Retiring from military service is a major milestone. Among all the other decisions you’ll face, one of the biggest questions is what to do next. You could always find a job that uses the skills you gained in the military, but if you want to take your future into your own hands, you may want to explore becoming an entrepreneur instead. The good news is that you don’t need a business degree or a ton of cash to start. So, what does it take to become an entrepreneur? Lots of hard work, dedication, and resources that will point you in the right direction.
Resources – Where to Find Information, Connections, and Funding
If you have the drive and determination to run a business, you’re already halfway to where you need to be. The next step is to seek out resources that fill in the gaps – whether you have gaps in knowledge, connections, or finances. On the local level, start by reaching out to Haywood Chamber of Commerce because they’re the experts on your area’s business climate, plus networking with their members is the ideal way to make connections.
On a national level, the VA Entrepreneur Portal and U.S. Small Business Administration (SBA) are two online resources that provide all kinds of guidance for veteran business owners. These two sites provide tips, training, and links to funding sources. In addition to government help, there are also private and non-profit organizations that provide business guidance to veterans. Having these resources that you can turn to is incredibly beneficial, not just when you’re starting but also as your business grows.
Choosing the Right Business
This is even more important now that COVID-19 has impacted businesses nationwide – and even the way we do business these days. That’s why it’s also smart to find resources that specifically address running a business in the time of COVID, such as how to make the most of virtual opportunities and how to find financial assistance that’s available through both the government and private entities.
There isn’t exactly a “right” or “wrong” idea when it comes to starting a business, but you ultimately want to find something that combines your skills and interests with potential opportunity. Lots of people are getting into the digital business world, which is an arena that’s full of opportunity, plus the learning curve isn’t too steep if you don’t yet have the background knowledge.
However, Entrepreneur magazine says not to overlook what they call “tried and true” businesses, like gardening. Traditional mom and pop operations are still in demand – the trick is to make a traditional business work for the modern world. This means being social media savvy and learning how to reach clients through digital channels.
Another option is to do what you know. If that sounds obvious, consider ways to put it into action that you may not have thought of. For example, Side Hustle HQ suggests some unique business ideas for veterans, like starting a private security company or becoming a personal fitness trainer. Or if you want to start a digital business, look into niche affiliate marketing that’s focused on topics that veterans are concerned about.
Find Inspiration (And a Mentor)
As a former service member, you already know what it takes to find inner strength and determination. These qualities are ultimately what you need to succeed as a business owner, but there’s no reason why you can’t also borrow some inspiration from others. Along with meeting other veteran business owners, read up on veteran entrepreneurs to see how they’ve done it successfully. Another great way to get guidance is to team up with a mentor, ideally a fellow veteran turned entrepreneur.
Becoming a retired service member is like starting a new chapter in your life. The knowledge and skills that you bring to the table will help write that chapter, but how you use them is up to you. Above all, the best entrepreneurs are those who never stop learning, so take hold of these resources and run with them to get your new venture started off right!
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