According to SCORE research, 76% of veteran entrepreneurs credit their military experience for their work ethic and discipline. Fifty-eight percent believe that the military also taught them leadership and management skills. These are prime skills needed for small business ownership.
Before reaching out to organizations for support consider the following steps:
Do a personal inventory to confirm your core skills needed to launch a small business.
Prepare for the world of business by participating in a Boots to Business workshop hosted by the U.S. Small Business Administration through its Transition Assistance Program (TAP). Hosted on the Cape at least once a year.
Financing your venture. Consider the best and most expeditious sources of financing – personal savings, friends and family, SBA-backed loans, lines of credit.
Participate in local opportunities for learning business skills – Boots to Business, SCORE webinars and workshops, Cape Cod Community College programs, Cape Cod Young Professionals workshops, EforAll initiatives.
Locate a SCORE (www.score.org/capecod) mentor to guide you through the steps in business planning, formation, launch and growth.
There are essential skills for all small business owners, making veterans prime candidates for launching their own ventures. To support veterans in achieving their dreams in the civilian business world, there are a number of resources out there. These include:
SCORE for Veteran Entrepreneurs
SCORE for Veteran Entrepreneurs is a great starting point for all things related to veteran entrepreneurship. With this resource, you can:
Receive vet-to-vet advice on small business ownership
Gain insight on how to get funding
Learn how other veteran entrepreneurs use their military experience to their advantage in the civilian business world
Access SCORE educational materials and tools on starting a small business
Find a veteran entrepreneur mentor to guide you through the small business startup process
U.S. Small Business Administration (SBA): Office of Veterans Business Development (OVBD) - This veteran-focused centralized hub provides information on a number of SBA initiatives for veterans, service-disabled veterans, reservists, active-duty service members and transitioning service members, as well as their spouses or survivors. On this site, you will learn about:
Funding opportunities for veteran-owned small businesses
Preparation tools available to help you start your business
Training programs targeted at veterans (including customized curriculums, in-person classes, and online courses)
The OVBD also provides information about the Veterans Business Outreach Center Program, which offers business plan workshops and concept assessments, as well as training. Veterans Business Outreach Centers are located across the U.S.
Through the OVBD, you may also access information on the Military Reservist Economic Injury Disaster Loan Program, which provides loans of up to $2 million. These loans are intended to cover small business operating costs that entrepreneurs cannot meet because an essential employee was called to active duty in the Reserves or the National Guard.
There are also entrepreneurship training programs aimed at women veterans and military spouses. In addition, the OVBD offers guidance on government contracting opportunities for veterans.
Veteran Institute for Procurement (National VIP) - This organization provides veterans with training on the processes involved in federal procurement. There are five different programs:
VIP START: Aimed at businesses that strive to become procurement-ready and access the federal market
VIP GROW: Focused on helping veteran entrepreneurs build strategies for expanding and operating within the federal market
VIP INTERNATIONAL: Geared towards veterans seeking to do business internationally
VIP ADVANCE: For companies embarking on their next stage of growth
VIP AEROSPACE: For businesses focused on accessing the federal aerospace market
U.S. Commercial Service: VetsGoGlobal - This veteran-led initiative of the U.S. Commercial Service provides veterans and military spouses with education on the export process, as well as operating a business internationally. It helps veteran entrepreneurs and/or their spouses develop their international business strategies through counseling, business matchmaking, and market intelligence. Visit www.trade.gov/vetsgoglobal for more information.
International Franchise Association Foundation: VetFran - This is a great resource for veterans interested in franchising. It provides education on franchised business opportunities, as well as a database of options. VetFran also advocates on behalf of veteran entrepreneurs to secure veteran discounts from franchisors.
U.S. Department of Veterans Affairs: Veterans Entrepreneurship Portal (VEP) - VEP was designed to give veteran entrepreneurs easy access to federal services (including information and best practices associated with running a business). This portal features materials on:
Defense Department. In additional to Boots to Business, the Defense Department offers Bunker Labs (https://bunkerlabs.org) educational programming, mentors and help in forming small businesses. Patriot Bootcamp (http://patriotbootcamp.org) offers entrepreneurial education, access to resources and mentorship. Entrepreneurship Bootcamp for Veterans with Disabilities (http://ebc.vets.syr.edu/) has training in small business management for post 9/11 veterans with service-connected disabilities as well as family members who serve as caregivers to veterans with service-connected disabilities.
Contributed by Marc L. Goldberg, Certified Mentor, SCORE Cape Cod & the Islands, www.score.org/capecod, capecodscore@scorevolunteer.org, 508/775-4884. Source: ASK Score 2023. 8 Resources to Help Veteran Entrepreneurs & Small Business, Brett Farmiloe, Terkel.
