In honor of Veteran’s Day, today’s Make Money Mondays salutes a unique niche practice area: veterans’ owned businesses. According to the recent surveys, there are 2.52 million veteran majority-owned businesses in the United States that collectively generated $1.14 trillion in revenues last year. Most vet businesses are small with 54 percent having 1-4 employees, and only 9 percent with 20 or more employees. And if you’re wondering, the top five states for veteran-owned businesses are California, Texas, Florida, New York and Pennsylvania.
Can you make a niche of serving veteran-owned businesses? Absolutely. Veteran-owned businesses may have unique legal needs such as qualifying for special financial benefits, obtaining certification or challenging contract awards where preferences weren’t property applied. In addition, many veterans may seek to hire military spouses or serve military population and so may have a need for lawyers who can assist with remote online business or cybersecurity issues. You could also market a firm focused on veteran-owned business by getting to know other lawyers who handle veterans’ benefits – like attorney Michael Eisenberg who we profiled here. By serving those who served our country, you can do well and do good all at the same time.