Essential Resources to Help Veterans Succeed as Small Businesses
Written by: Ed Carter
Last Updated by
Marina Longo: November 7, 2022
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Did you know that veteran entrepreneurs are considered a group that contributes more to the economy than the general population? Studies show that vet entrepreneurs have started businesses at higher rates than others. If you’re a vet starting out on your small business journey, this information will come as a relief. But find that you need additional resources to guide you through entrepreneurship? Here are some resources to help you achieve entrepreneurial success.
The U.S. Department of Veterans Affairs
The Department of Veterans Affairs (VA) offers many resources and support to help vets adjust to post-military life. A big part of that is offering resources to those interested in exploring entrepreneurship. When navigating the site, look for the Veteran Entrepreneur Portal, or VEP. This allows you access to information and best practices for starting a small business. For example, the portal has interactive tools for understanding what it takes to start a company and tips for financial health and expansion.
SBA’s Office of Veterans Business Development
The SBA is another excellent resource with lots of information on special programs and initiatives designed to help veterans. You can expect business plan workshops, mentorship opportunities, and concept assessments when using this resource. There are also opportunities to find funding and capital and training programs. These training programs can give you a head start on getting set up, even before your business launches.
Developing Your Business Basics
Every company needs some foundational elements to start a business. For example, before you launch your products or services, you must do adequate research. This can help you build your customer relations, increase sales and revenue, and provide actual value. A business plan is essential in your business toolkit because a good outline can increase your chances of success. When writing your business plan, describe your business structure, how you’ll sell your services, and the funding you’ll need down the line.
Invoicing
It will also be critical to make financial projections for the future when it comes to funding. Invoicing software can help you do this, as it will keep your books accurate and help you get paid faster, thus increasing your cash flow. Look for software that gives you alerts when customers view and pay invoices and the functionality to schedule invoices and pay online.
Earning a Degree
Earning an MBA can be highly beneficial for aspiring entrepreneurs. First, an MBA provides a strong foundation in the key business concepts that are necessary for success in the modern marketplace. This includes courses on marketing, finance, operations management, and strategic planning. Additionally, an MBA can give you access to valuable industry connections and resources that can help you get your startup off the ground. Veterans can benefit from online educational programs which offer affordability and flexibility.
Additional Resources
In addition to government-funded resources, other support programs can also be of help. Bunker Labs is one such organization designed to help vets through each stage of entrepreneurship – from the startup stage to becoming a CEO. Hivers and Strivers is an angel investment group that helps fund organizations led by veterans. In addition, check out Indiana Legion, which is the country’s largest foundation supporting veterans. While this one isn’t exclusively reserved for veterans, SCORE is another excellent resource. The database has lots of mentors that have served in the military, so you could get valuable advice and insight from those who have been in your shoes. SCORE also offers free business workshops and educational content that guide you on starting your own business.
Veteran-owned businesses account for over 2.5 million of all companies in the U.S. It is clear that vets are contributing to the country’s economy and actively participating in their communities. As you start your business, look for helpful resources for veterans and make sure you have a process for invoicing in place.
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