Starting a small business is a great way to readjust to civilian life after leaving the military. Beyond this, becoming an entrepreneur will help you take control of your earning power and use all those valuable skills you picked up in the military while continuing to serve your community in a new way. However, acquiring the knowledge and investment capital to get started can be a challenge. Between government funding programs and business coaching services like Moore Better Performance, you have several avenues for accessing support and guidance!
Keep It Legal
First and foremost, make sure to check all of the boxes when it comes to launching your business legally. You may need certain permits and licenses to operate a business, even if you plan on working from home. Start by registering your business with your state so you can apply for loans, hire employees, and develop professional relationships with suppliers. ZenBusiness breaks down your options for structuring your business, including forming an LLC, so you can learn what’s involved. Compared to an S corporation, an LLC allows for more flexibility and comes with less paperwork, so it’s a popular option for small business owners!
Take Advantage of Free Programs
While it can be tempting to rush into an exciting business project, it’s important to learn everything you need to know before getting started — including key tech skills! As a veteran, you have access to all kinds of free training programs that can help you acquire the skills you need. Forbes recommends programs like Boots to Business, Reboot, Patriot Boot Camp, and VETRN. Programs also exist to help veterans who are interested in owning a franchise access education and support. The Small Business Administration also offers a program through the Veterans Business Outreach Center to provide business training and counseling to veterans.
Launching and running a business is a lot more complicated than you may think! If you’re a first-time entrepreneur, start small with a simple business idea. Of course, you also need to think about startup costs. Stick with business ideas that will fit your budget so you can see them through to launch. There's nothing worse than pouring your sweat and blood into a business and running out of money before you get a chance to attract paying customers!
Starting a food truck business could be a fantastic introduction to entrepreneurship. Compared to opening a brick-and-mortar restaurant, food trucks come with low overhead costs and are a great way to break into the food industry. Looking for something even cheaper? There are also plenty of low-cost businesses you can run from your home!
Access Funding Assistance
Collecting startup capital is one of the hardest parts of launching a business. To reduce the strain on your savings, take advantage of all the funding programs that are available to you! Start by looking for federal, state, and regional grants that are curated specifically for veterans. The Balance Small Business suggests seeking financing at your local VBOC. You can also use online resources like GrantWatch to find grants specifically for nonprofits that benefit veterans. Special financing programs also exist for veterans who want to buy a franchise. These programs exist for a reason, so make sure you take advantage of them!
If you’re interested in starting a business, the path can feel a little overwhelming. Don’t let this hold you back from pursuing entrepreneurship! As a veteran, you possess several valuable skills that will set you up to succeed as a small business owner.
Are you interested in launching a food truck business? Navigating the logistics of getting your business up and running can be challenging, but Moore Better Performance will provide the guidance you need. Check out our training and coaching services today!
Kelli Brewer from deploycare.org
11/30/2022 11:23:40 am
My brother just came back from being deployed and he has been thinking about starting up his own business in his free time. He wants to make sure that he does everything properly because he's never done that sort of thing before. Thanks for letting me know how he needs to register for the right permits, and licenses even though he will be working from homes.
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I have had a passion for helping people since an early age back in rural Kentucky. That passion grew into teaching and training managers and owners how to grow sales, increase profits, and retain guests. You’ll find a ton of information here about improving restaurant and food cart/trailer operations and profits. Got questions? Email me at Bill_Moore@live.com