Veterans offer significantly to American economy through a substantial stake in entrepreneurship. They do not just provide security to citizens, but also hire about 5 million employees in their business ventures. Although trained in a regimented work ethic, planning, and management, starting a small business can be a demanding task even for veterans. More importantly, securing funding and making a financial plan for your small business can be a challenge, despite there being several loans and grants offers out there. Whether you are a veteran starting a courier company or a new retail shop, you need finances. If you are a veteran seeking small business opportunity, read ahead to learn how to plan your business financially and secure business grants for that purpose.
Establish Your Funding Sources
First of all, you need to determine how much capital you need for your business. There are several options to finance your venture. You can go for self-funding opportunities, loans, grants, or a combination of some of these. Depending on the capital you have at hand, you can choose to fund your own business project. The advantage here is that you do not owe any debts elsewhere. However, you can also put all your money at risk if the business makes a loss, thereby losing a large chunk of your savings or retirement fund. This is where loans and grants come into picture. Complete this initial step to secure a VA small business grant and start your company with an ideal financial situation.
Consult An Outreach Program
The VBOCs spread out on 15 different locations across the country, are particularly devoted to providing veterans transitioning service to business ownership. They provide counseling, training, management lessons and much more. Veterans under this program are taught a course with 8 modules known as “Boots to Business”. The course helps you explore business opportunities at your disposal, the ways to go about it, and most importantly, creating a business and financial plan. They help you explore the resources available to get your business up and started. The best program leaders can even answer your questions regarding business savings accounts and budgeting. Take this step to discover your small business grant options as a veteran.
Search Based On Business Needs
There are few financial resources available specifically for veterans. However, they still demand a closer look and consideration to pick the one that best fits your needs. For starters, you can look at the grants.gov database to surf through grants available grants. There are all kinds of grants up there so you will have to look up those only for veterans. One of the most useful state-sponsored resources you can avail of is the Office of Veterans Business Development. The sole purpose of this initiative is to offer entrepreneurial lessons and resource availability for veterans. Thus, it is ideal for veterans in need of small business grants.
Complete The Application Process
Once you have figured out whether you need a grant, it is time to apply for one. However, you first need to thoroughly check your eligibility before applying for one. The next step involves registering yourself and your business. After you get through with that, you can finally apply for a grant. There will be several documents to fill out depending upon how big or small your business is. Knowing about these requirements beforehand is a useful preparatory method. You can track your small business grants for veterans application through the process.
Consider Other Financial Resources
While you may find and receive a grant that meets all your financial requirements, it is always a good idea to keep tabs on other resources available. Keep in mind that you want to save for retirement and earn profits simultaneously. As mentioned earlier, you can self-fund your venture. Additionally, you can ask investors for funding through venture capital funding where you offer them a certain ownership of your business in return for capital. You can also look into crowdfunding opportunities for your business. Use this advice to prepare for the unfortunate situation that you cannot secure a small business grant for veterans.
As a veteran, you serve the country in multiple ways. You provide a sense of security along with several job opportunities through your business venture. As a result, it matters to you and everyone associated with your business that it thrives well. Getting small business grants is a taxing process. Nevertheless, there are several government and private sponsored resources for you. Once you have established where you want your funding to come from, you can consult a VBOC that offers exciting business management training opportunities. Next, search for available grants, apply, and track your progress. Ultimately, be on the look out for all the resources at your disposal. Take these steps to secure small business grants for veterans starting companies.