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May 11, 2022 | Veterans
A Veteran’s Guide to Starting a Business
More than 6% of businesses in the United States are owned by veterans, according to a 2018 annual business survey. This demonstrates the skills gained during military life are more than adequate for achieving business success. If you’re a veteran living in Huntsville, AL, and are interested in joining the ever-increasing number of veterans in business, the following tips can help you.
Suitable Businesses for First-Time Entrepreneurs
In the business world, you can put to good use the skills you acquired while serving your country. The skills you’ve amassed can be transferred to some or all of the following business ideas.
• Private security company. As ex-military, you’ll be more disciplined and alert than most due to your rigorous and challenging training. Your ability to make quick judgments and take swift and appropriate action means you’re the ideal candidate to run a security firm.
• Run a franchise. If you possess excellent leadership skills, franchising could be a perfect fit. Some of the best franchise opportunities for veterans include Dunkin, UPS, Pitek, and Dream Vacations. Most franchises cost between $50,000 and $200,000. You may be able to get financing to make this option affordable.
• Personal fitness instructor. You can leverage your fitness skills and make good money at the same time by starting a personal training business to help people stay in shape.
• Healthcare advocate. You can provide comfort and guidance to fellow veterans based on your military background and experiences. You can inform them of their rights and the benefits they’re entitled to and help them navigate the complexities of the healthcare system.
The Business Plan
Once you’ve established the type of business to undertake, the next step is to write a business plan. The business plan serves as a road map for the growth and development of your business. It allows you to communicate who you are, what you plan to accomplish, and how you intend to achieve it. Additionally, it attracts talent and investors. The components of a business plan usually start with an executive summary and end with financial projections.
Funding and Business Structure
As a veteran, you can finance a business in several ways. You can apply for a general business loan through a traditional or online lender. Additionally, you can check if you qualify for a veteran-specific grant.
How you choose to structure your business can influence everything from day-to-day operations to taxes and personal liability. Select a business structure that offers you the right balance of legal protections and benefits.
Ensure You Get Paid Quickly and on Time
Having an invoicing process in place, such as an invoice generator, can help ensure you receive payments on time. Find an invoice maker free to use online that lets you download invoices in a format best suited to your business. You can create customized invoices from pre-made templates that allow you to insert your logo, photos, and text.
Transition to a Successful Business Career
Now that you’ve served your country, it’s time to put the skills you’ve learned to use in the business world. Using some of the tips in this article can help you transition from a successful military career to a successful business career.
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