Veterans hold a special role in every nation’s history and future. They did their part in serving the country and made everyone proud of their contributions. After their military service, they often have no desire to retire just yet. They often find themselves craving for a purpose. Some would plan on taking another career path, and that includes becoming a small business owner.
Numerous statistics show that millions of businesses in the U.S. are owned by veterans. More than 84% of males dominate the veteran-owned business industry. Most veteran-owned brands are located in California and Texas.
Why Veterans Can Be Excellent Business Owners
It may come as a surprise to others, but veterans usually have what it takes to build successful brands. They already have some of the most important skills expected from an entrepreneur, This includes patience, discipline, hard work, focus, ability to work under pressure, dedication, and selfless leadership.
Sacrifice is crucial to business success. This could mean risking your investment, spending most hours of the clock working, and even giving up sleep and social life just to keep the business running. Their selflessness makes it easy to accomplish business tasks while their incredible ability to perform well under stress gives them an edge over their competitors.
Choosing a Business Idea
Veterans have so many options to choose from when it comes to the kind of business they can explore. When choosing one, consider the things you are passionate about, your future goals, lifestyle, experience, and your skills. It helps to choose a business idea that enables you to sell or cater services you like and is already familiar with.
For example, you love eating good food and enjoy making delicious meals for family and friends. You can consider exploring the food industry and start your own restaurant. Even if you have no experience and idea of how to start a brand, you can always consider purchasing a franchise.
For example, you can consider buying a chicken franchise. With enough capital, you can own a franchise of an established brand, sell their products, and fast-track your success. This saves you time in trying to establish a name for your brand and leverage the company’s existing reputation.
Veterans thrive in a military structure. Since franchises work in the same manner, they find it easy to thrive with the support and existing business model of an existing brand. They like how franchising works since they get the support and training they will need from their franchisor.
Challenges Facing Veteran Entrepreneurs
Financial Issues
All business owners, even veterans, face different challenges in starting and running their businesses. Financial issues can start when acquiring enough funding to start and sustain the business. Not many financial institutions and investors are willing to risk their investment in new businesses owned by inexperienced entrepreneurs.
The good news is, there are loan programs designed specifically for vets needing business funding. Now, you have the means to finance a startup, sustain business costs, and grow your brand. You no longer need to exhaust your personal savings or sell your home just to start your dream business.
Defining Success
Veterans thrive in a landscape filled with goals and missions. If you are not used to creating missions by yourself, it can be tricky to create your own definition of success. There is a need to define goals and determine what success means for your brand.
Create your own business mission and purpose. Identify ways you can measure your success rate. You can work with a mentor if you are not sure where to start.
Utilizing Tech
Not all veterans are tech-savvy. Some have a limited technical ability needed to efficiently operate a computer, build a following on different social media sites, and even create a professional business website. Since taking your business online can be a great differentiator in running a business, it only becomes a must that veterans invest in online marketing tactics.
Luckily, there is no reason to do everything by yourself. There are many local companies offering the exact services you require to take your brand online. This way, you can simply focus on growing your business.
Veterans often find success in the business world. They may not have previous entrepreneurial experience nor are they knowledgeable ins starting a brand. But their skills, experience, and willingness to put their hearts on their goals make it easy for them to achieve their goals. You too can build a successful brand after serving your time in the military. With the right business idea and your willingness to take risks, you could be the next successful “vetrepreneur”.
