As a veteran, many of the skills you learned in the military can be especially helpful in running a
business. The wide range of hard and soft skills you acquired through service can be
transferred with great success to the private sector. Many veterans are doing just that.
According to the United States Small Business Association (SBA), 2 1/2 million businesses are
run by veterans. Nearly one in 10 U.S. businesses are veteran-owned. They cover the entire
range of business types: from professional and technical services to consulting, construction,
consumer products, and more.
While funding can be an obstacle for many new entrepreneurs, veterans have some
advantages. Federal agencies are required to set aside a certain amount of funding for vets.
This is especially helpful, given that many veterans lack sufficient credit history to obtain funding
from traditional sources like banks.
Digital.com has created a guide that outlines the steps you’ll take to get a successful company
off the ground. Deep dive into each step and explain exactly what you need. You’ll be introduced
to the wide range of excellent resources that can help you turn an idea into a successful
business.
Step One: Coming Up With Your Business Idea
Every good business begins with a good idea. Since you’re reading this article, you might
already have a great idea that you’re trying to turn into a reality.
However, if you’re not in this category but still want to work for yourself, you’re not out of luck.
It’s common for first-time entrepreneurs to spend as much time coming up with their business
idea as they do getting it off the ground. The questions below will help you lock on to whatever
business ideas could work best for you.
Step Two: Developing Your Business Plan
An often-overlooked area of starting a business is the need to create a clear business plan
ahead of time. You need to have a plan in place to get from where you’re now to where you
want to be. It’s best to lay out this information well before you begin. Set a few milestones,
including dates, for how you plan on obtaining a set of individual goals.
Not only is this a good idea, and helps you find a way of measuring your success, but it’s also
necessary if you intend on getting some help in financing your business. We’ll address this a bit
later in this article.
Step Three: Registering Your Business
Now we need to get into the nitty-gritty of going through the legal procedures for operating a
business. It may seem like a pain but it’ll save you many problems in the future.
Step Four: Funding Sources for Veteran-owned Businesses
You may need money to get started. The good news is that there are a lot of places you can
look for help.
Veterans’ Resources for Starting and Managing Their Business
Beyond funding, there are several other resources available to help veterans run their
companies.
Read more at: https://digital.com/veterans-business/
