Today we have the pleasure of hosting guest writer Brittany Fisher. Brittany has written for us before and hosts financiallywell.info, a financial planning website with resources designed to help you make better financial decisions. Let’s see her perspective on veteran start ups below:
Starting a business is a major undertaking for anyone. When you’re a veteran, though, you have unique challenges, but you have certain perks as well. It’s vital to understand what resources are available and what practices are most likely to help you succeed.
Developing a Business Idea
When choosing a business, weigh the pros and cons. Certain types of businesses require you to have the financial backing to start operations and a large safety net of savings in case the business hits a rough patch. Ideally, compare the risks and benefits of each business idea to determine the one that’s suitable for your financial situation.
Consider businesses that aren’t a huge gamble, such as ones you can run part time as a side hustle at first, such as blogging, petsitting, or general contracting.
Additionally, take into consideration your interests, skills, and educational background when choosing a business that’s right for you.
Conducting Market Research
Before you begin, conduct market research. For example, if your business requires local support, make sure the goods or services you’ll offer are desired or needed.
Take a look at your competition as well. If the listings for your business type are already extensive for your area, you may have too much competition. In this case, think of something else you could offer, even if it means attending a technical school, going to college, or completing an apprenticeship to advance your skill set. Keep in mind that funding is available specifically for veterans to further their education.
Finding Funding
You don’t have to postpone your idea until you can save; funding is available specifically for veterans, including low-interest loan options.
Grants are another option, and you don’t have to pay them back.
Write a Business Plan
A business plan is your ticket to funding, especially if you apply for veteran-specific loans and grants.
Write a solid business plan that covers your business’s purpose and objectives. Specify your target demographic and expectations for growth. Include a section about your competition and plans to stand out.
Design an Impactful Website
As you’re beginning your business, use the internet to your advantage. Approximately one-third of U.S. consumers use the internet daily to find businesses. You’ll miss out on a key marketing tactic if you don’t have a website for people to find you.
Your website should clearly state what your business is and does. Make sure it’s free of typographical and grammatical errors.
If web design isn’t in your wheelhouse, hire a freelance web designer. You can find one by searching job platforms and reading reviews. Make sure you inquire about the cost and delivery time frame before deciding.
Create a Banner
Create an attention-grabbing banner for your social media page or website. You could hire a designer, or you could save money by using a free banner maker to create your own banner and choose all the special features, such as color and animation. Use the banner to brand yourself across different platforms, including YouTube, Twitter, and Facebook.
Start Your Business Off on a Positive Note
You can profit as a veteran opening a business by knowing your available resources and having a plan. Visit Military Money Matters for more vet-specific business resources.
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