Tips for Military Veterans Starting a Business

If you’re a veteran looking to take your life experience and leadership skills into your own business, there are plenty of resources available to help you get started.

One of the first steps you should take is registering your business with the Department of Veterans Affairs’ Vets First Verification Program. This can help you qualify for government contracts and financing programs.

1. Find a Business Idea

The best way to start a business is to find a unique idea and then develop a plan to turn it into a success. Fortunately, military veterans have a number of resources to help them succeed.

For example, the US Department of Veterans Affairs offers a variety of small business grants that do not have to be paid back. These can be an excellent source of funding for veteran-owned businesses, and the VA updates their grant offerings regularly to keep them relevant.

Another good option is to use your military experience to start a business that provides help to wounded soldiers. This can be as simple as creating a system to help those who are injured return to active duty quickly.

2. Develop a Business Plan

Business plans are essential documents for anyone who wants to start or grow a company. They should explain how the business will make money and what its key goals are.

To write a successful business plan, it helps to start with a clear idea of where the business will be in one, three or five years. Then, outline strategies that will help it reach those goals.

Generally, a business plan includes an executive summary, company description, market analysis, product or service description, marketing strategy and financial projections. The document should also include an appendix with supporting documents.

3. Get a Business License

Obtaining a business license is an important step for starting your own business. This is because a business license allows you to legally operate your business in the area and meet the requirements set by your local government.

The process of getting a business license is unique to every state and can be quite complex. However, there are some general guidelines that you can use to get started.

The most common type of business license is a general business license. This can be obtained from the correct licensing or regulatory agency in your state, city, or county.

4. Get Funding

If you’re a veteran looking to start your own business, there are a number of resources that can help you get funding. These include state and local government grants, as well as private funding sources.

You may also want to check with your local veterans business outreach center to see if they offer small business grant programs. Some also offer mentoring services and support for veterans.

If you’re a startup with a high-tech focus, you might qualify for the SBIR (Small Business Innovative Research) Grant. This federal program provides a range of funding for veteran-owned businesses that develop scientific technology.

5. Start Small

The skills military veterans acquire during service — leadership, teamwork, perseverance and resilience — translate into the business world. Despite their expertise in these areas, many veterans need help starting and running a business.

Thankfully, the Small Business Administration offers resources that can help. Look for funding programs, training and federal contracting opportunities available to veterans, active duty, reservists, transitioning service members and their families.

V-WISE, an entrepreneurship training program for women service members and spouses, is one example. This three-phase program consists of an online course, a training seminar and ongoing mentorship and support for graduates.