General Business Tips – Veterans’ businesses are an economic force in the United States. The US Census Bureau’s 2019 annual business survey shows that there are nearly 340,000 veteran-owned businesses in the nation employing 3.9 million people, about the population of Oklahoma. Their salary is around 178 billion dollars.
But for military veterans who start their own business, there can be unique obstacles along the way. A 2020 survey of veterans by the Institute for Veterans and Military Families (IVMF) tells the story: In addition to the challenges of transitioning to civilian life, military entrepreneurs often struggle in financing and learning how to start a business.
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Many organizations and government agencies offer resources to help military entrepreneurs overcome the obstacles to business success they all too often face—whether they’re seeking funding, figuring out what steps to take, or considering additional training.
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Military training improves skills that are perfect for starting your own business. So it’s no surprise that veterans are behind many business success stories, including established companies.
A 2020 IVMF report found that military entrepreneurs cite military attributes such as discipline and perseverance as helpful in starting their own businesses. 94 percent of IVMF survey respondents said they do not give up in the face of adversity and 83 percent said they use creativity to solve problems in difficult situations. Seventy-nine percent of those surveyed said they consistently overcame obstacles.
Whether it’s working with employees and vendors or dealing with the day-to-day stresses of owning a business, useful business skills for entrepreneurs include:
Military entrepreneurs have built businesses that range from fledgling startups to global corporations. A CNBC report lists the following industries where veteran entrepreneurs can start their own businesses:
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However, the interests of military contractors do not stop there. The long-standing company’s products and services range from coffee and hair products to insurance and retail sales.
Post-military veterans-turned-entrepreneurs are the builders of future regional and national success stories. These veteran-owned businesses include e.g.
Military entrepreneurs have created some of the most successful companies in the world. Notable companies with military veteran founders include:
Following some steps can be easier for any entrepreneur starting a business. Additionally, veterans can turn to resources that are specifically interested in officially branding their business as a veteran’s business.
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The US Chamber of Commerce offers tips on starting a business and becoming a veteran entrepreneur. Here are some general guidelines for anyone starting a business:
Conduct market research – through interviews, focus groups, surveys or questionnaires – to find out the needs of potential customers and how the company can meet them. Write a business plan to help guide the company’s operations. Search for the company name and make sure it is not already in use.
Protect your business name, for example, with state registrations and trademark applications. Create a domain name for your business website. Choose a legal structure for your business, such as:
Register your business with state and federal authorities and apply for necessary licenses and permits.
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Apply for financing through loans, venture capital, investors or crowdfunding. Create bank accounts for businesses and install accounting software.
Hire professionals to provide legal and financial assistance, as well as all the vendors needed to run your business. Hire all the employees the company needs.
Get attention for the business through advertising, marketing and word of mouth. Create a website and social media accounts. As the business progresses, modify the plan as needed.
Military entrepreneurs looking to start a veteran business should follow these key steps: use the skills you developed in the military, use educational resources to stay on track, research personal loans for veterans and other financing options, and consider having an official veteran. Company Name.
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Veteran entrepreneurs can also apply for a veteran’s business certificate if they wish. They have access to a variety of resources to help them with mentoring, networking and accommodation arrangements.
Earning a veteran’s business certificate can help grow your business. Government agencies and many large corporations target companies with this name when awarding contracts. Certification can also attract customers who want to support veterans.
There are resources available for veterans to find concrete information on how to become a veteran-owned business. To be certified, a company must have at least 51% ownership. The owner also had to receive an honorable discharge from the military and be involved in the day-to-day management of the business. Types of certification for veterans’ businesses include:
Various organizations and services offer information to help veterans navigate the process of starting a business. These resources include the following:
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Getting financing to start a business can be difficult — especially for veterans, who often don’t have the credit history they earned as civilians. Military entrepreneurs can get help with small business loans and other financing. Here are some resources that can help:
Choosing a Master of Business Administration (MBA) degree can be a good decision for anyone interested in a career in business – as a higher degree often offers higher salaries and job opportunities. Earning an MBA after the military can be especially valuable for veterans who want to prepare for business by strengthening the skills and knowledge they gained in service.
But veterans often face challenges transitioning to advanced business education after military service. Taking on some big responsibilities can prepare them for the difficulties they may face due to new concepts, less structure and financial problems.
Advanced degrees generally lead to higher incomes and lower unemployment. For example, the US Bureau of Labor Statistics (BLS) notes that in 2020, the median salary for a master’s degree was almost $250 higher per week than the salary for a bachelor’s degree. The unemployment rate for professionals with a master’s degree is 3.1%, while the unemployment rate for those with a bachelor’s degree is 5.5%.
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An MBA can be a valuable graduate degree for those looking to start a business. The degree focuses on skills and knowledge useful for entrepreneurs, such as:
For people who have been in the military, an MBA program can help them develop skills they often already have, such as leadership and teamwork. These skills developed by the military often make veterans attractive to MBA programs.
An MBA can also give military entrepreneurs greater business confidence. And the financial aid for education received through military service may be one reason veterans choose to pursue graduate school.
The following tips can help smooth a veteran’s transition from military service to a Master of Business Administration (MBA) program: seek support from veterans in other programs, strengthen business skills through research, improve your time management skills and communicate with students, teachers. and alumni.
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Military.com, a website that provides information for members of the military and their families, notes that veterans who want to pursue an MBA may face challenges. MBA careers often require post-military MBA graduates to adapt to a new focus that requires a deep dive into business fundamentals and an emphasis on social and networking activities. And for those who have served in the military, MBA programs often offer a less structured environment than the one they left, making time management skills important.
Veterans may receive financial assistance for degree completion, including MBA programs, through the US Department of Veterans Affairs (VA). The Post-9/11 GI Bill provides assistance with tuition and fees, books and housing for those who have served at least 90 days since September 10, 2001. The VA is base the funding level on the number of classes attended and the hours spent in those classes, full-time positions determined by the school. The department offers the following financial support:
The VA also offers other programs to help veterans pay for higher education. Options include:
Entrepreneurship can be a great path for veterans, who often want an environment that gives them more freedom and control. The pursuit of success as an entrepreneur provides a sense of purpose that soldiers are accustomed to as they defend their country.
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However, in addition to questions about starting and financing a business, veterans may face other obstacles when considering starting a business. Transitioning from the military to business can leave veterans unsure of how to arrange a more flexible schedule and where to turn for help. Additionally, they may be nervous about taking on a project for which they have not received training on how to handle all possible scenarios.
Older business owners are key drivers of the US – and global – economy, running hundreds of thousands of businesses and employing millions of people. But all too often, military entrepreneurs struggle to figure out how to start realizing and financing their dreams.
Veterans can ease the transition to business ownership and be successful in the workforce by utilizing their military skills, accessing organizations and services that provide assistance, and obtaining education that can giving them an advantage.
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