BEHIND THE UNIFORM: ESSENTIAL RESOURCES FOR VETERAN BUSINESS OWNERS
Once a service member ends their military career and joins the civilian population, they will search for something to do. Most of them will find new jobs, go back home, or even start a business, some of which comprise 45% of the population that is most likely to put up their business after service. In fact, Veterans own 1 in 10 businesses in the United States. But sometimes, these Veteran business owners also need help in order for their enterprise to grow and last. These Vets gain more than learning specific skills and trades; the military does more than that. Once a person joins the Army, they are also given the chance to sharpen their skills to develop leadership capabilities, discipline, passion, and resilience. This is their edge when it comes to being a risk taker.However, there is still a big challenge in joining civilian life after serving in the military for years. The good news is, as a Vet, you have various opportunities and access to multiple resources and benefits to plan and begin your business. With these possibilities, you can kick-start the next phase of your professional life as a business owner.
Essential Resources Empowering Veteran Business Owners
Boots to Business
The Small Business Association has a number of services available to Veterans who want to grow their small businesses. One program is Boots to Business, which is part of the Department of Defense's Transition Assistance Program. It teaches Veteran business owners and their spouses about the basics of starting a business. The program is in-person. However, there is an additional segment of the program that is offered online after you complete the two-day in-person course.
Support from the Veterans Business Development Office
The Office of Business Development was created to help Veterans who want to start businesses access programs through the Small Business Administration. The program supports Veteran business owners in obtaining capital and getting ready for business opportunities. They also have the capability to connect one's business to commercial supply chains and federal procurement. There are a lot of these opportunities online, and depending on your location, you may get support from your local Veterans Business Outreach Center or SBA District Office. Vets and service-disabled Veterans are not the only ones who are eligible for these benefits. Active-duty service members, reservists, survivors, transitioning service members, and dependents can work closely with OVBD to prepare or make the business of your dreams better.
Veteran Entrepreneur Portal
This can help Vets with small businesses gain access to federal services, which lets them connect to the community's best practices and allows them to gain insightful information about starting a business, opportunities, growing a business, financing, and networking. This is relevant in today's market if one wants to be relevant to stay in the game.
Business Grants for Vets
Veteran business owners also need to have capital if they want to expand their business. Grants would be the answer as they offer the advantage of free funding. However, the only downside in choosing this option is that it will take up a lot of your time with the application process alone, and it is quite competitive to get a spot. To not waste your time, make sure that you meet all of the requirements before processing the grant. Once qualified, you may get support from the Military Entrepreneur Challenge, which offers $15,000. Another great opportunity is the service-disabled Veteran-owned small business program.Vets may apply for government contracts of up to $5 million, provided they own at least 51% of the business and have a service-connected disability. Next is the Hivers and Strivers. This is an angel investment fund that finances start-ups founded and run by graduates of the U.S. Military Academies.
Work With a Mentor
In order for a business to strive, the presence of a mentor is important. There is a sense of fellowship when a Vet is working with another Veteran who has gained knowledge and experience after leaving service. One option for finding a good mentor is GallantFew. This non-organization provides assistance to Veterans to smoothly transition into civilian life with services such as professional mentorship, educational opportunities, and spiritual support.VetBiz is another helpful organization that offers skills development, mentoring, evaluation, and other professional assistance to assist former people in uniform in building their own businesses. Veteran business owners should not take their new journey alone. There are many resources where you can connect with the more experienced ones who have successful and thriving businesses and are willing to assist and guide you through your journey in civilian life.Suggested reads:
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