Some two million businesses across the U.S. are veteran-owned. However, military-affiliated businesses face extra challenges as service members transition into entrepreneurship.
Every other weekend, active Air Force reservist Samantha Snabes serves as an officer in the Air National Guard, but, Monday through Friday she works at her startup, re:3D, a large-scale 3-D printer manufacturer, helping solve some of the world's challenges.
And, she's not alone. Those who serve face big hurdles when transitioning to civilian life and even more when trying to start their own businesses, including getting the funding they need to launch and grow. According to data by Hello Alice, nearly half of veterans feel their business lacks funding and about 22 percent have no access to credit. Less than a third feel prepared to cover operating expenses for one to three months.
But, it's not all challenges. Veteran small business owners have increased their revenue, which has doubled from just under 25 thousand in 2021 to between $51 and $100,000 in 2023.
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