5 Tips and Small Business Resources for Veteran Startups
Many veterans come home and aren’t sure what direction to take their lives in. For many of us these days, signing up for a nine-to-five just isn’t as fulfilling or exciting as we hope it could be, which is why starting a business is a great solution!
Building a startup from the ground up requires courage, discipline, and determination to create something that will last generations, skills much military personnel builds an abundance of in their time of service. Here are some tips that can help get you moving in the right direction if you’re unsure of where to start…
Take advantage of your experience
Time spent in the military likely allowed you to build experience in a few fields. Which did you enjoy the most? Technology? Cooking? Medical care? Healthy lifestyle creation? All of these areas can be turned into your own unique business venture, like a gym for people with injuries.
Research your local market and nation-wide industry
Once you have your idea, it’s vital that you conduct some detailed research to make sure you have a chance for success – ie. there are enough potential customers around that would be interested in your unique approach to whatever you’ll be offering. Also, make sure the market isn’t already saturated – what unfulfilled need can you fill?
It’s easier, and faster, to learn from other people’s mistakes! Look at your industry’s leaders, read books, use mentoring through services like VETbiz.com or SCORE, a branch of the SBA. Here is an SBA guide with info for veterans getting “back to business”.
Utilize your financing options
There are a variety of options available today for financing small businesses, especially for veterans. The SBA offers microloans for startups up to $50,000. If you do not qualify for an SBA loan, private loan providers are here to help you, with a shorter wait time and easier application process.
Not only does a business plan help you, it also helps for gaining additional financing. Make a 3-5 year outline of where you want your business to go. Follow the link above for the outlines that a number of start-ups have used to lead them to success.
If you’re a veteran ready to take your business to the next level, fill out our simple application to see if you qualify!