As MOAA career consultants, we work with a lot of transitioning servicemembers and veterans seeking to enter various industries and sectors, from private corporations and federal service to nonprofits and academia. But we also hear from more than a few who are committed to entrepreneurship and would like to start or grow their small business venture.
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According to the most recent data, there is about one veteran-owned firm for every 10 veterans. Many of these 2.4 million veteran-owned firms are small businesses, directly responsible for employing 5.8 million individuals. These business entities range across the full spectrum of industries and sectors, but nearly 17% -- by far the largest distribution -- of veteran-owned businesses are in the professional, scientific, and technical services field.
Given the nature of those business specialties, it makes them prime for contacting and consulting opportunities. When preparing your market research and business development strategies, don’t leave out the largest customer in the world: the U.S. government.
The federal government contracts to procure all types of products and services, with 26.5% of prime contracts – worth about $132.9 billion -- awarded to small businesses in 2019.
MOAA understands navigating the government contracting world can be complex, but federal contracts are a tremendous financial opportunity for veteran-owned small businesses. For more, check out these resources from the U.S. Small Business Administration’s Office of Veterans Business Development:
- Five Steps to Help Veterans Navigate the Federal Marketplace, a detailed reference point for veteran entrepreneurs.
- Details about the Service-Disabled Veteran-Owned Small Businesses program.
- More SBA resources for veteran-owned businesses, including funding options and further contracting guidance.
Want more? Visit MOAA’s Transition and Career Center for all the latest news and resources.
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