Small business is the heart and soul of the American economy. And some of the greatest businesses around are run by veterans. In fact, more than 2.4 million businesses, employing more than 5.8 million workers, are veteran owned.
One of the benefits of being a veteran is access to training and financing to start your own business.
The Small Business Administration (SBA), a government-run agency that helps American citizens finance business operations, has special loan and grant opportunities for veteran-owned businesses. The SBA has the resources for veterans to start or grow a small business every step of the way.
The U.S. Department of Veteran Affairs (VA) helps veteran access entrepreneurial services through its Office of Small & Disadvantaged Business Utilization. Through a partnership with BusinessUSA, the VA offers tools to help veterans start a business, access funding, grow a business or find business opportunities.
Starting your own business can be an exciting idea. But it can also be scary. Here are a few tips on how to start your veteran-owned business:
- Create a business plan: A comprehensive business plan is required if you plan to purse funding for your new venture. But even if you don’t need a loan or a grant to get your operation off the ground, a business plan is a great way to set goals.
- Choose a business structure: There are many different ways to structure your business and each one has pros and cons. From sole proprietorship to S Corp, the structure of your business will have a major impact on taxes and other accounting methods.
- Register your business: Once you have decided what type of business you want to start, you will need to choose a name and register your business with state and local agencies. If your business will operate under a name other than your own, you will need to apply for a fictitious business name from your local county recorder. Depending on the business structure you choose, you may be required to register with your state as well.
- Get a business license: Depending on the type of business you run, you may be required to obtain a local, state or federal business license. Most local municipalities require all businesses, even home-based businesses, to obtain a local business license.
For more information on how to start, grow or run your business, visit https://www.va.gov/osdbu/entrepreneur/