Tips for Veterans Interested in Starting a New Business

If you are a veteran interested in starting your own business, you might not know where to start. Perhaps you already have an idea that you want to turn into a reality, or maybe you're wondering how to best invest your time, money, and energy.

Consider market trends and your skills when deciding on the kind of company you'd like to own. Once you have an idea, you can focus on establishing a business structure, securing funding, and marketing your brand. These tips from the Floral Park Chamber of Commerce can help guide you through the process.

Choose a Business

Deciding on the type of business you want to start can be challenging, but researching market trends and successful business models can point you in the right direction. According to experts, first-time entrepreneurs experience the most success with service-based businesses that require minimal start-up costs. Some examples include:

• Home repair

• Pet services

• Consulting

• Landscaping

• Event planning

• Fitness instruction

• Tutoring

In addition to providing much-needed services, you can also consider selling a product or purchasing a franchise. 

Investing in a franchise allows you to enjoy the benefits of business ownership while avoiding many risks associated with launching a new brand. While starting a company from the ground up is deeply fulfilling, it often requires considerable resources.

Select a Business Structure

Once you have an idea you want to pursue, you need to write a business plan, choose a business structure, and apply for tax IDs and licenses. Your business plan outlines the stages for launching and managing your company and should include a description of your business and its financial goals. 

The most common business structures are sole proprietorships, limited liability companies, and S corporations, which you can file for using an online formation service. While each comes with benefits and stipulations, an S-corp offers unique advantages, such as pass-through taxation and self-employment tax savings.

Acquire Resources

Launching a business can require a substantial upfront investment, which might mean taking out a loan or applying for grants if you don't have the necessary funds. You might not know where to find available resources, but as a veteran, you have access to several programs designed to help support your entrepreneurial goals. 

Various veterans' associations, nonprofit organizations, and government departments can offer you access to resources and funding for your project. In addition to these programs, the Small Business Administration and the U.S. Department of Veterans Affairs have financing opportunities available for veterans and their families. 

Market Your Business

Since a successful business requires customers, your marketing strategy should be essential to your business plan. When developing marketing campaigns, consider your target market and where you can reach them. Common marketing channels include:

• Email

• Web content

• Postcards

• Flyers

• Commercial advertising

• Social media

To get the most out of your marketing campaign, you may want to work with professional web designers and graphic designers. If you need to simplify communicating about design ideas, a free PDF editor could help. You can use the PDF editor online to add text, sticky notes, highlights to help strategize and discuss design solutions and suggestions. 

As a new business owner, there are several steps you need to take to get started, including selecting a company structure that offers valuable benefits and employing marketing strategies to boost brand awareness. Being an entrepreneur is an exciting experience, but it requires hard work, dedication, and planning.