Nearly 30 million US businesses are small-scale businesses. Out of these, 8 million businesses are diverse and veteran-owned.
These statistics reflect the bright future aspects of veteran-owned businesses!
So heading toward veteran-owned businesses can be a desirable option for veterans. The field offers lucrative opportunities to veterans, especially after retiring from the much-regarded services.
Though, it is more challenging than it seems!
A SCORE survey took into account more than 3000 US entrepreneurs. This study showed they need more than 54.9% federal and 76.9% local government support while starting their ventures.
Therefore, extending support to the owners starting their veteran businesses is vital. But how to open this support?
An empowering successful business needs reliable connections. Hence, a veteran-owned business certification needs financial and technical support at all levels.
There will be much detailing in starting a veteran-owned business. With this piece of information, you can better organize your business plans!
So rope up the proper techniques and build your veteran-owned business from the ground!
You can lead your business to success with the right skills and better guidance!
Why Should You Certify Your Veteran-Owned Business?
Your veteran status can bring lucrative business contracts to your doorstep. It is enough to make you stand apart from the crowd.
It can also help you sell to local, state, and federal government institutions and agencies.
There can be several reasons why all veteran entrepreneurs should apply for certification:
Bid on Government Contracts
A veteran-owned business certification can help boost your business by bidding on government contracts. Specific government or set-aside contracts are open for bidding only by certified veteran-owned businesses.
The US Department of Veterans Affairs has set-aside government business contracts for veteran-owned small businesses (VOSBs) and service-disabled veteran-owned small businesses (SDVOSBs).
Furthermore, certified SDVOSBs also have a 3% share in the set-aside contracts of the federal government.
Also Read: Here is Why You Should Certify Diverse-Owned Business
Improve Private-Sector Business
Over 2/3rd of Americans prefer purchasing goods and services from veteran-owned businesses.
Today, companies prefer purchasing their materials from certified veteran-owned businesses.
Hence, you can also grow your business by leaps and bounds in the private sector.
What are the Different Types of Veteran-Owned Business Certifications?
Thousands of businesses like yours also gravitate toward leading an entrepreneurial future. To put you on the top line, specific veteran-owned business certifications exist.
Types of Certifications
Veteran-Owned Small Business (VOSB)
You can get this certification from:
- The Department of Veterans Affairs
- Small Business Administration
- Non-profit organizations like the National Veteran Business Development Council.
Service-Disabled Veteran-Owned Small Business (SDVOSB):
Issued by the US Small Business Administration, SDVOSB will make your business receive millions of contracts.
National Veteran Business Development Council (NVBDC) Certificate
It is a non-profit organization composed of veterans. The NVBDC is:
- Dedicated to helping veteran-owned small businesses set their foot into the supply chain.
- It also provides the certification for the same.
National Veteran-Owned Business Association (NAVOBA) Certificate
The National Veteran-Owned Business Association provides these certificates for up to two years.
What are the Eligibility Criteria for Veteran-Owned Business Certification?
To be eligible for veteran-owned business certification, you should fall under specific eligibility criteria
- You served on duty with the Coast Guard, Air Force, Marines, Navy, or Army.
- Honorably released from your service.
- A veteran owns 51% of your small business.
- Play an active role in the management of daily operations of the company.
- For SDVOSB, a disability rating letter from the Department of Veteran Affairs or the Department of Defense is required.
How to Get Your Veteran-Owned Business Certification?
Choose the Right Certification
Choose a business certification that aligns best with your business goals. As per the needs of your business, you can also apply for multiple veteran-owned business certifications.
Fulfill Your Application Requirements
You may need to provide additional information for the issuance of the certificate. After the approval of your application, you can get a veteran-owned business certificate.
Though, you should remember that this certificate is valid for only a limited period.
For example: Renew your certificates every three years for VOSB or SDVOSB certifications.
Get Your Certification
It is a non-profit organization composed of veterans. The NVBDC is:
- Dedicated to helping veteran-owned small businesses set their foot into the supply chain.
- It also provides the certification for the same.
Time to Use Your Certification
After getting your veteran-owned small business certification, it’s time to use it to your advantage.
Market your products under the name of a certified veteran-owned business. You can also join hands with several veteran-owned business directories. This would ultimately give you an added benefit.
However, if your business goal is to manage government contracts, you must first register.
Start by registering your newly certified business with the contracts awards management system of the government organization of your choice.
For example, you’ll need to register with the System for Award Management (SAM) to supply for the federal government.
How to Get Your Veteran-Owned Business Certification?
With so many minds looking to start their veteran-owned business, it is time to become veteran-certified.
You only need better financial assistance, proper knowledge, and strong government connections!
The certification process is more straightforward and will give you the right path to grow your business by getting certified.
58Joralemon brings modern technology to your fingertips. The product is designed for all sizes of businesses. It’s easy to use and offers inclusive solutions for your businesses. You can easily submit your information and required documents. Soon after that, we will start processing your application.
So get your directions right. No matter what your business needs are, we help you grow. Use all the resources to your advantage and advance your veteran business!
Need more information? Download a copy of our Small Business Guide to Certification and Verification.
