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Starting a New Business: Resources and Strategies for Veterans

Nov 5, 2020

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For many veterans, success after the military means starting their own business. Doing so can provide a sense of freedom and accomplishment. If you are considering this path for yourself, The Patriots Initiative is pleased to offer these resources and insights that can help you make the most of your new startup.

Figuring Out Your Business

Some entrepreneurs have an idea that will solve a problem for consumers while others aren’t sure where to start. Honestly, whichever category you fall into there is no reason why you can’t build a successful business. While it’s true that coming up with an innovative product or service can catapult you into success, it’s also okay to choose a business model that’s straightforward and simple for anyone to start. For veterans, that could be signing on as a franchise owner for an established corporation or starting a government contracting business.

Writing Your Business Plan

Once you have an idea of the business you wish to launch, it’s time to hustle and come up with a business plan. Now if you search for business plans online, you’re going to come across posts arguing for and against writing out a formal plan. Whether you do it is up to you, but keep in mind that having a comprehensive business plan can not only help keep you organized, but it can also help net your startup capital.

Finding Startup Funding

You may be wondering whether finding financial help for your new business is even possible with so many existing entrepreneurs struggling with COVID-19 restrictions. You can rest easy knowing that there are still multiple COVID-19 resources available to help small business owners. In fact, these resources and programs can help with more than just funding. There are also tips for setting up virtual operations and adapting marketing strategies to fit standards brought on by the pandemic.

In terms of startup capital, you can also take advantage of business loan programs aimed at helping veterans set up new businesses. From government funding to loans from private organizations, there’s no shortage of options to help you succeed as an entrepreneur.

Translating Your Service Skills

Now this one tends to trip people up when they are newly separated from active duty, but it’s important to know that military terms you’ve used for years can be hard for the general public to understand. Do some research and maybe even use a military term translator to figure out how to apply those skills and terms in your new business endeavors. Entrepreneur points out that you may also find it helpful to examine some of the common skills and traits possessed by successful business owners. In fact, you’d be surprised at how many of those traits you might have used on a daily basis during active duty.

Setting Yourself Up for Success

One quality you need to have if you want your startup to thrive is reliability. This is key to building trust with financial backers, potential clients, and other business partners, and you need trust for both your short-term and long-term success. There are also other steps you will need to take to make a name for yourself in the business community, but trust and reliability are critical.

Promoting Your New Business

Building trust and authority is fundamental to your success, but it will also be imperative that you understand how to market your startup. Networking with other veterans can be a good place to start when it comes to promoting yourself and getting insight into other marketing strategies, so be sure to tap into this networking source of knowledge and expertise. It can also be helpful to reach out to organizations that provide support for veteran entrepreneurs, notes Forbes. Many of these programs offer plans and assistance that can make formulating your marketing plan a seamless process.

There’s no question that you have what it takes to be a successful small business owner. After all, you spent years gaining leadership skills and confidence in the military. Combine your experiences with the tips above and you are sure to find success as an entrepreneur.

Guest blog piece authored by Kelli Brewer of http://deploycare.org/.

Important Disclosure:
This information has been provided for educational or informational purposes only. Nothing herein should be construed as consultative advice. The Patriots Initiative is not responsible for the accuracy of any third-party information, nor any sites or organizations that are referenced via trackbacks or html links. Opinions expressed herein are subject to change without notice. The Patriots Initiative has exercised all reasonable professional care in preparing this information. The information has been obtained from sources we believe to be reliable; however, The Patriots Initiative has not independently verified, or attested to, the accuracy or authenticity of the information provided by third parties. The Patriots Initiative is not responsible for the accuracy of any third-party information on this Website, nor any sites that are referenced via trackbacks or html links.

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