Becoming A Veteranpreneur

By guest blogger Jesse Clark

As a veteran, you no doubt have skills and experience that can translate into a wide range of industries and fields. You’re likely a self-starter who is no stranger to persevering through challenges and thinking of creative solutions. In other words, entrepreneurship could be the ideal career path for you. 

But, if you want to start a business, it’s essential to do your research and take advantage of the resources available. Today, Jesse Clark outlines the steps you’ll need to take when launching your first company.

Get Equipped  

First, ensure you have all the skills and knowledge necessary to start and grow a company. One option is to go the traditional route by pursuing a college degree. Returning to school for an MBA could go a long way in expanding your business, management, and strategy knowledge while teaching you about self-assessment, self-awareness, leadership, and many other critical entrepreneurial qualities. Furthermore, studying online will allow you the time and flexibility to manage all the other responsibilities in your life.

Another way to prepare for your new business is to find a mentor in your community who can walk you through the challenges ahead. Many veteran resources are available to connect you with mentors and organizations that specialize in helping entrepreneurs develop their business skills.

Land on a Profitable Idea  

Once you are confident that you have the necessary skills to launch a business, it’s time to develop the perfect business idea. A lot of this will depend on your natural talents and the skills and expertise you’ve developed up to this point in your life.

How could the skills you learned in the military translate into a company, and what passions or interests keep you awake at night? Also, what resources do you currently have, and have you researched all the veteran resources created for entrepreneurs?

Once you listed a few possibilities, conduct market research to determine which business idea promises the most profit, explains Patriot Software. If you’re starting a local business, figure out if there is a need in the community that you can fill, whether it’s starting a pizza restaurant, a barbershop, or a business consultancy firm.

Draft a Business Plan   

After choosing the right business idea, turn it into a business plan. CPA Practice Advisor suggests drafting a document that outlines your goals and the strategies that will help you achieve them. A good business plan will include your mission statement, core values, company description, target market, marketing ideas, funding requirements, financial forecasts, and other details.

You should also spread the word via social media. A great way to accomplish this is through infographics. If you aren’t sure how to make one, you can try using a free tool, then share your new infographic via social media platforms like Instagram, Twitter, and Facebook to help expand your customer base.

Register the Business     

One of the important first steps to starting a new company is to establish your legal structure. Consider forming an LLC to receive liability protection and tax benefits in addition to increased flexibility in how you’re paid. Each state has specific regulations pertaining to LLCs, so make sure you understand the rules before diving into the process. Working with an online service can ensure that your LLC complies with state requirements and leave you with less grunt work.

Organize Your Finances

You must determine how much money you’ll need to start your business and manage it for the first few years. Research all the potential startup costs, and look into your funding options. As Skip points out, many public and private institutions and organizations offer veteran entrepreneurs access to grants, loans, lines of credit, and contract financing. Exercise all your veteran-specific options before pitching your business plan to investors.

If you go the traditional loan route, be sure to check your credit score before applying. Lenders use your credit report to determine whether or not you are likely to pay back the loan they provide. If your score is too low, they will likely not take the risk. With the right strategies (and, of course, depending on your current score) you can often raise your score to an acceptable number within 6-12 months.

Create a Marketing Plan Including Content Marketing

A sound marketing plan is essential for any new business. There are a number of different marketing strategies that can be used to promote a new product or service, but content marketing is often one of the most effective. Content marketing involves creating high-quality content that is relevant to your target audience. This content can be in the form of blog posts, articles, infographics, or even videos.

The key is to create something that will resonate with your audience and help to position your brand as a trusted authority in your industry. While content marketing can take some time to generate results, it is often a very cost-effective way to reach your target market. Improve your content marketing by visiting Cornerstone Content for additional tips.

Embark on Your New Entrepreneurial Path

If you’re ready to use your talents, knowledge, and skills in the business world, what are you waiting for? A lot is involved in starting a business, but if you’re willing to work hard, come up with the right business idea, and handle all the necessary tasks to set your company on a firm foundation, you’re probably cut out for entrepreneurship. Take the tips above with you as you set out on your journey, and never stop learning how to get better at what you do!

Image via Pexels

Sometimes it’s hard to imagine your life in a new context. Visit Major General (Ret.) John Gronski online to hear about how his time in the military informed his vision of leadership. Perhaps his words will inspire you to move forward with your new business.

About our guest blogger:

Jesse Clark is a traveler, so she’s no stranger to experiencing wanderlust and that strong desire to travel. She’s already had enough experiences to last a lifetime, but she’s not stopping anytime soon.

Does Leadership Really Make a Difference?

Recently I was in Indianapolis speaking at a business conference. I stayed at the Marriott in the downtown area. I never stayed in a more friendly hotel. Everyone who worked there was extremely courteous and helpful, and I immediately felt at home. I asked myself why...

Iron-Sharpened Leadership with IHLA

Had a wonderful time presenting "Iron-Sharpened Leadership" to the many business owners and executives who attended the Indiana Hardwood Lumbermen's Association conference in Indianapolis. These incredible leaders came away with several important leadership takeaways...

Training Leaders at NIA

I am very thankful I have the opportunity to conduct Iron-Sharpened Leadership workshops and keynotes across the country and at times across the world. Just last week I had the opportunity to conduct a two-day Iron-Sharpened Leadership and Resiliency workshop with my...

Why Every Leader Should Value Community

Article written by guest blogger Rosette Jonesse Running a business is no easy feat, and leaders face a lot of pressure to ensure its success. Leaders often hear sayings like “It’s lonely at the top” which makes business challenges seem isolating and insurmountable....

The Art of Connection

Connection and belonging. Those feelings are the sauce that creates highly successful groups. If you are the person responsible for cooking up a successful culture that permeates your organization, are you mixing in that secret sauce? When leaders take the time to...

Leadership P O W E R

Leaders have the power to change people’s lives for the good, and unfortunately for the bad, depending upon how they decide to lead. Leaders must serve others to make the most of Leadership Power. P - The first element of leadership power is purpose. Create a shared...

Helping Others Makes Us Stronger

We can find many wise men and books of wisdom that point out that we can best be served by serving others. Here are some examples of what has been said and written. Napoleon Hill said, “It is literally true that you can succeed best and quickest by helping others to...

Generation Gap 2023

By John Gronski Lately, in leadership workshops I have been conducting around the country I have been getting more and more questions from front-line leaders about how to work with and motivate our younger generation of employees entering the workforce known as...

Stay Away from Monsters

By John Gronski Scary times. Halloween is upon us, and our thoughts turn to monsters. As a leader of your organization, you do not want the people you lead to place you in that category. This may be a good time to reflect on your leadership style. Ask yourself the...

Taking The Helm

By John Gronski When you are entering a new leadership position it is always very exciting. You will want to get things right from the very beginning. As a younger, inexperienced leader I made mistakes. Some blunders I made included thinking I knew everything there...
Share This