According to the U.S. Small Business Administration, more than 2.5 million businesses throughout the country are owned by veterans. The most recent report was created from information collected in 2017.
The information provides an interesting look at how those who leave or retire from military service go on to contribute to our economy as business owners. Here are some highlights.
By the Numbers
The majority of these veteran-owned businesses really are small. Only slightly more than 440,000 of the businesses were big enough to have employees. The rest of the 2.5 million were non employers. Even so, that small percentage created jobs for more than 5 million people and created a payroll of $195 billion.
Construction is the top industry for veteran-owned small businesses. More than 13 percent of the businesses identified in the current survey are in this category. That includes us, by the way. Miracle Truss® is owned by a veteran of the armed forces, and we believe it’s our duty to manufacture our trusses in the USA with quality American craftsmen. We also proudly use American-made recycled structural steel in the creation of our clear-span steel web trusses.
Like our buildings, which can be found all over the United States (and Canada), veteran-owned business are spread throughout the country – but not evenly. California, Florida, and Texas feature the most veteran-owned businesses. South Carolina, New Hampshire, and Virginia have the most veteran-owned businesses based on their populations.
About 57 percent of these small veteran-owned businesses are home-based. That compares to 52 percent for the general population. A recent article suggests that this high percentage works better for business owners because there’s lower overhead.
One way they can keep expenses low is to invest in a DIY metal building kit. Our prefabricated designs go up faster and cost less than traditional construction. The clear-span truss also offers more interior room by doing away with flat ceilings.
Special Business Help for Vets
There’s much more in the way of assistance for veterans who want to start their own business, besides our steel building kits. One of the most popular sources is the Small Business Administration’s “Boots to Business” Program. It provides resources for the estimated 250,000 men and women who transition back to civilian life each year.