{"id":56332,"date":"2019-11-13T10:00:04","date_gmt":"2019-11-13T10:00:04","guid":{"rendered":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/uncategorized\/2019\/11\/13\/eight-tips-for-vets-who-want-to-start-their-own-businesses\/"},"modified":"2026-08-08T11:39:50","modified_gmt":"2026-08-08T11:39:50","slug":"eight-tips-for-vets-who-want-to-start-their-own-businesses","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/marinecorpstimes\/education-transition\/2019\/11\/13\/eight-tips-for-vets-who-want-to-start-their-own-businesses\/","title":{"rendered":"Eight tips for vets who want to start their own businesses"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Veterans have proven themselves to be among the country\u2019s best entrerpeneurs, starting major companies such as Fed Ex, Nike and Walmart.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But if you\u2019re a veteran who wants to be your own boss, it may not be obvious how to get started.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Military Times reached out to federal agencies, veteran support groups and private companies, asking what advice they would give to aspiring veteran entrepreneurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what they told us:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>1. Take advantage of the help available to you<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vets who want to start their own businesses can run into a unique problem: There are so many programs and resources out there to help, they may not know where to start.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Misty Stutsman, director of entrepreneurship at Syracuse University\u2019s Institute for Veterans and Military Families, said there are several hundred programs developed to help vets start their own businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere\u2019s a huge navigation issue that veterans are now facing,\u201d she said. \u201cWith all of those resources, you can kind of spin your wheels.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stutsman suggested that vets start by finding local groups and resources, as well as consulting their network of fellow vets to see what groups they found most helpful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The military\u2019s transition assistance program, or TAP, includes a section focused on entrepreneurship called <a href=\"https:\/\/sbavets.force.com\/\">Boots to Business<\/a>, which can help vets learn the basics of entrepreneurship and get a grasp on the support programs available to them. Vets who have already separated from the military can get a version of this training by signing up for its sister program, Boots to Business Reboot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>2. Check out the <\/b><a href=\"https:\/\/www.sba.gov\/\"><b>Small Business Administration<\/b><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ve probably heard about business owners frustrated with government rules and regulations, but did you know that there\u2019s an entire government agency dedicated to helping small business owners?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Small Business Administration has hundreds of <a href=\"https:\/\/www.sba.gov\/offices\/headquarters\/osbdc\">Small Business Development Centers<\/a> scattered across the country, as well as nearly two dozen <a href=\"https:\/\/www.sba.gov\/offices\/headquarters\/ovbd\/resources\/1548576\">Veterans Business Outreach Centers<\/a> catering to veterans and others with ties to the military.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSBA has this amazing myriad of resources,\u201d Stutsman said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Larry Stubblefield, associate administrator for SBA\u2019s Office of Veterans Business Development, said his organization can help veterans find mentors, navigate lenders, learn how to market themselves and much more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have 22 Veterans Business Outreach Centers located around the country,\u201d Stubblefield said. \u201cThey\u2019re like a one-stop shop for transitioning service members, veterans, military spouses.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the cost is already covered by your tax dollars, typically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe vast majority of our resources are free to the recipient.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>3. Find a mentor<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe folks who go out and connect \u2026 you\u2019re much more likely to be successful than going at it alone,\u201d Stubblefield said. \u201cEntrepreneurship is definitely a team sport.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you know fellow vets who started their own businesses, reach out and ask them for advice. If you don\u2019t, look into the SCORE program, a volunteer initiative associated with SBA that helps vets find business mentors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSCORE\u2019s been around 56 years, now, and it\u2019s what is called a resource partner of the SBA,\u201d said Jay Gladney, a certified SCORE mentor. \u201cWe actually extend their \u2026 personnel resources to allow them to better serve SBA clients.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SCORE connects budding entrepreneurs with mentors who have successfully grown their own businesses, often in the same field. The mentors can help budding entrepreneurs hone their ideas, improve their pitches to lenders and plan for growth and next steps.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are 348 SCORE chapters throughout the U.S., and you can <a href=\"https:\/\/www.score.org\/\">search for mentors online<\/a>, as well as viewing SCORE entrepreneurship <a href=\"https:\/\/www.score.org\/content\/take-workshop\">webinars and courses<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>4. Research and test your idea<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere are very few brand-new ideas out there,\u201d Gladney said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the fact that someone has probably already tried your business idea in some form can work to your advantage \u2013 it gives you the opportunity to learn from their successes and failures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cLearn as much as you can about the industry, the product and the service that you\u2019re going into, so that you\u2019re going in with a much better possibility of success,\u201d Gladney said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gladney and other entrepreneurship experts told Military Times that it is important to make sure that your idea has enough target consumers who are eager to buy what you\u2019re trying to sell. This probably means doing more than just asking your friends and family what they think.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gladney suggested that entrepreneurs create surveys using free online tools to help them better understand what the consumers they\u2019re targeting really want.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou can actually create a small survey to ask people about what it is that you\u2019re creating, whether they would be interested in buying that, and even ask them the price points,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>5. Build a business plan<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You\u2019ve surely heard that you need to make a business plan before you launch your own company. But what exactly is a business plan?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You should be making a \u201cfairly robust document\u201d in the range of 15 to 20 pages, Gladney said. And it\u2019s important that you physically write it out, rather than just having a vague sense of it in your head.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGetting it written down is important, because it forces them to be specific and to make it make sense,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ask your network of mentors and advisors to help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And once you write the plan down, it doesn\u2019t become an infallible document that should never be changed again, said Stutsman of Syracuse\u2019s IVMF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cA business plan becomes a living document,\u201d she said. \u201c It\u2019s not something that\u2019s set in stone.