Veterans possess unique qualities like discipline, leadership, and resilience that make them exceptional entrepreneurs. With 2.5 million veteran-owned businesses driving the U.S. economy, the transition from military service to entrepreneurship is a promising path. This guide provides veterans with essential steps, resources, and strategies to turn their business dreams into reality and build a legacy of success.
Veteran Entrepreneurs
Veterans are known for their determination, discipline, and leadership – qualities that make them exceptional entrepreneurs. With over 1.9 million veteran-owned businesses in the United States, employing nearly 5.5 million Americans, according to the Small Business Administration, veterans have a significant impact on the economy. For those transitioning from military service to entrepreneurship, the journey offers exciting opportunities and support from a variety of tailored resources.
The Roadmap to Success for Veteran Entrepreneurs
Every great business begins with an idea, and veterans often find inspiration in their military experiences. Many successful veteran entrepreneurs have leveraged their training, discipline, and resourcefulness to create thriving businesses. These core principles serve as a framework for veteran entrepreneurs to excel, emphasizing essential practices such as:
- Leveraging Military Experience
- Supporting Fellow Veterans
- Learning from Leaders
The Steps to Success
Step 1: Write a Business Plan
A business plan is your roadmap to success, outlining goals, strategies, and financial projections. It’s also critical when seeking funding or partnerships.
- Helpful Resources:
- The SBA offers business plan templates and examples to help you get started.
- MIT’s Introduction and Overview of Business Plans course provides expert insights into creating effective plans.
Tip: A well-thought-out plan not only guides your business but also demonstrates your professionalism to investors and partners.
Step 2: Build a Network
Networking is as essential in business as it is in the military. Veterans can leverage a wide range of organizations for support and mentorship.
- Notable Organizations:
- Bunker Labs: Offers programs like Veterans in Residence for business owners.
- VIB Network: Connects veteran-owned businesses with corporate and government opportunities.
- Second Service Foundation: Provides mentorship and support for veterans and Gold Star families.
Tip: Use platforms like LinkedIn to expand your network and seek advice from experienced entrepreneurs.
Step 3: Secure Funding
Veterans have access to unique funding options, from grants to loans and investment opportunities.
- Crowdfunding: Platforms like Kickstarter allow you to raise funds directly from supporters.
- Veteran-Specific Funding:
- Hivers and Strivers: Angel investors supporting startups by military academy graduates.
- Veteran Ventures Capital: Focused on veteran-led businesses.
- Warrior Rising: Offers grants, mentoring, and education.
- Grants and Loans:
- The Veterans Business Fund provides interest-free loans.
- The Veteran Entrepreneur Portal connects entrepreneurs with funding opportunities.
Tip: Female veterans can explore additional grants tailored specifically for women entrepreneurs.
Step 4: Consider Franchising
Franchising offers an established business model with brand recognition and support.
- Programs for Veterans:
- VetFran: Offers discounted franchise opportunities for veterans.
- 7-Eleven’s Veterans Franchising Program: Provides financial assistance for qualified veterans.
Tip: Choose a franchise that aligns with your personal goals and lifestyle.
Step 5: Obtain Government Contracts
Veteran-owned businesses receive preference in federal government contracts, providing consistent and lucrative opportunities.
- Steps to Get Started:
- Register with the System for Award Management (SAM).
- Join the Service-Disabled Veteran-Owned Small Business Program for exclusive set-asides.
Step 6: Education and Training
Veterans have access to a wealth of education and training programs designed to build entrepreneurial skills:
- Boots to Business: A two-day course offered by the SBA, with additional advanced modules online.
- Entrepreneurship Bootcamp for Veterans (EBV): Provides small business training and feasibility studies for post-9/11 veterans.
- D’Aniello Institute for Veterans and Military Families (IVMF):
- V-WISE: Focused on women veterans and military spouses.
- EBV Accelerate: A boot camp for scaling established businesses.
Tip: Continuous learning keeps you competitive. Take advantage of these resources to refine your skills.
Resources for Veteran Entrepreneurs
Government Resources
- Small Business Administration (SBA):
- Veterans Business Outreach Centers (VBOCs) offer training, counseling, and mentorship.
- VetCert certification helps veteran businesses qualify for federal contracts.
- The Vets First Contracting Program focuses on Department of Veterans Affairs contracts.
- U.S. Department of Labor:
- Offers guidance for hiring veterans, enabling you to build a veteran-friendly workforce.
Nonprofit and Educational Resources
- VetFran: Connects veterans with franchise opportunities.
- Warrior Rising: Transforms veterans into successful “Vetpreneurs.”
- National Veteran Entrepreneurship Program (VEP): Combines online learning with an intensive in-person boot camp.
Tip: SCORE provides free one-on-one mentoring to help veterans navigate the challenges of entrepreneurship.
Starting and growing a business is challenging, but you’re never alone. You can achieve entrepreneurial success and make a lasting impact with the right resources, a solid plan, and a supportive network.
Take the first step today. Explore the resources outlined above, connect with fellow veteran entrepreneurs, and turn your vision into reality.
