Veterans bring some excellent skills to the entrepreneur table. Although it can be pretty overwhelming to become a business owner, a military background prepares people for the challenge. If you are considering a veteran-owned business, here are some tips.
Stick to What You Know Best
If you’re starting a business, you don’t want to reinvent the wheel. Go with your passion and strengths. If the Army trained you in computer security, find a way to translate your knowledge into a civilian business.
Know Your Strengths and Weaknesses
Do a SWOT analysis. Be honest with yourself about what you can do well and what you will need help with. Outsource the things that you struggle with. You don’t have to be an expert at marketing or payroll. There are plenty of people that will fill a void without having to hire on full-time.
Seek Out Experts
You’re not alone in starting your business. As a veteran, you have dozens of resources from the government that will mentor you and give you the information you need to be successful. Many local colleges have assistance and classes for small business owners to put you on the right track.
Offer Value to Your Customer
Find a solution to the problems in your community. Your business idea should fill a need, not just be something you thought up that would be great. You have to get people to buy into your idea. So do some recon that tells you what people want.
Find Financing for Veterans
Your veteran-owned business has some great opportunities for financing through the SBA and VA. Even if your credit isn’t perfect, by virtue of being a veteran, you may have doors that will open for you. Ask around before giving up.
Contact Impact Commercial Capital for funding for your veteran-owned business.