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Go-To Tips and Resources for Becoming a Vetrepreneur
If you’re a military service member ready to transition into civilian
life, you need to have a plan for what comes next in your career. Because
you’re no stranger to hard work and perseverance and well-equipped with a host
of practical skills, starting up a business of your own may be the perfect next
step for you. Whether you choose to pursue an area in which you are already a
specialist or take on something completely different, several
important tips and resources are worth considering before you start.
Small Business Training Programs
The military offers a plethora of excellent training programs for its
veterans that provide education, skills, support, and, in some cases, grant
opportunities to graduates of the program. Some of the best programs out there
are:
●
Patriot Boot Camp
●
Institute for Veterans and Military
Families (IVMF)
●
Veteran Women Igniting the Spirit of
Entrepreneurship (V-Wise)
●
Office of Veterans Business
Development
Small Business Grants
Are you hurting for seed money? Don’t even think about launching a new
business on your own without checking into the many small business grants that NerdWallet
points out are available to you! The Warrior Rising
program, for instance, also offers grant opportunities to those who complete
their virtual training program.
The Office of Small and Disadvantaged Business Utilization (OSDBU) helps vets obtain federal contracts and offers
assistance with every aspect of veteran entrepreneurship. Their Veteran
Entrepreneur Portal is a gateway into all kinds of information, resources,
grants, and job opportunities.
The Small Business Innovation Research (SBIR) program gives grants to
startup businesses in the innovative tech field, and though they are not
exclusively for veterans, they will give funding for both the research it takes
to make sure your business will be viable and for the launch of the business
itself once you know that it is.
Finally, Hivers and Strivers is an angel investing group aimed
specifically at funding veteran-owned startups. These are only a few of
the resources available to you; check in regularly to Grant Watch to see what else you may qualify for.
Small Business Loans for Veterans
In most cases, any grants you may receive won’t cover all the expenses
of launching your new business. You will need a variety of equipment specific
to your field along with the basics, such as a computer, laptop or tablet,
smartphone, printers, and office furniture. If the phone and laptop you’ve used
throughout your service period have seen better days, it may be time for an
upgrade.
All of these expenses can be rolled into your small business loan, but
be sure to check out seasonal promotions and sales to get the best prices — you
want your money to go as far as possible. Explore these loan options offered to
veterans:
●
The StreetShares
Foundation and Loans
●
MREIDL loan program
●
SBA Express Loan Program
●
Accion loan program
●
Veterans Business Fund
Nonprofits
Connect with nonprofit networks that offer veteran entrepreneurs ongoing
business mentorship, career advice, and advocacy. The National Veteran-Owned
Business Association, American Corporate Partners, and the Institute for
Veteran and Military Families are several organizations that are there to help.
Others, like BusinessUSA and the Veteran Fast Launch
Initiative, provide free software and tools to help you launch and grow your
business.
As you begin to make plans, don’t be afraid to think outside the box.
Launching a career as a security consultant, firearms trainer, government
contractor, or aviation specialist can be a natural choice for many
coming out of the military.
However, other vets have found success in more creative endeavors, like
starting up an off-road touring company, an extreme
sports and outdoor adventures business, or even a disaster preparedness
service. Research articles that recommend career paths for veterans and weigh the
pros and cons.
Gear Up
These days, technology is a must-have, regardless of what direction you
choose. If you need help with getting electronics for your venture, there are
groups like Tech for Troops that can help. Many providers offer discounts
to veterans, too. That goes for your internet service as well as your
technology.
Keep in mind that if you intend to do video meetings, host a vlog, offer
live streaming, or engage in any other data-intensive online activities, as TVTech explains, 5G offers the best results. Often associated with
gaming pursuits, this tool can be a key solution in your vetreprenurial success.
Your military service has prepared you well, so take full advantage of
the resources and tools out there that will help you launch your business
successfully.
Connect with Joe Baugher for more information, ideas and resources
useful to your journey.