Veterans have served our country well, and many of them come home unsure of what they are going do. Others come home with a clear vision of what is next. Whatever the case may be, many of them are starting businesses. In fact, according to a study done by the SBA Office of Advocacy, veterans are 45% more likely to delve into the life of an entrepreneur than others. If you are a veteran who owns a business or who is considering jumping into business ownership feet first, the following tips could help.
Further Your Education
Even if you already have a degree, a business education can be priceless when it comes to running a business. Consider finance, management, or accounting as a major. A well rounded business degree will cover all the basics with an emphasis in the major subject.
Utilize Skills Used in the Military
Whether you were in the heat of battle or in an office, you likely learned skills while serving that civilians do not have. Take advantage of those skills in your business and you will go far.
Take Advantage of Services Available Specifically to Veterans
From special loans to advocacy groups, there are plenty of sources for veterans who run or want to run their own business. The SBA Office of Veteran Business Development is just one rich source of help available. Another doorway to these types of services is to be sure that the business is registered as a veteran-owned business.
Consider Alternative Funding Sources
While traditional lenders such as big banks, may have more stringent small business loan requirements than smaller institutions, including credit unions and regional banks. Veterans who live in minority areas can also get funding from Community Development Financial Institutions (CDFIs) or microlenders. To help navigate the funding options for former members of the military seeking to become entrepreneurs, Bizz2Credit has a special offer for veterans.
Hire People Who Know What They Are Doing
This may seem to go without saying, but unfortunately is can often be difficult to determine qualifications. This is most important to do in areas where the business owner is lacking knowledge. Specifically, if you are not strong in reading financial reports, hire someone who is. It can also be a good move to hire fellow veterans. Not only does this help out those who many not have such a clear vision of what is next, but it can put the business in a more favorable position when it comes to applying for veteran resources.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org