If you are a veteran who is thinking about starting your own business, you should go ahead and start it. Although it might seem daunting, people who have military experience usually make great entrepreneurs. Military members are goal oriented, organized, and skilled, which means that they know when to take risks.
Moreover, veterans have the inventiveness to make do with limited assets and enough determination to see their ideas through to the end. If you are thinking about taking the plunge into owning a business, here are some tips that will steer you in the right direction:
Know Your Weaknesses and Strengths
In order to survive, an entrepreneur has to play many roles, especially during the first few years of business when it is still growing. However, doing everything by yourself is a bad way to achieve your goals. You need to know your strengths and subcontract the tasks that you cannot accomplish.
For instance, if you are doing your own business development, you can choose to outsource the accounting and payroll, especially if you have no experience is those areas. Moreover, you can use online apps such as Clockspot to make your employee tracking easier and save money.
Go with What You Know
Military training gives you a solid foundation in a number of fields, including healthcare, communications, and technology. If you are asking yourself how these skills can be useful in the civilian world, you should not worry. Your integrity and character will translate well.
If you want to open a business, you should go with what you already know. It will be much easier to translate your military skills to the real world if you remain in familiar territory. For instance, if you were a squad leader, you will make a good project manager. Veterans have been able to devise original products based on their experience in the field: performance gear and energy drinks.
Find a Gap in the Market and Fill It
You cannot take advantage of on an opportunity whose existence you do not know about. The key to starting on the right foot is isolating a business opportunity and developing it. You should mingle with people to find out what they wish existed then fill the gap for that product in the market.
Take the time to speak to people from all lifestyles to find out what their unmet needs are. This is the best way for you to uncover opportunities in the market.
Seek Expert Advice
The economy of America needs veterans to come up with solutions to real problems. Fortunately, you will find many hands that want to reach out and help you. Training, mentoring, and counseling programs are available at your local SBA (Small Business Association) and through the site VETbiz.org. You should take advantage of the resources at your disposal if you are serious about becoming an entrepreneur.
Moreover, you need expert advice to choose a business structure for your needs; if you want to see if a corporation name is available, you need to do a CA corporation search online.
Make the Most of Financing
As a veteran, you will have access to myriad financing options right off the bat. When the government backs small business loans, the lender is more likely to approve the applications. The microloan program offered by the SBA can help you to secure up to 35,000 dollars to use for capital. Conduct your own research about the types of loans that you can apply for and start applying for them.
The above tips will come in handy for veterans who are looking to start their own businesses.