Eight tips for vets who want to start their own businesses

[Elderberry]

Navy Times By: George Altman 11/13/2019

Veterans have proven themselves to be among the country’s best entrerpeneurs, starting major companies such as Fed Ex, Nike and Walmart.

But if you’re a veteran who wants to be your own boss, it may not be obvious how to get started.

Military Times reached out to federal agencies, veteran support groups and private companies, asking what advice they would give to aspiring veteran entrepreneurs.

Here’s what they told us:

1. Take advantage of the help available to you

Vets who want to start their own businesses can run into a unique problem: There are so many programs and resources out there to help, they may not know where to start.---

2. Check out the Small Business Administration

You’ve probably heard about business owners frustrated with government rules and regulations, but did you know that there’s an entire government agency dedicated to helping small business owners?---

3. Find a mentor

“The folks who go out and connect … you’re much more likely to be successful than going at it alone,” Stubblefield said. “Entrepreneurship is definitely a team sport.”----

4. Research and test your idea

“There are very few brand-new ideas out there,” Gladney said.----

5. Build a business plan

You’ve surely heard that you need to make a business plan before you launch your own company. But what exactly is a business plan?---

6. Figure out financing

Launching a business will require money. Depending on your business, it could be a lot, or it could be a relatively modest amount. But regardless, you’re probably going to need to find a lender.---

7. Talk with your family

Your personal and family finances – credit scores, debt, collateral, etc. – will affect your ability to get a business loan, Gladney said.----

8. Consider franchising

Starting a business from scratch will require you to do marketing, accounting, website building and much more. Are you an expert in all of those areas? Are you ready to pay someone else to help?

More: https://www.militarytimes.com/education-transition/2019/11/13/eight-tips-for-vets-who-want-to-start-their-own-businesses/