What is a Veteran-Owned Business and Why Are They Important?
While the COVID-19 pandemic wreaked havoc all over the world, there are a few insightful lessons that we can pull from the experience. For instance, the pandemic caused us all to reflect on our lives and reconsider what we thought was normal.
For many people, where we spend our hard-earned dollars was at the forefront of our minds. With so many people applying for unemployment benefits and struggling to figure out where their next paycheck would come from, people started thinking long and hard before spending any money.
The importance of buying from small businesses was heightened as well. Many local shops and nearby companies went out of business due to the way money was tight for their customers. This opened our eyes to how fragile small businesses are and how they rely on the support of their communities to keep their doors open.
By being more diligent about where you buy from, you can secure the goods you need while also making a positive difference in the lives of small business owners. The same applies to veteran-owned businesses! But what are veteran-owned businesses and why should you support them? Let’s take a closer look!
What is a Veteran-Owned Business?
A veteran-owned business is just that — a business owned by veterans! Often referred to as VOSBs, veteran-owned small businesses are companies that have been registered with the U.S. Small Business Administration and qualified for the SBA eligibility program for veterans.
Did you know that 2.5 million small businesses in the United States alone are owned and operated by veterans? It’s incredible! But the impressive facts and figures don't stop there.
These millions of U.S. veteran-owned small businesses employ a collective 5 million employees. An estimated $1.14 trillion was stated as the total revenue of all of these small veteran-owned businesses combined, according to the SBA's Office of Advocacy.
With 2.5 million veteran-owned businesses providing services and offering products to people across the nation everyday, these veteran-owned businesses account for just over 9% of all U.S.-based small businesses.
So, don’t let the descriptor of small trick you into thinking that there is anything minor about veteran-owned businesses. They might be small, but they make a huge impact in the United States’ economy!
How to Start a Veteran-Owned Business
Are you a veteran who is interested in opening a business of your own? If so, there are a handful of qualifications that you must meet in order to do so. The good news is that you have already met the first requirement for opening a veteran-owned business, and that requirement is being a veteran!
Though it might sound obvious, not everyone recognizes that veteran-owned businesses are also veteran-operated businesses. In other words, in order to start a veteran-owned business, your business must be “at least 51% owned and controlled by one or more service-disabled veterans,” according to the U.S. Small Business Administration.
This means that the everyday operations of your small veteran-owned business must be carried out and managed by a service-disabled veteran. So, veteran-owned businesses are not just companies that are started by veterans and run by non-veterans. Rather, veterans both own and run these businesses.
If you are interested in starting a small veteran-owned business of your own, we highly recommend reading the Code of Federal Regulations. There is a specific section dedicated to explaining what makes a business eligible for qualification in the veterans' business program in the U.S. so be sure to check out Subpart B of Title 13's Part 125!
Why You Should Buy from Veteran-Owned Businesses
There are endless reasons to support a veteran-owned business! For starters, veteran-owned companies are small businesses, meaning that your purchase will directly impact the veterans' lives. By contrast, buying from a major corporation, which is the polar opposite of a small business, has a less significant impact than placing an order from a small business.
Think of it like this. When you make a purchase from a small veteran-owned business, you could be one of ten people who buy from that company in a given week. On the other hand, if you place an order with a large manufacturer, like Amazon, your purchase will be one of 11.2 million orders placed in that same week.
See what we mean? By buying from veteran-owned businesses, your order will be far more appreciated, significant, and impactful for the business than it will be when you support big companies.
Plus, with veteran-owned businesses, you can view your loyalty and frequent orders as an opportunity to express your patriotism. When you purchase items from veteran-owned businesses, you will directly support people who sacrificed their lives by enlisting in the military and fighting for the freedom Americans get to experience.
Veterans who retire from the military and go on to pursue entrepreneurship deserve endless support, and you can help them become the businesspeople of their dreams. Becoming a loyal customer of their brand will mean more than you know, and you’ll receive high-quality products!
These are only a couple of the many reasons why you should buy from veteran-owned businesses. All in all, supporting veterans’ companies is a win-win for everyone involved.
How to Support Altruistic Joe, a Veteran-Owned Coffee Company!
Speaking of veteran-owned businesses, Altruistic Joe is a veteran-owned coffee company known for selling great coffee people can feel good about. Owned and operated by Libby and Jamie Jenks, Altruistic Joe prioritizes their community and the importance of giving back.
To learn more about Jamie’s career in the military and how Altruistic Joe came to life, be sure to check out the About section on our website. We would love it if you could take the time to read all about our experience as a military family and why we decided to start Altruistic Joe!
We appreciate your support. If there’s anything we can help you find, or if you have any questions about our wide selection of coffee, don’t hesitate to reach out! You can contact us at any time, and we’ll get back to you shortly.