Helpful Tips and Resources for Veterans Who Want to Start Their Own Business

06.24.22 01:47 AM Comment(s) By David Greaves

Many veterans come back from protecting our country and are excited about starting their next big adventure. In many cases, that is the opportunity to create their own business. The great news is that there are many resources that veterans can use to get their company off of the ground. Here are some tips for how our nation's heroes can become our next successful entrepreneurs.

Create a Smart Business Plan

The best thing about being an entrepreneur is that anyone can do it, so even if you have spent the last several years overseas, you can still get started. All you need to do is create your step-by-step guide as a business plan. This document will outline essential steps to take your business from an idea to a full-fledged reality. 

Your business plan should include every step, starting with your product idea and how you plan to produce your item. It should also have how much money you need to get started and how you plan to acquire further funding. It will also dictate how you plan to market your product and to what demographic. With your guide in hand, you can move forward with confidence.

Business Ideas for New Entrepreneurs

Many people understand the idea of creating a business plan, but they are unsure what type of company they can start, especially if they have never done it before. The good news is that there are many business ideas that you might consider because all you need to do is look at your hobbies. So, if you enjoy making crafts and working with your hands, you could become a woodworker, or if you are good with computers, you could become a freelance developer. Once you have an idea, plug it into your business plan and see if it will work.

Secure Your Funding

Part of your business plan was securing your funding, and luckily, many resources are available for veterans who need to find that initial seed money. For starters, you can look at the programs available at the Small Business Administration, where you can find tons of great options for veterans and resources for military spouses. Many significant grants are available, such as those from Warrior Rising, the StreetShares Foundation, and the Veteran Readiness and Employment program.

Get Your Accounting and Bookkeeping in Order

Once your business gets off the ground, you will want to emphasize your accounting practices and perfect them, so you are always paid accordingly and on time. Your accounting and bookkeeping software will be a big part of that, and you must choose wisely. By implementing the right software, you can get immediate insights into your company's cash flow to determine which branch of your business needs money most. A bookkeeping system can also make it easier to organize your receipts and track your deductions, so your paperwork is much easier come tax time. 

Create a Standout Logo

A logo is not just a symbol representing a company—it is an essential part of its brand identity. A logo helps to create recognition and build trust with customers. It is the first thing people see when they come across a new business, and it can be a powerful marketing tool. A good logo should be simple, memorable, and relevant to your company's products or services. It should also be able to work across a variety of platforms, from social media to print advertising. A well-designed logo can distinguish between successful businesses and one that fades into obscurity.

As you can see, starting a company is quite possible for a veteran using proper planning, sound accounting, bookkeeping practices, and online resources. If you have a good idea, then now is the time to make it happen. 

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