As fellow Americans, we wish to thank you for your service to your country. Military veterans leaving the armed forces are facing the greatest challenge of their life. What should they do with their time and money? Starting a business is a dream that many veterans have – but many of them lack the skills and knowledge required to launch, manage, and sell a company. Many recent military soldiers want to take advantage of franchise for veterans deals or startup their own companies. We decided to give back to the veteran community with this brief article on tips veterans need for starting a company.
Stick To Your Skills
Many people who start a company, do so to earn a profit. However, very few of them realize that starting a business requires plenty of work, and if you don’t have a passion for what you do, then the chances are you’ll lose interest if times start to get rough.
Choose a business model and a niche where you can leverage the skills you already have. Many companies hire veterans for their quality tactics and expansive knowledge. Where you a gunnery sergeant in the military? Why not consider opening a gunsmith store? Whatever model you choose to follow, make sure you select an opportunity that you can commit to. Business is so much easier when you can’t wait to get out of bed in the morning and open the doors to your company.
Hire A Consultant
The American economy needs all the help it can get from veterans. If you have an idea for a company that solves real issues facing the market, then you’re off to a good start. However, many veterans have no previous business experience, and this may put them off of starting a company.
Fortunately, there is no shortage of skills, development programs and advice available for veterans that wish to make the transition to business. Hire a consultant to help you set everything up. You can also visit one of the organizations, such as VETbiz.gov and local Small Business Administration, (SBA.)
SCORE offers mentoring programs for veterans in business, and with the right advice, you can make money straight out of the gate.
Financing For Veterans
As a veteran, there’s no shortage of funding available for your business venture. If you have a solid business plan, complete with financial data and a marketing strategy. Then, you’ll find that financial institutions are willing to throw money at your venture.
Government-backed loans are an excellent way to kick start your business with the funding it needs to grow. These loans offer protection from a default that’s backed by the American government, allowing you to reduce your financial risk from the first day you open your doors. Many entrepreneurs build business credit and apply for these loans to finance their company expansion.
Microlenders offer small and short-term loans to veterans to fund their business ideas. If all you need is $35,000 or less to get things moving, then this model will suit your business perfectly. The SBA offers SBA Express Loan Program applications, and you could receive the funding you need in as little as 36-hours after submitting your application.
Inquire about the SBA Cap Line, and Veterans Advantage and Lift Funds. Many of these loans offer veteran business loans interest rate margins that are affordable and offered at a discount to those that have served their country.
For those veterans with low credit scores, your veteran status can open new doors for funding with credit unions, specialty lenders, and banking institutions. If you need financing, there’s someone out there willing to give it to you.