Why Veterans Make Great Entrepreneurs (and How to Get Started)

Thinking about starting a business? You're not alone! If you're a veteran, you may be especially well-suited to entrepreneurship, but there are a number of steps to take and hurdles to overcome. Today, the Placentia Chamber of Commerce shares how you can get started.

Veterans Have the Skills Necessary for Success

Military service requires a unique set of skills, including leadership, organization, and discipline. These are precisely the skills that are essential for successful entrepreneurship. In fact, many of the world's most successful entrepreneurs are veterans, including Virgin Group founder Sir Richard Branson and Nike co-founder Phil Knight. If you're a veteran, you already have the skills you need to be a successful entrepreneur — you just need to put them to work in a new setting.

Types of Businesses that Work Well for Veteran Entrepreneurs

Not sure what type of business you want to start? That's okay — veterans have many options when it comes to entrepreneurship. Some businesses that work well for first-time veteran entrepreneurs include the following:

• Home-Based Businesses: Home-based businesses are a great option for veterans who want to be their own boss but don't want the overhead costs associated with traditional brick-and-mortar businesses.

• Service Businesses: Service businesses such as home repair, lawn care, or pet sitting can be started with little capital and often require only some equipment.

• Franchises: Franchises offer veterans the opportunity to own their own businesses while also benefiting from the support and brand recognition of an established company.

Grants and Loans Available to Business-Minded Veterans

One thing that may be holding you back from starting your own business is a lack of capital. Luckily, there are many grants and loans available specifically for veterans interested in starting their own businesses. Some programs that provide funding for veteran entrepreneurs include:

• The Small Business Administration's Veteran Advantage Loan Program: This program offers loans of up to $350,000 specifically for veterans who want to start or expand their small businesses.

• StreetShares Foundation: This foundation provides microgrants of up to $5,000 to veteran-owned businesses.

• Boots to Business: This program offers entrepreneurship training courses specifically for transitioning service members and veterans.

Starting a Business Is Easier than You Think

If you're a veteran interested in starting your own business, there's no need to feel intimidated — starting a business is easier than you think. Anyone can be a successful entrepreneur with the right planning, preparation, and execution. Here are a few tips on how to get started:

• Do your research: Before starting your own business, it's important to do your research and develop a solid business plan. There are many resources available online and at your local library that can help you get started.

• Choose the right structure: How you structure your business can make a huge difference in your ability to get funding, the tax breaks you can enjoy, and more.

• Find a mentor: Don't go it alone! Find someone who has already been successful in starting their own business and ask for advice. Most mentors will be happy to help someone just starting out.

• Use online resources: there are plenty of tools that can help you with your marketing. For instance, if you’re sending out a promotional PDF and you need to make some changes, you may want to select a PDF editor. Here’s a solution that makes it easy to specify any suggestions or changes you might need without having to send lengthy emails. 

• Get started: Once you've done your research, found a mentor, and secured funding, it's time to get started! Running your own business is an exciting and rewarding experience — enjoy every minute of it!

The military is a great training ground for entrepreneurship. Veterans have the discipline and work ethic needed to be successful in business. They are also used to working in a hierarchy and following orders. In addition, veterans are often senior citizens, which gives them the experience and wisdom that younger entrepreneurs lack. If you're a veteran interested in starting your own business, there are several resources available to help you get started, so know that you have the skills and resources needed to succeed.