Finding a job is a chief concern among many of the 1 million veterans expected to separate from military service in the next three years, and many of them are taking matters into their own hands. A growing number of financial experts believe that vets should start their own business upon leaving the military, according to The Street.
It's not unusual for servicemembers to start their own businesses. In fact, according to the Kauffman Foundation, in 1996 about 12.3 percent of all entrepreneurs were veterans, and although that number fell to about 6 percent in 2011, it still is a viable route to consider.
Entrepreneurship is an especially attractive option for veterans because of some of the resources available to them. The Small Business Association operates an Office of Veterans Business Development, which can lend a hand when it comes to financing, business training or mentoring. Veterans are often well-suited to run their own business thanks to skills learned in the Armed Forces.
"Successful franchises run on proven and structured systems, and members of the military are used to implementing systems, following procedures and striving for operational excellence, which leads to success in franchising," International Franchise Association president Steve Caldeira told the news source.
Veterans thinking about starting their own businesses should turn to a bank, such as AFBA's 5Star Bank, that recognizes the unique challenges of serving in the military.