Veterans start new businesses at high rates
As the United States winds up oversees operations, many veterans are reentering the civilian job market. According to reports, many of these veterans are choosing to start new businesses as they return to civilian life.
Starting a business in Minnesota is not always easy, especially in an economy that continues to struggle in many ways. Even in the bests of situations, there are financial and legal issues that must be addressed. Often, business formation is not as simple as having an idea and just opening a business. There are governmental regulations, intellectual property concerns, tax issues and other business issues that need to be addressed before a product can ever reach customers.
Veterans, reports say, are often in a unique position to address these challenges following their rigorous military training. Therefore, 2.4 million businesses across the United States are owed by veterans. In fact, veterans are around 45 percent more likely to be self-employed than non-veterans.
In Minnesota, in particular, veterans own more than 43,000 businesses. The U.S. Small Business Administration says that these Minnesota veterans add $25.7 million to the state’s economy each year.
In response to the large numbers of veterans who choose to start a business, programs have been created across the country to help them succeed. These entrepreneurship programs aim to support veterans as they tackle business formation issues.
Getting the right help with these issues can be critical to a business’ future success. Potential business owners need to understand the potential legal challenges that they face as they try to open a business. While a business can be a profitable venture for many Minnesotans, people should understand the risks. In particular, they should know that legal decisions that are made as the business is being formed can have a long term impact.
Source: Star Tribune, “‘Vetrepreneurs:’ More veterans start their own businesses,” Mark Brunswick, Dec. 21, 2014
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