All that you need to do is manage your franchise well.

2.     Business Ideas for Veterans – Government Contractor

The biggest purchaser of goods and services in the world, the U.S government is required by law to involve service-disabled veteran-owned small businesses in at least 3% of the value of its contracts and subcontracts.

Veterans are assisted in competing for government contracts by the Vets First Contracting Program.

According to Geoff Orazem, a U.S veteran and the owner of Eastern Foundry, getting into government contracting is a good option for veterans having some technical expertise such as engineering, IT, or network security.

Easter Foundry is a company that helps veterans to become a government contractor by providing them with relevant resources and training. In addition to Eastern Foundry and other similar companies, the SBA also offers courses on government contracting.

3.     Business Ideas for Veterans – Event Security

It can be a little tricky to get started in the event security field. However, once people are aware of your business, the extra effort that you put in to get your business up and running will quickly pay off.

Many events need security; these include music festivals, movie premiers, award shows, concerts, and political events among many.

The organizers of these events are more likely to trust a security company owned by a veteran than a company that has civilians at the helm.

What do you get out of this? A business that is likely to become profitable very quickly.

4.     Retail Business

According to the U.S Census, retail is ranked four among the industries/sectors with the greatest number of veteran-owned businesses.

This indicates that starting a retail business could be a good choice for veterans.

Open and running a retail shop is recommend to veterans who have at least some experience in supply chain management, sales, and marketing.

Another good reason for veterans to get into the retail business is starting a product-line with a military theme; a veteran running this business has a tremendous chance of success.

5.     Business Ideas for Veterans – Fitness Center

As someone who has served in the military, you would know all about how to keep yourself or another person in shape. Therefore, starting a fitness center should be a natural choice of business for you.

Today, there are thousands of people who are looking for challenging workout. Who better to provide it than a someone with military experience?

People will come running to your fitness center if they hear it offers a challenging workout or fitness regime that is designed by a veteran or former military personnel.

These are the top 5 businesses ideas for veterans and we hope this list will help you launch your brand! If you’re looking for more business options to choose from, then I’ll be glad to connect you with one of our veteran resources for Business Franchises like Joel Stewart of Integrity Commercial.