HERNDON — In conjunction with National Military Appreciation Month in May, SCORE, a national nonprofit organization that assists small businesses, has developed specific resources for use by its 10,000 mentors nationally in mentoring veterans.
According to SCORE research, 80% of the 1.7 million veteran-owned business owners consider themselves successful, and the small business five-year survival rate for veterans is double that of the non-veteran population.
Data from the U.S. Small Business Administration has also shown that small business owners with an established mentor have twice the success rate — 70% versus 35% — as those who do not have a mentor.
According to the nonprofit, the SCORE Veterans Small Business Resource Guide features veterans-specific resources to offer insight on developing a business plan, securing funding, starting a business, buying an existing business, buying a franchise, connecting with one of SCORE’s volunteer mentors, and gaining a better understanding of business through webinars and workshops.
“Volunteering at SCORE is my way of showing appreciation to those who helped and guided me during my career while sharing my background and experience to help entrepreneurs succeed,” said SCORE Mid-Atlantic Regional Vice President Ed Coleman. “While I enjoy working with all SCORE clients, as a U.S. Army veteran, I particularly enjoy working with veterans to translate their military experience into entrepreneurship. Helping clients realize their dreams is very gratifying and the essence of the SCORE mission.”
SCORE Williamsburg Chapter Chair Peter LePage said mentors continually expand their knowledge base to better assist veterans on their entrepreneurial journey.
“Military transitioning from active duty have different needs than civilians in terms of starting a business,” said LePage. “It’s wonderful to have veterans’ resources at our volunteers’ fingertips to aid in mentoring our service men and women.”
SCORE says veterans account for about 10% of its client base. It notes veterans own 10% of small businesses and 14% of franchises, adding since franchisors have a defined plan of what the business should entail, veterans represent the perfect franchisee given their ability to effectively execute plans as intended.
Nationally, veterans own nearly 2 million businesses, employing more than 5 million Americans, and generating more than $1 trillion in annual income, according to SCORE. Of those, 40% of veteran-owned businesses generate more than $500,000 in annual revenue.
To learn more about SCORE, request a mentor or volunteer to be one, visit score.org.
