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Things to Consider When Starting Your Own Business

Things to Consider When Starting Your Own Business as a Veteran 

 

After serving your country in the military, you may be ready to start your very own business so that you can be your own boss and offer a set of unique products and/or services to the public. But before you dive into starting your own company as a veteran, continue reading for a few helpful tips that can help ensure your success long into the future.

Go with What You’re Good At

As a result of your hard work in the military, you likely have really solid skills in one or more fields. These might include everything from computers and technology, to health care, engineering, operations, communications, and more. You can easily take these skills and begin using them to help people every day, and sticking with what you know and what you are good at will help ensure your success.

So if you are pretty stumped about what type of business you should open, think about how you can take your military resume and use it for civilian needs. If you worked as a squad leader, as one example, you can likely make a great project manager.

Get Financing That’s Specially Available for Veterans

When it comes time to actually get your business off the ground, you can go the traditional route and get a small business loan, or you can look into special financing options that are available especially to veterans like you.

These include government-backed loans that will give lenders extra security so it’s more likely that your request will be approved. You can also go for microloans, which are great at helping to fund new startups. Check out the SBA’s Microloan Program and the SBA Express Loan Program, as well as those that have waived or lower borrower fees.

Even if you are a veteran with less than perfect credit, your status could help you find loans with credit unions, community banks, and specialty lenders, so don’t get discouraged, and know that there are plenty of options available to you.

Make Sure You Get the Right Level of Insurance Coverage

Just as you need to purchase insurance policies to protect your personal assets, you also need to invest in the right business insurance policies to protect your company’s assets in the event of a natural disaster, theft, or even an injury that occurs at the workplace or during work hours.

From general liability insurance, to property insurance, auto insurance, and worker’s compensation insurance, there are several different policies that you should get for complete protection. Check out bizinsure.com to compare policies and rates and choose the ones that are right for your company and budget.

As a vet, you have a lot of valuable skills that you can now use to build your own business and enjoy what you do every day. If you need any help, rest assured that there are also many resources available that can help you generate ideas or get your ideas together if you know the direction you want to go in.

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