People who join the military are often self-directed and have a strong sense of discipline to meet their goals. These are the same qualities of many entrepreneurs. It should come as no surprise that veterans own nearly 10 percent of small businesses in the United States. Veteran-owned businesses have a major impact on the economy, bringing in revenue of more than $1.22 trillion dollars every year. If you’re a veteran who is considering starting a small business, the good news is that plenty of resources exist for you to do so.
Start by Considering Your Skills and Current Market Demands
Maybe you have had an idea for a business for years. That is great, but you need to complete your research and due diligence to ensure that a demand exists for what you want to sell. You could also have no idea what type of small business to start but know that you want to be your own boss. Working for yourself can seem like an especially attractive alternative after following the orders of your superiors in the military for months or years.
The most successful new small businesses fill a need in the community that previously went unmet. Launching a business now is a great way to put the problem-solving skills you acquired in the military to work for you. If you can solve a problem that many people share, chances are that your startup business will be quite successful.
Write a Business Plan and Seek Financing
Once you have a business idea nailed down, the next step is to create a detailed business plan. It should include these sections at a minimum:
- Executive Summary that gives a brief description of what the reader can expect in the rest of the business plan.
- Company Overview
- Market Analysis
- Business Organizational Chart
- Product Development Plan
- Business Financial Plan and Future Revenue Projections
Most lenders and investors require you to present a business plan when applying for funding. If you prefer a less labor-intensive approach to obtaining funds for your new business, request an appointment at Lionheart Commercial Capital to discuss alternative financing options.