Veterans Build Your Business: 8 Steps to Setup for Success
As a veteran, you have a unique set of skills and experiences that can be leveraged to create a successful business. However, starting a business can be challenging, especially if you are unfamiliar with the process. In this article, we will discuss how veterans can set up a business, including the steps involved and some tips for success.
Identify your business idea
The first step in setting up a business is identifying a profitable idea. As a veteran, you may have expertise in a particular field, such as logistics or technology, which can be used to launch a successful business. Alternatively, you may have a passion or hobby that you can monetize, such as woodworking or graphic design. Take some time to brainstorm ideas and evaluate their feasibility. Conduct market research to determine whether there is demand for your product or service and assess the competition.
Create a business plan
Once you have identified your business idea, the next step is to create a business plan. A business plan is a detailed document that outlines your goals, strategies, and financial projections. It should include information about your target market, competition, marketing plan, and financial plan. A business plan serves as a roadmap for your business and can help you secure funding from investors or lenders.
Determine your business structure
There are several business structures to choose from, including sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own benefits and drawbacks, so it's important to choose the one that best fits your needs. Sole proprietorship is the easiest and least expensive option, but it offers no personal liability protection. LLCs and corporations offer more liability protection, but they are more complex and expensive to set up.
Register your business
Once you have determined your business structure, you need to register your business with the state. This involves filing the necessary paperwork and paying the required fees. Depending on your business structure and location, you may also need to obtain a business license and permits.
Secure funding
Starting a business requires capital, and there are several funding options available to veterans. The Small Business Administration (SBA) offers several loan programs for veterans, including the Patriot Express Loan Program and the Veterans Advantage Loan Program. Additionally, there are nonprofit organizations, such as the Veterans Business Fund and the StreetShares Foundation, that provide funding and support to veteran entrepreneurs.
Build a team
As a veteran, you understand the value of teamwork and collaboration. Building a strong team is crucial to the success of your business. Look for individuals who share your passion and vision and have the skills and experience to help you achieve your goals. Consider partnering with other veterans or hiring veterans as employees. Veterans bring unique skills and perspectives to the workplace and can help your business stand out in a crowded market.
Market your business
Marketing is essential to the success of any business. Identify your target audience and develop a marketing plan that reaches them effectively. Utilize social media platforms, such as Facebook and Twitter and TikTok, to build a following and engage with potential customers. Consider partnering with other businesses or organizations or influencers to reach a wider audience. Attend trade shows and networking events to connect with potential customers and investors.
Seek out resources and support
There are several resources and support networks available to veteran entrepreneurs. The SBA offers a Veterans Business Outreach Center Program, which provides training, counseling, and mentorship to veterans starting or growing a business. Additionally, the Veterans Affairs' Vocational Rehabilitation and Employment Program offers entrepreneurship training and support to veterans with service-connected disabilities. There are also several veteran-owned businesses and organizations that provide support and networking opportunities, such as the National Veteran-Owned Business Association and the Veterans Business Council. You can also network with Bunker Labs and Patriot Boot Camp.
Starting a business is challenging for everyone. As a veteran, you have the mindset to persevere. Don’t let fear of failure prevent you from starting and building your business.
Want to get certified as a service disabled veteran owned small business or a veteran owned small business with the federal government? Let our team handle the pain of working with the government and getting your company certified while you focus on growing your business. Schedule a free session with one of our Certified Veterans Business Coaches today.
