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What to Know as a Veteran Starting a Business

Author: Poppy Williams,

As a veteran, you possess unique traits, such as being self-disciplined and courageous, that make you an ideal person to open a small business. You’re also used to working as part of a team and being a leader, which means you can easily manage your employees and work with them. However, before you begin the process, it’s important to know what it takes to open a business. That’s why Keystone Business Brokers is proud to share the following tips and resources. 

Choose Your Business Type 

You must first choose the type of business you want to operate. Think about your passions and interests. Do you love pets? You can open a lifestyle store for dog owners or an e-commerce dog supply store. Perhaps you’re passionate about the army and want to help those who are continuing to serve. Consider opening a fitness center. You can help individuals who are in training to get in shape as well as assist the community as a whole to stay active. 

If you can’t think of ideas based on your interests, create a list of your strengths. Add skills you developed while training in the army. Some business ideas that work well for first-time entrepreneurs include a cleaning service or home care service for the aging. Typically, these businesses require little money to start and are always in demand. Alternatively, remember that you don’t necessarily have to start from scratch. For instance, if you’re interested in purchasing a business that’s already been established, Keystone Business Brokers can help!

Create a Detailed Business Plan 

Once you decide on a business type, create a comprehensive business plan. Not only does drafting this document help you plan, but you need to present it when you apply for loans or grants. Moreover, you may be interested in attracting investors, and they’re likely to want to look at your business plan first. 

In your business plan, write about your products or services. Dedicate one section to specifying your target audience and their demographics. Also include information about the marketing tactics you plan to use.

Examine Your Target Market

You need an accurate view of who your target market is, so you can focus your marketing efforts in the correct direction. For instance, are you focused on local individuals, or is this an online business that ships products around the country? Are your products or services mainly for women, men, or both? If you had to make an educated guess, what age bracket is likely to be more interested in what you offer? 

Find Funding  

Both state and local grants are available, which is money you don’t have to pay back. You can also take out small business loans at low-interest rates through the government. 

In addition, you can look for private investors by asking your current social circle, family, and acquaintances if they want to invest or know anyone who may be interested. 

Improve Your Business Skills

Consider returning to school and earning your MBA degree. You can develop a comprehensive understanding of business and give yourself a distinct edge over the competition, as well as gain leadership skills and understand the importance of self-assessment when monitoring your progress. 

Reap the Reward of Entrepreneurship With the Right Steps

When you know how to proceed as a veteran opening a business, you can build a solid foundation for your business and reap the fruits of your hard work. 

Keystone Business Brokers is the most selective inventory of Businesses in the South Jersey area. Call (866) 744-0720.

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