BUSINESS MATTERS
How Can Veteran Business Owners Overcome Financial Challenges?
Article by Aaron Gipson & Will Scott
firms that employ 3.3 million workers, according to the U.S. Small Business Administration's Office of Advocacy. Though just 7% of the population, Veterans comprise 14% of the nation's franchise owners.
Barriers to business
However, for many Vetrepreneurs, launching and growing businesses can be challenging. Finance is a key barrier.
According to a 2022 national survey by Syracuse University's D'Aniello Institute for Veterans and Military Families, Veterans cited lack of access to capital (37%) and financing (35%) as their biggest financial barrier to entrepreneurship. Without funding, small-business owners can struggle to hire staff, stock inventory or invest in marketing, limiting their ability to scale their ventures.
"There's no handbook for starting a business, and it's rarely a straightforward path," said Will Scott, vice president of
(BPT) - For many Servicemembers transitioning out of the military, owning their own business is their second act. Take Aaron Gipson, for example. During his time in the military, he began cutting his fellow Marines' hair using his footlocker as his "barber bench."
Not long after he exited the military, he got his cosmetology degree and instructor's license and opened his first salon in Jacksonville, Florida, his hometown. Today, Gipson's salon, which he co-owns with his wife, LaVonia, is thriving - thanks to a combination of hard work, business acumen and a trusted financial partner that understands his needs.
"If we're not behind the chair, we're still working on marketing, inventory, accounts and trying to figure out how to stay relevant in a constantly changing industry in which trends come and go," said Gipson.
Gipson is just one of many Veteran business owner success stories. Veterans are the majority owners of 1.6 million