Resources for Vets Interested in Starting a Business

Important Resources for Veterans Interested in Starting a Business

When veterans return home from their service, many struggle to find their place in the workforce. However, entrepreneurship is a path that many veterans have taken and have found great success in. Veterans make great entrepreneurs because of their discipline, leadership skills, and ability to perform under pressure. If you’re a veteran interested in starting your own business, Uken Report has some tips and resources to help you succeed.

Why Veterans Make Good Entrepreneurs

One of the main reasons why veterans make great entrepreneurs is their ability to adapt and overcome challenges. Their military training has taught them to be resilient and to keep pushing toward their goals. In addition, veterans have honed their leadership skills during their service, which has prepared them to become successful business owners.

Which Businesses Work Well for Veteran Entrepreneurs

For first-time veteran entrepreneurs, it is important to start with a business that aligns with their skills and interests. Some examples of businesses that have proven to be successful for veterans include consulting, technology services, and construction.

Consulting businesses allow veterans to use their knowledge and expertise to help others. Technology services leverage the problem-solving skills that veterans have developed to create new and innovative solutions. Meanwhile, construction businesses allow veterans to use their physical skills to build and repair structures.

Choosing a Business Structure

If you’re starting a business, you’ll need to choose a business structure. While you have a few options, many entrepreneurs opt for a limited liability company (LLC). If you’re planning on registering an LLC in California with ZenBusiness, there are a number of advantages:

Pass-Through Taxation: LLCs enjoy pass-through taxation, which means that the business itself does not pay federal income taxes. Instead, profits and losses are passed through to the individual members, who report them on their personal tax returns. This can lead to potential tax savings.

Flexibility in Management and Ownership: LLCs offer flexibility in how they are managed and structured. Members can choose how they want to run the company and distribute profits, making it a versatile choice for various types of businesses.

Credibility and Professionalism: Having “LLC” in the business name can add credibility and professionalism, which may be important for attracting clients, partners, and investors. It can also make it easier to secure business loans or contracts.

Ease of Compliance: LLCs often have fewer compliance requirements and formalities compared to other business structures, such as corporations. This can lead to reduced administrative burden and paperwork, making it easier for small businesses to operate.

Accessing Funding

Starting a business can be expensive, but there are many veteran-specific grants available to help you get started. Organizations such as The StreetShares Foundation offer grants and loans to veterans who are interested in starting their own businesses. In addition, there are many government programs available such as the Small Business Administration (SBA)’s Office of Veterans Business Development, which provides counseling and assistance to veteran entrepreneurs.

If you decide to apply for a more traditional business loan, know that the lender will check your credit report to determine how likely you are to be responsible with the funds they provide. If your score is too low because you haven’t built up your credit or you had previously poor spending habits, then you are unlikely to get the loans you request. Each enquiry also hurts your credit score, so do your own research before you begin applying.

Basic Tips on How to Start a Business

One of the best ways to reduce stress as an entrepreneur is to digitize your documents. In addition to making it easier to stay organized, that’ll also prevent you from the stress of trying to find lost paperwork during tax time. If you aren’t sure how to get started, you can create a PDF online​ and then store your important documents on your devices for easy access.

There are other ways you can make running a business a little easier, as well. Be sure to create a solid business plan that includes your goals, target audience, and marketing strategies. Second, register your business, choose a name, and obtain the necessary licenses and permits. Third, set up your accounting and bookkeeping systems to keep track of your finances. Finally, network with other entrepreneurs and seek out mentorship to gain insights and advice from those who have been in your shoes.

Running Your Business From Home

Running your business from home comes with some significant advantages including flexibility in your schedule, saving money on office rent and commuting costs, and the convenience of being able to work from anywhere in your home. With the proper setup and organization, a home-based business can be just as professional and productive as running a business from a commercial space. If you need a larger home with office space to accommodate your business, you can explore online listings to get an idea of what’s available in your price range.

Create a Self-Care Strategy

Veteran entrepreneurs face unique challenges that can take a toll on their mental and physical health. The stress of starting a business coupled with experiences from their time in service can lead to burnout, anxiety, and depression. Establishing a self-care plan can help veterans prioritize their well-being and prevent these issues from arising.

By incorporating healthy habits such as exercise, meditation, and regular medical check-ups, they can maintain their health and continue to grow their business. You should also consider the benefits of working with animals, from household pets to equine therapy. Animals often have a calming and therapeutic effect on people, which can be ideal for self-care.

Take the Leap into Entrepreneurship

For many veterans, starting a business is a challenging but rewarding path that makes excellent use of their leadership skills, discipline, and ability to adapt to challenges. By taking advantage of the resources available to them, veterans can turn their dreams of starting a business into a reality. Remember to choose the right business structure, seek out funding and mentorship, and explore online property listings if you need a larger home to run your business.

 

Uken Report is here to help you get the facts. If you have any questions, we’d love to hear from you!