Starting a business is always a challenge, but it can be especially difficult for veteran entrepreneurs. Some unique challenges and obstacles come with being a veteran-owned business, but many resources and support systems are available to help you overcome them.
This article will discuss some of the biggest challenges facing veteran entrepreneurs and offer tips and resources for overcoming them.
Gaining Capital
One of the biggest challenges facing veteran entrepreneurs in accessing capital. Many veterans have difficulty securing loans and investment capital due to their lack of collateral and credit history. Fortunately, several programs and organizations offer financing and support for veteran-owned businesses. The Veterans Business Service Center (VBSC) is a government-funded program that provides free counseling and training to veteran entrepreneurs. The VBSC also offers microloans of up to $50,000 for veterans with bad credit or no collateral.
The Small Business Administration (SBA) is another government agency that provides financing and support for small businesses, including veteran-owned businesses. The SBA offers several loan programs, including the 7(a) program, which provides up to $5 million in loans. The SBA also has a Veterans Advantage program which offers preference points for veteran-owned businesses when applying for SBA loans.
Several private organizations offer financing and support for veteran-owned businesses. The Patriot Express Loan program is a personal loan program that provides loans of up to $500,000 for veterans with bad credit. The Veterans Business Fund is a venture capital fund that invests in veteran-owned businesses.
Veterans can also get help for buying a property for business purposes. They can get a VA property loan from any mortgage lender.
Building a Team
Another challenge facing veteran entrepreneurs is building a team of employees. Many veterans have difficulty transitioning from the military to the civilian workforce. This can make it challenging to find qualified employees for your business.
Fortunately, several resources can help you find qualified employees. The Veterans Employment Center (VEC) is a government-funded program that provides veterans job search assistance and training. The VEC also offers a database of over 1 million resumes of qualified veterans.
The Veterans Transition Assistance Program (VTAP) is another government-funded program that provides veterans job search assistance and training. The VTAP also offers a database of over 200,000 employers interested in hiring veterans.
The Veterans Job Bank is a private website that connects veterans with employers interested in hiring them. The website also offers a resume database and job search tools.
Managing Stress
Veterans often face unique stressors that can make it difficult to adjust to civilian life. This can make it challenging to manage the demands of starting and running a business. Fortunately, several programs and resources can help you manage stress.
The Veterans Crisis Line is a 24/7 hotline that offers counseling and support for veterans in crisis. The Veterans Health Administration also offers several number resources for managing stress.
Creating Goals
One of the most important things you can do as a veteran entrepreneur is to set goals. Having specific, measurable, attainable, relevant, and time-bound (SMART) goals will help you stay on track and motivated.
One possible reason veterans face problems in creating business goals is that they may not have the proper training or experience in doing ally; many veterans may be used to working in a team environment and may find it challenging to transition to working independently. Additionally, many veterans may have difficulty adjusting to civilian life, making it difficult to focus on goal setting.
There are many steps that veterans can take to create smart goals for their businesses. First, veterans should identify the specific goals they want to achieve. These could include increasing sales, expanding into new markets, or hiring new employees.
Next, veterans should determine how they will measure progress towards these goals. This could include setting sales targets, creating marketing plans, or developing budgets.
Finally, veterans should set a time frame for achieving these goals. This could include setting short-term, medium-term, and long-term goals.
Reaching the Audience
Many veteran-owned businesses struggle to reach their target audiences. This can be due to many factors, including a lack of understanding of the civilian marketplace and a lack of marketing experience. Additionally, many veteran-owned businesses may not have the resources or workforce to market their products or services effectively.
Fortunately, many resources can help veterans reach their target audiences. The Veterans Business Outreach Center (VBOC) is a government-funded program that provides marketing assistance and training for veteran-owned businesses. The VBOC also offers a database of over 3,000 marketing resources.
The Small Business Administration (SBA) also offers many programs and resources for marketing veteran-owned businesses. The SBA provides several marketing tools, including social media resources, marketing templates, and a search engine optimization guide.
The Veterans Affairs (VA) also offers many programs and resources for marketing veteran-owned businesses. The VA provides several marketing tools, including an email list builder, a webinar series, and a marketing toolkit.
Starting a veteran-owned business can be a challenge, but many resources and support systems are available to help you overcome the obstacles. With the proper planning, financing, and team, start and grow a successful veteran-owned business.
