5 Tips to Help Veterans Succeed in Business

5 Tips to Help Veterans Succeed in Business
Defense Department photo

MOAA will host an informative webinar on the Essentials of Starting Your Own Business, in conjunction with Capitol Post and Bunker Labs, on Nov. 7 at 2 p.m. Eastern. Learn more and sign up here.

Until then, here are five tips and resources to help veteran entrepreneurs start, grow and succeed in business:

1.What makes veterans good business owners? Approximately 2.5 million veteran-owned businesses in America represent 9.1 percent of all U.S. businesses. A cognitive framework and worldly experience obtained through military service create successful business owners who are innovative, adaptable, and decisive.

2. How can you test a business idea? Do your homework. Conduct the proper market research. Share your business idea with family, friends, colleagues, and mentors. Identify all the reasons why the business won't work, then seek solutions to the challenges.

3. What are some things to consider when choosing the right business structure? Take advantage of the resources offered by the U.S. Small Business Administration (SBA) through Veterans Business Outreach Centers (VBOC) and Service Corps of Retired Executives (SCORE) programs.

4.What are some tips to help veterans prepare when seeking to access capital? Contact the Department of Veterans Affairs and SBA. They have several assistance programs available to help you navigate your options and select what is right for you.

5.How can veterans master the art of networking? Expand your network. Attend outreach, seminars, and virtual events to make valuable connections.