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Thursday, November 11, 2021

Starting a Business Post Military Service

Did you know that veterans own and operate 30% of all businesses based in the United States? Yet, veterans only account for 8% of the population in the United States. That means that veterans can and will do anything they set their mind to even against the odds. 

Now, owning a business is no easy feat. It involves countless hours of hard work and dedication. However, it’s nothing a veteran cannot handle. If you’ve been thinking about starting a business after military service, you should follow your heart and make that dream come true. 

Examples of Successful Veteran-Owned Businesses

When you’re looking to start your own business, it can be very inspirational to look at successful business owners. You can learn much from how they started their businesses. As a veteran looking to create your own business, you should consider researching veteran-owned businesses and looking up to those business owners.

The success of fellow veteran-owned businesses shouldn’t intimidate you. Instead, these businesses serve as proof that you can start a business after military service, too. Let these businesses and others like them empower you. They serve as a reminder that a successful business is something you can start, too. Some of the most well-known veteran-owned businesses include: 

  • RE/MAX
  • Sperry’s
  • FedEx
  • Walmart
  • GoDaddy
  • WeWork
  • Taboola
  • Kinder Morgan
  • USAA

Securing a Loan for Your Veteran-Owned Business

Businesses, like most things, cost money. Often, people will dream about their future company but lack the ability to finance it. There are ways to secure financing that will make it possible for you to start the business you’ve been thinking about opening. Many people will turn to their banks and take out business loans to open their businesses. 

Luckily for veterans, securing a loan for your business – or a house purchase – is relatively simple, but you have to do your research. VA home loans, for instance, focus on home loans solely. Some VA home loan perks include lower rates, limited closing costs, and no private mortgage insurance requirements. 

Though the VA does not provide business loans, there are many different small business grants available that military families have earned the right to apply for. Small business grants help veterans (and in some cases non-veterans) in need of financial assistance with their enterprise. The Small Business Association has a program that is, especially, designed for veteran-owned small businesses, though it does not apply to every case. As an alternative to bigger loans, you can get business credit cards or microloans.

You can also check out Grants.gov for more information on other kinds of loans. You will find lists of the government-related grants that are available to you as a veteran. Don’t let money hold you back! Where there’s a will, there’s a way, and your dream of opening a small business will come true if you fight for it.

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Kiara Dawson
Kiara Dawson comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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