Being a veteran already sets you apart and can also give your business a boost. Veteran-owned businesses are eligible for federal contracts and the status helps them win more business in the private sector. Here are five steps to becoming a certified veteran-owned business.
[Read more: A Guide to Business Certifications for Small Business Owners]
Make sure you qualify
The first step to becoming certified as a Veteran-Owned Small Business (VOSB) is to ensure you meet the following requirements:
- He served on active duty in the Army, Air Force, Marines, Navy, or Coast Guard.
- Honorably discharged or released.
- At least 51% of your company is veteran-owned.
- You will be actively involved in the management and day-to-day running of the company.
A Disabled Veteran Owned Small Business (SDVOSB) must meet the criteria above and, in addition, must have either a Disability Rating Certification from the VA or a Disability Certification from the Department of Defense.
Figure out what type of certification you need
There are different types of certifications, and the type of certification you apply for will depend on the type of business you want to get. Here are some general guidelines:
- Federal Government Contracts: If you want to win a federal contract, you will need to apply to the SBA or the Department of Veterans Affairs (VA). The VA offers VOSB and SDVOSB certifications free of charge, while the SBA only offers SDVOSB certification. Therefore, if you do not have a service-connected injury, the VA is your best option.
- State and local contracts: Some states and localities offer their own certification processes for veteran-owned businesses. If you want to bid on state and local contracts, these programs may be a good fit.
- Private sector contracts: If you want to secure more private sector contracts, we recommend applying to advocacy organizations. For example, the National Veterans Business Development Council (NVBDC) and the National Association of Veteran-Owned Businesses (NaVOBA) are good options worth considering, but both organizations require a non-refundable application fee based on your company’s annual revenue.
[Read more: 6 Top Resources for Veteran-Owned Businesses]
The VA offers VOSB and SDVOSB certifications free of charge, while the SBA only offers SDVOSB certification, so if you don’t have a work-related injury, the VA is your best option.
Complete your application
Your next step is to complete your application and receive your certificate. Before you apply, you'll need to make sure you have the following documents on hand:
- resume.
- driver's license.
- Articles of incorporation of the organization.
- Past tax returns.
- Salary information.
- Department of Defense Form 214.
The exact requirements and how long the application process takes will vary depending on the entity and where you apply. For example, if you apply through the Vets First Verification Program, you will follow the VA's four-step process.
- intake.
- evaluation.
- Federal review.
- decision.
Leverage your certification
Not only should you use your certification to apply for government and private sector contracts, but you should also display this information in your marketing: A poll found that two-thirds of Americans prefer to buy from veteran-owned businesses, and certified organizations may provide you with a logo you can use to display your status.
It's also a good idea to join some of the lists of veteran-owned businesses — Buy Veteran and Veteran's Business Network are great places to start.
Keep your certification current
Once you receive your VOSB or SDVOSB, make sure you keep it up to date. The certification is only valid for a certain period of time, after which you must go through a revalidation process.
How often you need to do this will depend on where you got certified. For example, if you got your VOSB through the VA, you'll need to go through the revalidation process every three years.
It is essential that you begin the re-verification process before your certification expires, which could result in your business being removed from government listings.
[Read more: 5 Business Tips from Successful Veteran Entrepreneurs]
CO— aims to provide inspiration from leading, respected experts. However, before making any business decisions, you should consult with an expert who can advise you based on your individual circumstances.
For more expert tips and business owner stories, follow us on Instagram .
Applications for CO-100 are now open! Now is your chance to join an exclusive group of outstanding small and medium-sized businesses. Share your story with us. Apply now.
CO is committed to helping start, run and grow small businesses. Learn more about the benefits of U.S. Chamber of Commerce Small Business Membership here.
Provided by
Simplifying finances for startups
Not sure where to start getting your business finances in order? Managing the complex finances of a growing startup can be a daunting task. In this guide, you'll learn about the key financial operations to keep your startup running smoothly, from payroll to bookkeeping to taxes.
learn more
Published
