Are you considering starting a business? You’re not alone. Veterans are actually more likely to start their own businesses than non-veterans. The earlier you start thinking about building a veteran-owned business, the better. Here are just a few ways you can set yourself up for success.

Get Educated

In order to jump-start your business career, you need to know what you’re doing. There isn’t one right way to run a business, and over time, you’ll learn what works for you. However, arming yourself with some basic, vital knowledge can help you avoid early setbacks. If you’ve considered going back to school, this could be a great time to get your MBA. There are also training programs like Boots to Business that are designed to show budding veteran entrepreneurs how to set sail. You’ll learn about managing a business, being legally compliant, start-up costs, and more. 

Write a Business Plan

A business plan is an essential business document that can help you form your business long before you start it. Every business plan will look different, but you’ll want to include sections that explain how your company is managed, what products or services you aim to sell, how you’re going to market and finance your business, and what the financial projections are going to look like. You should also include a market analysis so that you can figure out whether or not your business idea is even viable, and how you’re going to set yourself apart from the competition. Doing this research before you start can prevent premature failure. Plus, a business plan is often necessary for securing financing.

Shop Around for Financing

As a veteran, you are in a unique position to get special deals. Many entrepreneurs start their financing journey with the Small Business Administration, and although the SBA doesn’t offer any loans specific to veterans, veterans can apply for the SBA Express Loan without starting fees. If you need financing once you’re established, you’ll find that a veteran-owned business can get priority funding. Many investors and government programs look for companies that are run by vets.

Take Advantage of Resources

There are a plethora of resources available for veterans to use. From BusinessUSA to the Veteran Entrepreneur Portal, you can find assistance from the local level all the way to the federal level. Don’t forget to use networking resources, either. With veterans consistently pursuing business, you can learn a lot from your peers.

A little education and planning can go a long way. Equipped with valuable resources and financing perks, you can start your veteran-owned business off on the right foot.