If you want to become an entrepreneur, the most important part is getting started. Learn how veterans can start a business here.
You've served your country, and now it's time to make a living for yourself. If you're thinking about starting a business, it can be daunting to decide where to begin.
The good news is that there are helpful programs waiting for you, even if you're not aware of them yet! We've compiled some of our favorite business startup tips for veterans on how to navigate the world of entrepreneurship.
Here's everything you need to know about veterans, small businesses, and entrepreneurship.
Reach Out to Your Network
As a veteran, you may be tempted to keep your business idea close to the vest. You don't want anyone stealing your brilliant plan, right? But this is not the time to be secretive.
It's important for veterans who are just starting out in business to build their networks from the ground up. And reaching out means more than just calling up an old buddy from high school who works as a marketing executive at Honda (though that could be helpful).
First and foremost, reach out to people you know: family members, friends, and former coworkers. Ask them if they can help you with advice or connections that'll get your company off the ground.
Use LinkedIn or Facebook groups for Veterans Affairs employees to find mentors who have been there before. They can offer insight into what worked for them and what didn't work so well (and where they failed).
We also have a bunch of resources that can assist you.
Find Startup Resources on Base
If you're a veteran, your military training has prepared you for many things. But starting and running a business isn't one of them. Fortunately, there are plenty of resources available to help vets get their ventures off the ground.
The first thing to do is look for veteran-specific resources, which may be offered through the Department of Veteran Affairs or other governmental agencies within your local community.
Next, find out if your base library offers any books on how to start and run businesses as well as ones that focus specifically on small businesses owned by veterans. If not, see if they have any materials they can bring in from off-site libraries or other organizations that specialize in entrepreneurship education.
If neither of those options works out, ask around! Your base's JAG office should know where you can get some extra reading material on small business management and entrepreneurship basics.
If not them then talk with people who've started their own businesses before (like maybe even someone else who served with you).
Utilize the Small Business Administration (SBA)
The SBA has many programs to help veterans start and grow their businesses. The SBA also works with other agencies, such as the Department of Labor and the Office of Veterans Business Development to find funding opportunities for veterans.
The SBA also offers a variety of resources to help you find the right business structure for your company. You can get advice on how to set up your business and determine its tax status. This includes determining if it's an LLC or an S corporation in addition to a standard corporation.
There are also government grants available through the Small Business Innovation Research (SBIR) program, which allows small businesses to apply for awards that can exceed $100,000 in funding. These funds can be used for product development or prototyping purposes among other things.
Below are more Business Startup Tips for Veterans
Take Advantage of VA Programs for Entrepreneurship
The VA has a number of programs available for veterans interested in starting their own businesses. Here are some of the most promising.
Veterans Small Business Development Centers (VSBDC)
These centers provide training, counseling, and assistance to help veterans start their own companies. The VSBDC network is an excellent resource for veteran entrepreneurs who want to learn more about running a business.
Veterans Business Outreach Centers (VBOCs)
The Department of Defense provides these centers in order to help service members transition from military life into civilian life. In addition to providing general support services like job placement assistance or even financial literacy classes, many VBOCs also provide free business counseling as well as access to capital grants and loans at low-interest rates.
Veterans Business Resource Center (VBRC)
This service is operated by the SBA on behalf of all veterans who plan on starting their own small businesses. It offers free advice on how best to approach this process. This is based on your individual needs and goals.
This includes whether you would prefer working with other veterans or not. This is because many times veterans feel like they already know each other already too much.
This is because they have been around them all day long every week year after year after year so maybe try something else instead? Either way though please go check out our site first before anything else.
Research the Best Retirement Plans for Self-employed Individuals
You've served your country, and now you're ready to serve yourself by running a business. The best way to do this is by starting a business of your own.
Before you get started on your business startup, there are some things you need to keep in mind. First and foremost research the various retirement plans available for self-employed individuals.
One option is a solo 401k plan. This allows sole proprietors to make tax-deductible contributions on behalf of themselves and their spouses. This can be helpful if you don't have any other sources of income besides your business earnings.
However, it's important not to contribute more than $55k ($65k if over 50 years old) per year or 100% of the net profit above that amount each year. This is due to financial penalties from IRS regulations.
Volunteer in Your Community and Get Advice From Others in Your Area
Volunteering is a great way to get experience and make connections whilst thinking about running a business. Your local community will have lots of resources for you to learn from, including people who can mentor you as you start your veteran-owned business.
Don't be afraid to ask for help! You may need financial assistance in order to start your business. If that's the case, don't be shy about asking family members and friends. Ask them if they want to invest in your company.
Helpful Programs for All Veterans Interested in Small Businesses and Entrepreneurship
Many veterans have successfully started their own small businesses thanks to the SBA, which has loaned billions of dollars since its inception for veterans. The SBA also offers workshops at local offices throughout the country on entrepreneurship. If you've already taken of all that the SBA has to offer, there are still other programs for veterans specifically waiting for you.
If you're interested in how our business consultants can help you be sure to contact us today.
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