Veterans often make great entrepreneurs. The discipline and ethics learned in the military translate well into business. Opening your own veteran-owned business isn’t always a smooth ride though. Here are five tips that will help you pivot into business ownership.
- Stick to your passions and knowledge. Translating your military experience into a business is far easier than trying to learn a new field. Take what you know and use it to build a successful business.
- Do a SWOT analysis. Know your Strengths, Weaknesses, Opportunities, and Threats. That information is the essence of a business plan. What do you bring to the business? What do you need to shore up? Why is this business a great opportunity? Who are your competitors? Once you have that intel, you are well on your way to entrepreneurship.
- What do you bring to your customer? What problem are you solving? This is another element of a good business plan, so make sure you’re filling a need in your community. Find an opportunity and capitalize on it.
- Get expert help. Veteran-owned businesses have hundreds of resources through the government, Small Business Administration and VA. You can find mentors, training, experts and even financial assistance to help you get started. Use the help available to you.
- Use financing for veterans. Your military service offers many benefits in your civilian life. Take advantage of financing options that give veteran-owned businesses a leg up. Government-backed financing lets you compete with other businesses and get great rates and terms you might not otherwise qualify for. From SBA loans to purchase real estate or equipment to microloans that give you seed money, look for financing based on your military service.
Fast Commercial Money has financing options for your veteran-owned business. Contact us today for more information.