Published December 22, 2021 by WC Team

A Veteran's Guide To Starting A Small Business

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A Veteran’s Guide: An Overview

Many veterans who are reintegrating into civilian life contemplate launching a company. 

Whether veterans are considering a specific concept for a small business or simply considering working for themselves, several tools are available to assist them. 

Without seasoned entrepreneurs, a small company in the United States would be nothing near where it is now. However, beginning a firm as a seasoned business owner is far more difficult than it should be.

That being said, if you're a veteran looking to establish a business, there are a few steps you may take and resources you can use, such as standard forms of funding and several VA SBA loan programs.

This handbook is intended to assist vets who want to establish their businesses. It provides company information, finance options, and answers many commonly asked questions.

Steps To Starting Your Veteran-Owned Business

Developing Your Ideal Company Concept

You may begin your business knowing exactly what type of business you want to create. You have a fantastic company concept, and you can't stop thinking about it—business ownership has come to you.

On the other hand, many people are born with an entrepreneurial spirit. They were born to be their boss, but they lack the business concept to get started. If you find yourself in this circumstance, the first step in beginning a business is to develop a good business concept to pursue.

Here are four things to ask yourself if you're looking for a company concept that works for you:

What Are My Strengths And Weaknesses?

You have a highly unique set of talents as a veteran that might be harnessed and transformed into a great company concept.

Trying to figure out how to operate and manage your business is difficult enough; don't make the process of actually beginning a business even more difficult. There's no need to recreate the wheel here; instead, focus on your talents.

What Are My Available Resources?

You may already have the contacts, tools, resources, or equipment required to start a business without realizing it.

Starting a business would almost always entail a big initial expenditure, so it's best to start with items you currently have on hand.

Making A Business Strategy

Once you've decided on a company venture, it's time to put it in writing.

The creation of a business plan is a critical stage in launching a firm. Your business plan will outline where your company is currently and how you expect to move from point A to point B in the following two to five years.

Your business plan will help you make your case to investors, lenders, and potential partners, demonstrating why people should work with and invest in your company.

Executive Summary

Your executive summary provides a basic overview of your company, providing readers a taste of what they'll find as they go through the pages of your plan.

This part should be one or two pages long—brevity and clarity are essential.

Overview Of The Company

Your firm overview should come next in your business strategy. A company overview looks at your firm's structure and how it works in general.

Market Research

A market analysis might come next. You may devote days and weeks to conducting and presenting the ideal market analysis of your industry, market, and rivals.

Organization Of A Business

The next stage in drafting your business plan is to sketch out your company's organization and management structure. 

This describes who is who in your company, what everyone's background is, and what their previous experiences offer to the team.

Product Development Strategy

After you've gone over the nitty-gritty of how your business operates and who's involved, it's time to go through the actual product or service you sell or provide.

Financial Estimates And Plans

The present financial position of your company and your plans can be one of the most crucial aspects of any business strategy. This portion of your business plan describes the present health of your company's finances and any small business funding you may require in the future.

Appendix

Most comprehensive business plans will typically contain an appendix after the paper.

The appendix contains any supporting material and data points that you did not wish to include in the main body of your business plan.

This might include tables, graphs, and charts that assist in clarifying any element of your business strategy.

Getting Your Company Registered

After you've defined your business in a business plan, the next critical step is to make it official by registering your company and obtaining the legal documentation you'll need to function.

This is a difficult adjustment following big-picture planning, but it's vital if you want to be up and running immediately.

Investing the effort to establish your new firm from the start correctly will save you a lot of trouble in the long run.

Register Your Tour Company's Name

Once you've come up with a memorable company name, you should register it. If you intend to use a distinctive name for your business, register it with your state's agency.

Selecting A Legal Structure

The next formal step is to select a legal structure for your company. The structure you pick will influence how you file state and federal taxes, the duties and ownership of individual team members, and how you'll be held accountable if someone brings a legal claim against your company.

Sign Up For State And Municipal Taxes

You must first get a tax identification number before registering for state and local taxes. What you'll need to do to register for state and local taxes varies greatly by state.

Get All Of The Necessary Documentation, Permits, And Licenses

The final, nitty-gritty step you should take to formalize your firm is to obtain the small business licenses and permissions required to function.

Resources For Veterans Starting And Managing A Business

Boots To Business 

Boots to business is a two-step entrepreneurship program that assists veterans who want to become entrepreneurs. This program is part of the Department of Defense's Transition Assistance Program training track.

The National Center For Veterans Institute For Procurement 

It is a non-profit organization that provides procurement services to veterans. The National Center for Veterans Institute for Procurement is a branch of the Transition Assistance Program that provides entrepreneurship training to veterans at all stages of their business.

The Institute For Veterans And Military Families 

IVMF is a Syracuse University initiative that provides education and training to veteran-owned businesses. The IMVF can teach you how to get cash, manage your business funding, and bootstrap your company.

Veteran Entrepreneur Portal

The Veteran Entrepreneur Portal is a VA-operated website that links veteran entrepreneurs to federal, state, and local resources, opportunities, and funding programs.

Bottom Line

Each of these services and programs is intended to assist veterans like you in starting and growing your own small company. 

We understand that as a veteran, your training and talents have prepared you to launch a successful business. Thank you for your service, and best wishes!

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