Naperville Business Attorney Salutes Veteran Small Business Owners and All Who Served

veterans, business owner, Naperville business lawyerA quick browse through print media ads in the last week or so revealed a large number of promotions offered by restaurant chains, furniture stores, and many other companies in celebration of Veterans’ Day. Some retailers used the opportunity to run storewide sales, with lower prices available to all customers, while eateries offered a free meal or deep discounts to veterans and their families. If nothing else, the advertisements a reminder that today, November 11, is Veteran’s Day. We at the Gierach Law Firm are extremely proud of our men and women in uniform and would like to take a moment to thank those who have risked life and limb to protect our great nation.

Veteran-Owned Business

When it comes time for a serviceman or woman to hang up his or her uniform, many find it difficult to return to civilian life. The U.S. Small Business Administration (SBA), in conjunction with the Department of Veterans Affairs (VA), however, has a number of assistance and training programs designed to harness the talents and abilities of veterans and put them to use in business ventures. The characteristics that make an individual a successful soldier, sailor, airman, or marine, including leadership, discipline, strong work ethic, courage, and attention to detail can be directly translated into the qualities of a successful small business owner.

One in Ten, but Falling?

According to the SBA, approximately one out of ten small businesses is owned by a veteran, and veteran-owned small businesses account for almost $1 trillion in revenue and employ almost 6 million people. Veterans are also 45 percent more likely to be self-employed than their counterparts without military service experience. However, even as 1 million veterans are expected to return to civilian life in the next five years, the overall number of veteran-owned businesses seems to be falling.

Part of the issue is that the veteran population as a whole is aging rapidly. Veterans who served in Korea and Vietnam are retiring, and, by contrast, fewer veterans from Iraq and Afghanistan have taken the steps necessary in starting a small business. Through efforts like the Boots to Business program, the SBA hopes to encourage returning servicemen and women to build something for themselves which, in turn, will continue to serve the communities in which they live.

Get Help Building Your Business

If you are a military veteran looking to start a small business, you understand the importance of being fully prepared before taking decisive action. That is where we can help. Contact an experienced Naperville business planning attorney today to get the assistance you need in getting your idea off the ground. We will work with you in finding the best business structure for your company, developing a workable business plan, and maximizing available incentive and tax programs. Call 630-756-1160 to schedule a consultation. Thank you for your service and we look forward to serving you.

 

Sources:

SBA

Veteran Affairs

The Bakersfield Californian

The Business Journals