a guest post by Kelli Brewer with Deploy Care

Veterans who are interested in starting a business may have more resources available to them than they realize. Regardless of the number of years served or in which military branch, there are business loans, grants, consultants and a wide range of services available to help. Starting a business is an exciting venture and a great way for veterans to transition into a new career.

Veteran Business Resources

There are so many variables to consider when starting a business. Chamber of Commerce recommends a series of steps for veterans to consider, such as researching, creating a business plan, and finally, registering your business. For men and women who have served our country, there are designated resources to assist with these many facets of starting a company.

The Small Business Association has a specific branch for veterans known as the Office of Veterans Business Development. The OVBD offers entrepreneur programs and loans specifically for veterans, as well as varying specialized programs designated for women, disabled veterans and more. Saint Joseph’s University also offers Entrepreneurship Bootcamp for Veterans, a free training program for qualifying veterans who wish to start up a business. This three-phase program gives veterans an opportunity to plan and strategize a business venture with professional guidance, and offers free tuition and lodging.

Veterans considering a startup may be unsure about what sort of business to develop, and there are endless business options veterans can choose from. Sometimes having a strategy for brainstorming new business ideas can be helpful, as it’s easy to become stuck in rigid ideas of what is possible. People who are struggling to decide what sort of business to start may want to take an aptitude test to help identify areas of skill and interest. A Skills Translator test that has a personality assessment built in is a comprehensive way to find a rewarding career path that matches personality traits.

Veterans who are starting a new career as a business owner may feel apprehensive about the risk associated, particularly if this is a first endeavor. The Veteran’s Association offers small business owners annual assistance to identify needs and potential government and corporate opportunities for procurement. There are also safe ways to approach the development of a new business to protect personal assets and simplify the process.

Self-Protection in a New Business Venture

Small business owners who wish to protect personal and family assets can develop their business as a Limited Liability Company. Companies that develop an LLC benefit from reduced risk to personal property, as well as tax advantages and reduced paperwork. Some LLCs can receive the Qualified Business Income deduction, which allows a 20 percent deduction of net income. The LLC option also offers business owners the ability to file as a single-member or partnership company. Keep in mind that each state has separate requirements for LLC designation, so researching the expectations of your state is important.

If the idea of paperwork and hefty legal fees is stressful, it may be worth considering the assistance of a formation service. Essentially, a formation service simplifies the legal process for new business owners. These services offer trustworthy guidance to get things started with your business, right down to explaining the paperwork in simple terms, and providing the right forms at the right time to get your business up and running.

Veterans who want to start a new business are entering an exciting new chapter of life. There are many helpful resources available to assist with the entire process, from the initial thought to opening day. Specialized programs for veterans, including consultants, loan programs and aptitude screenings can provide practical information to ensure that new business owners are destined for success.