It turns out that a military background is excellent preparation for running a successful, veteran-owned business. Military vets typically develop self-reliance, leadership, risk tolerance, strength, courage, honor, reliability, perseverance, and organizational skills, among many other terrific character traits.
For those veterans considering starting a business, keep the following advice in mind:
- Choose a familiar business area. Draw on your military training in any field including communications, medical or health, management or engineering, for example.
- Use free business resources. For instance, contact your local SBA (US Small Business Administration, veteran’s division) office for business consulting services and advice from experienced individuals. As a former military member, you respect knowledge and understand the value of learning from those with experience.
- Access online entrepreneurial programs for vets. The Veteran’s Business Fund and SBA both offer loans with favorable terms and low interest for former military. Your service qualifies you for these programs.
- Consider owning a franchise. Many franchises are veteran-owned businesses. With a franchise, you are your own boss, but also part of a team representing the brand, which may echo your military experience.
- Go for a government contract. Veteran-owned businesses do well when competing for US government contracts and a huge variety is available. Get help at the Vets First Verification Program.
- Think about selling military-themed items. Your US military inspired retail products can generate goodwill from potential customers, whether patriotic civilians or military veterans. Create a series of items so that loyal customers keep coming back for more to complete their collection.
Your military-earned experience means you have what it takes to be a top business executive or successful entrepreneur. What’s more, since customers these days like to research the businesses they deal with–most are favorably impressed by veteran-owned businesses. Starting your own company could be the perfect second career after serving in the military.
If you are a former military member and entrepreneur, seeking start-up funding for a veteran-owned business, contact the experts at Blackwater Capital Funding today.