It’s no secret that veterans make up some of the best entrepreneurs in the country. After all, they have the training, discipline, and focus necessary to get a business off the ground and run it effectively. But where do you start when you’re ready to take the plunge into business ownership? Here are some practical tips for getting your entrepreneurial journey started!
Land on a Promising Business Idea
The first step is to determine what type of business most interests you; it’s essential to narrow your focus and come up with a promising business idea. Think about the skills and experience that set you apart from other potential entrepreneurs in your industry or niche, and then research current trends and customer needs to find a concept that is both viable and profitable.
Figure Out the Education or Training You Need
Once you have a general idea of the kind of company you will launch, figure out what kind of education or training you need to succeed. Depending on the kind of business you have in mind, this could include anything from a professional certification program to an MBA.
Don’t be afraid to reach out to local small business resources like SCORE or small business development centers for guidance and advice.
Set Up an LLC
Setting up an LLC (limited liability company) is the next step. An LLC is essentially like having your own personal corporation; it protects owners from personal liability if their company runs into legal trouble or faces financial issues.
Filing for an LLC is a relatively straightforward process and can be done online in most states. Research the requirements and necessary paperwork before filing so that everything goes smoothly. And use online resources to learn how to start an LLC!
Hone Your Business Management Skills
As a veteran entrepreneur, you may already possess many of the skills needed for success (e.g., goal-setting, problem-solving, leadership, etc.), but there are additional management skills required for running a successful company. Marketing strategies, financial planning and budgeting, networking tactics, and customer service best practices are a few of the primary ones. Taking courses or workshops related to these topics can help ensure that your venture is positioned for long-term success.
Use the Government Resources Available
There are many government and non-government resources available specifically for veteran entrepreneurs — from grants and loans specifically tailored to veterans starting businesses, to mentorship programs geared toward helping vets become successful entrepreneurs. Take time to research all your options so you can make the most of them as part of your journey to becoming a flourishing entrepreneur.
Here are some excellent veteran entrepreneur resources to get you started:
- SBA Office of Veterans Business Development
- U.S. Department of Veterans Affairs Small & Veteran Business Programs
- Hive — Small Business Education Resource Platform
- Veterans Plus — Financing Solutions for Veteran Entrepreneurs
- Patriot Boot Camp — Veteran Entrepreneur Training Programs
- Department of Defense Veteran Entrepreneur Network
Get Down the Branding Basics
Creating a brand for a new business is critical, and it can be an exciting and rewarding venture. But it requires careful research and thought to develop something that will stick with your customers and build connections for years to come.
With the right resources, you can learn how to create a comprehensive branding strategy, craft effective messaging, develop marketing materials, and more. Seek out free online digital marketing classes, pitch deck workshops, and a wealth of other resources to help you develop your new business brand!
Conclusion
Starting a business is not for the faint of heart, but you have countless helpful resources available to you as a veteran entrepreneur! With a bit of preparation and research, you can set yourself up for a strong start and lasting success. Take time to develop a good business idea, find out the education or training you need, establish an LLC, and follow the other tips above. You’ll be well on your way to launching a successful venture in no time!
Image via Pexels