Census data has shown that 2.52 million US military veterans own businesses out of 27.9 million. (NerdWallet). Military veterans control a significant portion of all the firms and companies across the US.
If you are a veteran and want to start your own business, many programs can help you. You must verify your identity. The Department of Defense Manpower Data Center has all the data and information required to complete the due diligence.
You can apply for jobs after you leave the military or start your own business. Veteran-owned small businesses can get loans from the U.S. Small Business Administration. The loan comes with no upfront cost. SBA offers training and business counseling. SBA provides special programs to assist veterans, including:
- SBA veteran advantage is available for businesses with veterans or spouses of military personnel, and they can own 51% of the company.
- SBA Veteran Entrepreneurship Act of 2015. Reduces upfront fee to zero on loans up to $350,000.
- The Military Reservist Economic Injury Disaster Loan Program (MREIDL) offers loans of up to $2,000,000
We now have a better understanding of the financial support that veterans can receive to start businesses. Now let’s examine the other essential aspects you need to execute your plan successfully.
Your business idea and your skills
It would help if you first thought about your business idea. If you already have an idea, then you can focus on planning how to execute it step-by-step. If you don’t already have an idea, then you can start to understand your strengths and be confident in them. It is also essential to note down your resources. For a list of your skills, you can use the SWOT analysis.
The second is to identify your areas of interest. Also, it would help if you determined your target audience. For example, which community do you want to serve? Or how you plan to improve society. It would help if you considered all options.
Writing a business planning.
You will need a business plan if you don’t have enough money or want to get investors or partners. For a template of a business plan to help you create one, it is helpful to look at business plan templates. These will give you a basic format and provide guidelines. You can also look for examples of business plans in your industry. It is possible to locate it quickly if you do a thorough search. It includes the Executive Summary, Company Overview, and Products and Services. Strategy Details, Management Team, Financial Plans, and projections are critical parts of a business plan.
Register the Business
After you have written a business plan, you need to register your business according to US Government guidelines. There are several business structures, such as a sole proprietorship or LLC, S-Corporation, and others. The registration process will differ depending on the type of business structure.
A proper name is required to register your business. It must be unique and not include any governmental departments. Additionally, you will need the licenses and permits required to operate your business within the US. You need to get all the necessary documents to avoid legal problems later. Get the EIN, or license number required to file taxes.
The key steps to starting a veteran-owned small company have been covered in the article. Follow all regulations to ensure that your business is compliant.