The Value of Supporting Veteran-Owned Businesses

Military veterans are well suited for small-business, and while the first week of November is National Veteran Small Business Week, it’s important to support our veterans and their families all year.

“Competencies developed in service such as risk taking, self-confidence, commitment, motivation, determination, time management, and the allocation of resources coupled with veterans’ unique appreciation of the value of life and the ability to think quickly on their feet makes veterans especially well-suited for entrepreneurship,” said AJ Agrawal, CEO of Alumnify (INC. 2016). 

The Small Business Association (SBA) recognizes the value of veteran-owned businesses. In 2015, a resolution was introduced to the United States Congress to designate the first week in November as National Veteran Small Business Week.  

Veterans go into entrepreneurship more often than their civilian counterparts. SBA reports that veterans are 45% more likely to be self-employed than non-veterans. There are more than 2.5 million veteran-owned businesses in the United States (comprising about 9% of business ownership), according to 2017 research. 

Brevard County is home to more than 65,000 veterans and 4,800 veteran-owned firms, according to the U.S. Census Bureau, 2012 Economic Census. In 2017 SBA reported there were 187,756 veteran-owned businesses in Florida generating $57.7 billion in annual sales.  

Examples of immensely successful national veteran-owned businesses include USAA and FedEX. Local businesses are numerous and include:

• CitruSolution Carpet Cleaning, owned by retired Navy Veteran Chris Drennon
• Small Business Consulting Corporation, led by Eric Froehlich, USAF retired
• Volar Security Managing Principal with managing partner David Africano, U.S. Army veteran. 

The fact that veterans have served the nation separates them from other businesses in the minds of consumers. A recent survey shows that 70% of Americans would prefer to do business with a veteran-owned business. Further, the same survey revealed that 95% of American consumers said they “feel a sense of trust and gratitude towards veterans.”

Local Support

Florida Association of Veteran Owned Business’ (FAVOB) vision is to be the recognized voice for veteran-owned businesses and to help position Florida as the No. 1 “state of choice” to own a veteran-owned business. 

FAVOB has over 400 veteran-owned businesses and patriotic supporter (non-veteran) businesses as members in five chapters across Florida. FAVOB Space Coast hosts networking meetings every second Tuesday of the month. Information and registration at FAVOB.net.

Learn More

National Veteran Small Business Week is dedicated to supporting veteran entrepreneurs and business owners and their families, and to encourage people to purchase goods and services from these hard-working men and women. They deserve the recognition earned through their service to this nation, and we should do business with them not only the first week of November but as they earn our trust through their products and services. 

Stuart Smith, who served as an active Infantry soldier, tirelessly advocates and assists veterans as they transition and either find employment or start and operate their own small businesses. He is a 2018 inductee in the Space Coast Public Service Hall of Fame and is a founding board member of the Florida Association of Veteran Owned Businesses – Space Coast Chapter, as well as the 2021-22 chair.