Research shows that veterans are more likely to become entrepreneurs than those without military experience. This is not surprising, since through their military training veterans learn organization, the value of nuanced risk-taking, the stalwart pursuit of goals, and other skills. Here are some tips to help veterans achieve success in the ownership of small businesses.

Capitalize on Your Training

Your military experience may have offered you training in specific fields such as engineering, technology, communications or health care. These skills may be just what you need to start your own small business. However, even if you did not acquire specialized training, the integrity, good character, and other values you learned can ensure your success in entrepreneurship.

Recognize Opportunities

When considering what sort of business to start, look for needs that you can fill. Gather information by talking to people about gaps they perceive in available products and services. Your business could be the organization that meets those needs.

Be Aware of Your Strengths

Entrepreneurs often have to perform many tasks while their businesses are getting started. However, doing everything by yourself wastes your time and drains your energy. Instead, consider outsourcing accounting, payroll, and other repetitive tasks so that you can focus on managing your company.

Get Some Advice

Take advantage of the many opportunities that are available for veterans to receive mentorship, counseling, and training. These include the SCORE program of the U.S. Small Business Administration, the Veterans Online Business Registry (VETBIZ) at the U.S. Department of Veterans Affairs, and the local community college’s Small Business Development Center.

Take Advantage of Financing Options

The U.S. Small Business Administration has several programs that provide loans for small businesses. SBA Veterans Advantage Loans are specifically designed to assist veterans in starting up and growing their companies. Many credit unions, community banks, and other financial institutions recognize veteran status when considering loan applications, even if you have imperfect credit.

For more advice on starting a business as a veteran, contact Increase Lending.