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Whether you separated from the military decades ago or are just contemplating retirement, your years of service and skill-building can be valuable in the civilian world. Unsurprisingly, many veterans are drawn to entrepreneurship as a way to be their own bosses, effect change, and achieve satisfaction and fulfillment in their careers. While starting a business isn’t easy, excellent resources and advice are available to veterans who want to turn their passions into legacies. MilitaryWives.com presents a few tips below that can help you succeed.
How Should I Choose My Field?
While veterans are found in all fields of business ownership, some industries have an abundance of prior service members in their ranks. Up to 33% of veteran entrepreneurs build their businesses around professional, technical and construction services, including anything from handyman services to project management to engineering.
Veterans often excel at obtaining business-to-government contracts. Federal contracts often have some requirement for work to be fulfilled by businesses with specialty designations such as veteran-owned or service-disabled veteran-owned. Registering for these certifications can make an enormous difference in your ability to procure contracts and achieve financial success in your field.
How Should I Structure My Company?
A solid way for new entrepreneurs to begin is with a sole proprietorship or partnership. This is quick and simple; it doesn't even need formal paperwork to be considered legitimate. However, it also means your private assets are at greater risk. If you’re doing more than part-time work or freelancing, you may want to form a limited liability company. An LLC puts the liability into an entity that is separate from you and your assets. If something were to go
wrong and your business became bankrupt, you wouldn’t lose personal property. Other business structures like corporations and cooperatives can be helpful once you’ve outgrown the limits of an LLC.
How Should I Plan My Business?
Writing a business plan is an essential component of entrepreneurship for veterans. This document includes important information such as your mission statement, company goals, financial situation, product pitches, services offered, management structure, market summary, and permits or certifications. This list might seem overwhelming, but fortunately, many online resources offer free templates and examples to help you get started.
Your business plan should also determine which types of software will help you run your business most effectively. For example, you may want to invest in accounting, project management, and communication software. You may also want to invest in an API to get bank transactions data, which allows you to track all your transactions in real time while also gaining access to past transactions with merchant and category information.
How Should I Build My Brand?
Brand recognition can give a significant boost to your business’s success as you grow. Try to develop a consistent message and voice across various platforms, in person, online and on paper. Consider designing a logo to distinguish yourself from competitors and arouse interest. This can be done by hiring a designer or, if your budget is tight, using a free online logo maker.
Veterans are uniquely suited to take on the challenges that come with building a business from the ground up. You’ve given blood, sweat and tears to protect the American dream. What better way to use retirement than to pursue the American dream of entrepreneurship? Take it from veteran and entrepreneur Greg Coleman, who said, “If you have it in you to take that oath, then you have it in you to start a business and to succeed at it.” With planning and creativity, you can create a company that can cement your legacy for now and for your future.
contributed by Kelli Brewer