How Veterans Can Start Their Own Business
Veterans account for approximately 10% of businesses in the United States, so it’s obvious that former servicemembers have made an impact on this country’s entrepreneurship. However, starting a business is easier said than done.
If you’re a veteran, the road to business ownership can be long and hard. It can be exciting but also scary. You need to know what resources are available to you so you can transition to the business world with ease. Here are some steps to help you achieve your dreams.
Come Up With an Idea
The best businesses fulfill a need. What types of businesses could you benefit from in your community? What are things that are lacking? Your business could solve these problems without having too much competition.
At the same time, you also want to operate a business that utilizes your skills. You should also choose something you’re interested in. It’ll make running a business a lot easier.
Create a Business Plan
A business plan can help lay out your business and create a plan for the next few years. It can help investors understand why they should invest in your business. It should include an executive summary, company overview, market analysis, business organization, product development plan, financial plan, and appendix. Each of these sections should incorporate a large amount of information to give a thorough overview. Each section is important, so spend a lot of time delving into the details of your company.
Register Your Business
Now it’s time to make it official and register your business. You should have a creative business name in place and choose an appropriate legal structure. Many people opt for a sole proprietorship, as it’s the easiest to set up. However, if you have other owners, you may decide on a partnership, corporation, or limited liability company. You’ll also need a tax ID as well as all the necessary permits and licenses to run your business.
Look for Resources
There are many ways to get money and training for a small business. Here are some options:
- The Office of Veterans Business Development. This organization offers training, mentorship, networking, and ways to access capital for veteran entrepreneurs.
- Boots to Business. This is a program that helps veterans get training to become entrepreneurs.
- Veteran Business Outreach Centers. This comprehensive resource offers training, mentoring, and counseling for veterans.
- Institute for Veterans and Military Families (IMVF). This program at Syracuse University helps educate veteran business owners about accessing capital and managing their business financing.
- This is a program to help veterans get franchising opportunities.
- The Bunker. This focuses on veteran-owned startups and provides information about mentorships and networks,
- GovCon Ops. This organization helps veteran receive government contracts for their businesses.
Learn More About Veterans Benefits
There are many resources available to veterans looking to start their own business. Once you understand what’s available to you, you’ll be better equipped for entrepreneurship.
Get the help you need from White Plains veterans benefits lawyer Michael Lawrence Varon. We can guide you through civilian life. Schedule a free consultation by calling 914-294-2145 or filling out the online form.
Resource:
nerdwallet.com/article/small-business/veterans-starting-a-business
