Veterans have the ideal attributes necessary to become successful entrepreneurs. Their military experience, combined with the ability to lead, organize, prioritize, delegate and multi-task can be essential in running their own businesses. The U.S. Small Business Administration (SBA) has found Veterans to be 45% more likely to start their own company than their civilian counterparts.
There are a lot Veteran entrepreneurs who choose to buy franchises. There are a number of deals available to Veterans through the SBA, the VA, and various Veteran organizations. Additionally, many of the companies themselves with offer deals and discounts to Veterans. Many fast food restaurants, retail stores and service providers offer buy-ins to their companies at discounted prices for entrepreneurs with military service in their résumés.
But understandably, most Veterans want to work solely for themselves. In order to create a successful new business from the ground up, Veteran entrepreneurs need to find a way to do one of three things:
- Provide an existing product or service at a higher quality than any competitor
- Provide an existing product or service at a lower cost than any competitor,
- Provide a product or service that no one else is offering in the area
Once a Veteran entrepreneur has decided if they want to open a franchise, or their own business, they should consider taking an educational path to achieving their mission of business ownership. A great way to do this is through their local SBA Veterans Outreach Centers (VBOC). Through the SBA’s Veteran Business Outreach Program, these VBOCs offer a variety of assistance and support to Veteran entrepreneurs.
The Centers will conduct entrepreneurial development workshops with Veterans, focusing on the the major points of self-employment. These workshops include tips on using the Internet to develop and expand your businesses. At these workshops, each Veteran will have the opportunity to work directly with a business counselor.
The VBOCs will also assist Veterans in calculating their entrepreneurial needs and requirements. Counselors will use this information to assist Veteran entrepreneurs with developing and maintaining a business plan. The business plan can include such elements as the legal and organizational structure of the business, equipment requirements and costs, strategic and financial plans and market research. The SBA’s Veteran Business Outreach Centers will even provide ongoing mentorship for Veteran entrepreneurs if needed.
So whether, you’re buying into a franchise, or starting your own business, be sure to see what the SBA, can provide for your entrepreneurial needs.
The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!
VAMBOA: Utilizing Veteran Business Outreach Centers: By Debbie Gregory
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