As a military soldier, you have been part of one of the finest organizations that the world has ever known and your training, resolve, preparation and execution trained you to be battlefield ready. Now you want to embark upon the endeavor of joining other veteran owned businesses (VOB) in starting your own business. Here are 5 excellent tips you need to know before you launch your VOB.
Build Business based on Experience
Military experience is transferable to the business world. For example, if you had excellent military skills in operations, communications, technology, health care, construction or transportation, government and private sector business contract opportunities exist. Former Military skills has enabled veterans to develop successful business ventures.
Develop a Vision and Plan
Visualize success when starting your own business. To accomplish this, create a business plan and recognize areas of expertise that should be outsourced. If accounting or payroll is not your strong point add a team member to your business that fills that need. Your plan is your road map to success. You are no different than the CEOs at Think Nike, FedEx and GoDaddy. Each had a vision, a plan and each is a former veteran that grew their business into a success.
Build Business on Filling a Need
Having a great idea is an important step, but your business should fill a need. Research new opportunities by attending area business organization meetings. Sign up for veteran based business seminars and webinars and ask attendees about unfilled areas of need. Utilize business world reconnaissance just as you used recon in the military to prepare you.
Access Veteran business funding programs
Get your VOB off the launch pad by accessing business financing programs designed for veterans. The federal government SBA Microloan Program helps fund veteran business startups with up to $35,000. The SBA’s programs include Veterans Advantage and Lift Funds, Cap Line, and 7(a) loans which incidentally is 90% of all SBA financing. There are also credit unions, specialty lenders and community banks which give preference to veterans.
Seek Expert advice
Hands down, seeking expert business advice will give you a head start in starting your own business. Government sponsored business programs that provide experts to assist include local Small Business Administration (SBA) offices, community college Small Business Development Center offices (SBDC) and VETbiz.gov.
For more information on veteran eentrepreneurship assistance call 586-722-1557 or contact Veteran Owned Business Roundtable today.