South San Francisco, Ca November 4, 2020 by Kelli Brewer, DeployCare.com
Working for someone else might not be part of your career wish list. But it can also seem intimidating to strike out on your own. The truth is, countless resources are available to veterans who need them. If you want to pursue entrepreneurship, here’s everything you need to know about launching and running your business venture.
Use Funding Sources That Offer Priority to Veterans
Starting a business doesn’t have to be expensive. From refinancing your home to taking out a business loan, there are many ways veterans can find startup capital. One option is to take out a second mortgage, which means borrowing against your investment. However, refinancing may not be necessary.
Plenty of specialized small business finance programs are available to the public due to the pandemic. You can apply for programs and connect with local resources, too. You can also apply for grant and loan programs, many of which are exclusive to veterans. Veteran programs may be your best bet for the lowest possible rates and most exclusive offerings.
Improve Your Skills with Education
Whether you possess an advanced degree or not, improving your business acumen is a must. Things have changed in the business world, especially with the shift to eCommerce versus in-person sales. Pursuing higher education could help you hone your abilities in any field, whether business management, leadership, marketing, or another specialty. And as a veteran, you may be eligible for the GI Bill to help subsidize your degree.
Working on other abilities – like soft skills such as communication and networking – can also help propel your career growth. Learning to speak well in public and also listen to others will prove crucial, especially if you need to manage a team of employees. If nothing else, picking up a few books on skill development will do wonders for your frame of mind as an entrepreneur, notes Microsoft.
Familiarize Yourself with Online Tools
It may not take a formal degree to learn the rest of what you need to know to excel in business. Trial and error can be a decent way to learn many low-risk skills like coding, website building, and more. Plus, the move to remote work means many employees and business owners alike are getting a crash course in digital tools for the workplace – so you’re not alone.
StartupNation recommends tools for everything from website building to social media management. With these digital platforms, it’s easier to handle more tasks in less time – and with less staff. You can batch tasks, automate processes, and keep your team (if you have one) on the same page with regular updates and communication.
Believe it or not, but you can even register your business online. When you’re ready to file for your LLC, online services make it easy to set up a formation to ensure your business is compliant and in good standing with the state.
Enlist the Help of a Team
Entrepreneurship sometimes turns into a solo venture for many business owners. But depending on your business model, you may benefit from a well-rounded workforce. Realizing it’s time to hire your first employee can be a wake-up call, but it also doesn’t have to cost you.
Outsourcing through hiring freelancers or project-based professionals is a smart way to save on staffing. Of course, you’ll still need to adhere to filing requirements for taxes and other specifics when you have independent contractors or full- or part-time staff. But by onboarding temp workers for a specific range of tasks or assignments, you avoid hiring people you may not need later. You may also find that you can afford more help than you anticipated by using freelance experts.
Going with the flow is part of becoming a business owner. But preparation is also crucial, especially when you’re a veteran who’s entering the arena of entrepreneurship for the first time. With these resources, however, you may find that owning and running a business is more accessible than you imagined.
About Kelli Brewer