A Guide to Entrepreneurship for Veterans

For veterans looking to start a business, there are numerous resources available to help them get started. There's no shortage of support for veterans who are ready to take the plunge into self-employment. This guide from the Chamber of Flowood will provide you with the information you need to make your entrepreneurial dreams come true.

Veterans as Entrepreneurs

Veterans bring a unique set of skills and experiences that make them well-suited for entrepreneurship. They have leadership experience, problem-solving skills, discipline, an understanding of risk management, and the ability to work in high-pressure situations. All of these qualities can be beneficial when starting a business and give veterans an edge over other entrepreneurs.

Business Models for Veteran Entrepreneurs

Veteran entrepreneurs should consider businesses that require minimal capital investment such as consulting services, online stores, freelancing services, or home-based businesses. These can provide the potential for growth and success while leveraging existing skill sets and experiences. Veterans also have greater freedom in terms of when they work and their earnings potential.

Grants and Loans for Veteran Entrepreneurs

There are grants and loans available specifically designed for veterans who are interested in starting their own businesses. The Small Business Administration (SBA) offers several loan programs that help veterans get the funding they need to launch their business ventures. Moreover, there are also several grants available through local state governments that can provide additional funding as well.

Basic Advice for Starting a Business

Starting a business is a big undertaking, and veteran entrepreneurs should make sure to do their due diligence before getting started. Researching potential customers, finding suppliers, setting up accounting software, and protecting intellectual property rights are all important steps that need to be taken. Networking with other veteran entrepreneurs, creating marketing materials, and establishing an online presence through social media platforms are also essential for success.

Why Establishing an LLC Is Advantageous

Forming an LLC is a great way for veterans to protect themselves from potential personal liability. Through the limited liability company structure, owners can avoid being personally responsible for business debts or lawsuits. Additionally, the LLC allows veterans to separate personal assets from those of the business.

Good Accounting Software

Accounting is a critical part of running a business, and having quality software is essential for success. Cloud-based solutions offer many advantages over traditional methods, including the ability to access documents from anywhere in the world at any time. These systems also provide features such as invoicing and inventory tracking that further streamline processes while reducing costs.

Easier File Sharing

PDFs have become the standard in file sharing, since they’re easy to send via email and can be resized without sacrificing quality. Veteran entrepreneurs can look for tools that allow them to easily edit, share, and access PDF files with employees or remote freelancers. For example, you can try this if you have a PDF file with blank pages you want to delete, or you can look for a file merger so you can combine multiple PDFs into one document. This can make all the difference for veteran business owners who rely on remote teams or outsource certain tasks.

 

Starting a business is an ambitious endeavor, but with the right resources and dedication, it can be done. The SBA and local state governments provide grants and loans to veteran entrepreneurs, and there are plenty of other resources you can use to get your business off to a strong start. With knowledge, commitment, and the right resources, great success is possible.

Join the Chamber of Flowood to benefit from our library of resources that will help you build your business’s success!