Being a veteran can put you in a strong position to start a business. All of the things you learned in the services can really stand to beginning a start-up. So, how do you get funding and kick things off? Well, here are some tips.
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1. Go With What You Know.
Your time in the Military service may have seen you develop various skills in different fields that range from computers and communications to engineering, healthcare, and operations. If you factor such experience, you should not worry how your skill sets will help you fit into the civilian world. Make use of your character and courage and leverage your integrity and you will be just fine.
Let your passions be the driving force that guides you on the business ventures you can start. You will be in familiar territory hence it will be easier to translate your military resume to much your civilian needs and input. For instance, some of the leading products such as energy drinks or workout equipment are from original ideas of veterans based on their field experiences.
2. Know Your Strengths And Weaknesses
Entrepreneurs are often the backbone of their startups having to fill in a lot of roles during their businesses infancy stage to help facilitate a robust and rapid growth. However, being the pillar to everyone is never an issue job, and this does not help get things done when and how they should. While you should know your strengths, it is important also to consider outsourcing help for the areas of your weakness. For instance, you may have the capacity to manage the operations of the business, but you will need a team that helps you with the accounting, payroll and other office duties. It will allow you to focus on your strengths and this will lessen the potential pitfalls in running the company.
3. Seek Advice From Experts
As is with every new business venture, the goal is to offer solutions to existing problems. As such, veterans should create a business that addresses real challenges facing the American economy, and this should be what you aim to achieve. Take the bold step without fear because there are hundreds of willing hands reaching out to provide the assistance you may need. VETbiz.gov, as well as the SBA.gov (Small Business Administration), have training, mentoring, and counseling programs. Check with your local community colleges to find out the various programs on offer from the SBDC (Small Business Development Center). While at it, find a mentor, someone that can help and guide you to make right decisions and assist you to apply for a suitable course such as the Goldman Sachs 10,000 Small Businesses.
4. Find A Need And Fill It.
You will only capitalize on an opportunity when you discover its existence; in short, you will be an entrepreneur with an impact when you identify and isolate an opportunity that turns it into a business venture. The only issue is recognized such an opportunity. "Somebody should," that is the magic word to listen out for when you are out and about mingling with family and friend. Think of it as recon mission, this time your mission is to gather information. Be patient and attentive to details as you talk with people across various professional levels to identify unmet needs. Then fish for the common denominator, that one thing the folks seem to need and then get suggestions on suitable ways of address the various issues or needs.
5. Make The Most Of The Financing For Veterans.
By virtue of your military service, you have access to unique financing options during your retirement from service that you can use to start a business. You are more like to qualify for a loan and have it approved especially the government-backed loans for small businesses.
You can also consider taking microloans from options such as the SBA Express Loan Program that answers applications in less than 36hours and offer loans of up to $35,000. The SBA also another program that has waived or very small borrower fees. Also, do inquire about Lifts Funds, Cap Line, SBA 7(a), and Veterans Advantage.There are also plenty of options from vets through government funding, with plenty of products in place to help start a business.
Your credit may be wanting, but your veteran status will work in your favor, opening doors for funding from credit unions, specialty lenders and community banks at favorable credit terms.
As a veteran, you experience in the military and service to your nation is your trusty resource that you can leverage to start a money-making venture. Select loan providers and network development opportunities are at the disposal of those who have served. So nothing is holding you back, use your military experiences, and unique skill sets acquired when in service to create something new that offers a solution to a need in the American economy.