Around 50% of veterans say it’s difficult to find a job in the industry they want. As a result, unemployment among veterans is rising and those that are employed aren’t happy in their jobs. But there is a simple solution to this problem; entrepreneurship. If this sounds like the right thing for you, here’s what you need to know about becoming a successful veteran entrepreneur.
Enrol in specialist programs
Forbes reports that almost 25% of veterans would like to start their own business. However, just a small number of these individuals have the courage to do so. The key to making it as a veteran entrepreneur is to get as much experience and support as you can. There are various specialist programs designed just for budding and new veteran entrepreneurs, so make sure you sign up to as many of them as you can. American Corporate Partners matches veterans up with mentors from some of the biggest companies, all of which are on the Fortune 500 list. VETRN provides free training to veterans and their families on how to run a small business. Meanwhile, Boots to Business is a training and education program for veterans and their spouses.
Find a suitable business premises
Your business premises should be quiet, spacious, and professional. Approximately, 50% of all small businesses in America are home-based. Launching and running your business from the comfort of your own home is a great, cost-effective idea. Just make sure there is enough room for your business and that it doesn’t cross over into your personal life. Many veterans qualify for loans which help them to get a home of their own. Some VA loan facts include not needing a down payment, a 14-day closing period, and not requiring private mortgage insurance. So, if you’re not already a homeowner, it’s worth considering your home buying options before looking for a base for your business. Other business premises options include hiring a co-working space or renting out a small office. It’s important to note that these come with additional costs that will eat into your profits though.
Take on a franchise
There are more than 750,000 franchises in America. Franchises are typically more successful and profitable than starting a new business from scratch. This is because they’re a recognised and established brand with a following behind them. Not everyone is capable of taking on a franchise as you have to have a unique set of skills. As a veteran these skills will be instilled in you already. They include the ability to follow strict rules as all franchises have to be run the same, decorated similarly, meet set targets, and so on. You’ll also need to be determined, hard-working, passionate, and ambitious; all of which you’re sure to be due to your military background.
Most veterans are made for entrepreneurship. But just like every other prospective small business owner, you need a helping hand to keep things on track. Luckily, there is plenty of support available to budding veteran entrepreneurs and your exceptional skills and training will help you lots too.