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stutsman said that business owners should go back to their mentors and advisors, even long after getting their businesses off the ground, for advice and help adjusting their business plans to meet changing conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>6. Figure out financing<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Launching a business will require money. Depending on your business, it could be a lot, or it could be a relatively modest amount. But regardless, you\u2019re probably going to need to find a lender.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the first things that any lender will want to see is a business plan and market research that shows that your idea is viable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cLenders are going to be looking at that,\u201d said SBA\u2019s Stubblefield. \u201cThey\u2019re not just going to, you know, hand you money.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even once you have all that material together, chances are that you\u2019ll still have a hard time getting a loan by just walking into your nearest bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBanks are generally a little difficult for startups,\u201d said SCORE\u2019s Gladney. \u201cThere\u2019s no track record for success of the business for a startup, and so therefore the bank has less data on which to evaluate the risk that they\u2019re taking.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That can lead to a lot of rejections. Instead, you may want to start with special lenders dedicated to helping small businesses, such as lenders associated with <a href=\"https:\/\/www.cdfifund.gov\/Pages\/default.aspx\">The Community Development Financial Institutions Fund<\/a>, or CDFI Fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another great resource is the SBA\u2019s <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/lender-match\">Lender Match<\/a> program. Just fill out some forms online and the service connects you with possible funding sources, all of which have been approved by the SBA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>7. Talk with your family<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your personal and family finances \u2013 credit scores, debt, collateral, etc. \u2013 will affect your ability to get a business loan, Gladney said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And of course, the inverse is true as well: Whether your business succeeds or fails will have a big impact on your family\u2019s financial situation. So starting your own business needs to be a family decision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou absolutely must have \u2026 partner\/family buy-in, or you\u2019re doomed to fail,\u201d said Janet Harris, director of recruitment for Dream Vacations, a franchise brand that helps entrepreneurs launch their own travel businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One way to minimize your personal financial risk is to start slow, said Stutsman of Syracuse\u2019s IVMF.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDon\u2019t quit your day job \u2026 Don\u2019t cash out your 401k on an idea,\u201d she said. \u201cIt\u2019ll take a while to get to cash flow. It\u2019ll take a while until you can take an income without hurting your company.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, Gladney recommended setting up a separate legal structure for your company, such as an LLC, so that the company bears more of the financial risk, not you. But even if you take all these steps, starting your own business is still a big risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou have to assume the risk if you want the reward,\u201d Gladney said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>8. Consider franchising<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Starting a business from scratch will require you to do marketing, accounting, website building and much more. Are you an expert in all of those areas? Are you ready to pay someone else to help?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If not, franchising might be a great option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you have a franchise, it\u2019s like a box with a big bow on top,\u201d said Janet Harris of Dream Vacations. Inside that box, you\u2019ll find marketing, accounting, training and other help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, that help comes with extra cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SBA\u2019s Stubblefield said that while franchisees can typically expect \u201ca lot of support from corporate headquarters,\u201d they are also likely to have much steeper startup costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Franchisees also typically have monthly franchise fees, or royalties, marketing expenses, material costs and other ongoing expenses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, the franchise system is often a very good fit for veterans, Harris said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFranchising is a road map, so you follow that road map to success, which is also what \u2026 men and women in the military do,\u201d she said. \u201cThat makes them very comfortable, and it also gives them more confidence.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.vetfran.org\/\">VetFran<\/a>, a branch of the International Franchise Association, has online advice and resources for veterans interested in franchising.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Military Times reached out to federal agencies, veteran support groups and private companies, asking what advice they would give to aspiring veteran entrepreneurs. Here\u2019s what they told us:<\/p>\n","protected":false},"author":7,"featured_media":98570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":7,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[7,23,93],"tags":[],"coauthors":[1432],"class_list":["post-56332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-transition","category-home","category-middle-column"],"acf":{"subheadline":"","legacy_arc_id":"VFGD7NV32JB4PKBSTI45SEWJIY","arc_canonical_url":"\/education-transition\/2019\/11\/13\/eight-tips-for-vets-who-want-to-start-their-own-businesses\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eight tips for vets who want to start their own businesses - Marine Corps Times<\/title>\n<meta name=\"description\" content=\"Military Times reached out to federal agencies, veteran support groups and private companies, asking what advice they would give to aspiring veteran entrepreneurs. 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Here\u2019s what they told us:\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/marinecorpstimes\/education-transition\/2019\/11\/13\/eight-tips-for-vets-who-want-to-start-their-own-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"Marine Corps Times\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-13T10:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-08T11:39:50+00:00\" \/>\n<meta name=\"author\" content=\"George Altman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"George Altman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/education-transition\\\/2019\\\/11\\\/13\\\/eight-tips-for-vets-who-want-to-start-their-own-businesses\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/education-transition\\\/2019\\\/11\\\/13\\\/eight-tips-for-vets-who-want-to-start-their-own-businesses\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"migration\",\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/#\\\/schema\\\/person\\\/cc76c831bb37a926738c8391fca7a3b1\"\n\t            },\n\t            \"headline\": \"Eight tips for vets who want to start their own businesses\",\n\t            \"datePublished\": \"2019-11-13T10:00:04+00:00\",\n\t            \"dateModified\": \"2026-08-08T11:39:50+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/education-transition\\\/2019\\\/11\\\/13\\\/eight-tips-for-vets-who-want-to-start-their-own-businesses\\\/\"\n\t            },\n\t            \"wordCount\": 1604,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/one.sightlinemg.com\\\/marinecorpstimes\\\/education-transition\\\/2019\\\/11\\\/13\\\/eight-tips-for-vets-who-want-to-start-their-own-businesses\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/one.sightlinemg.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/Entrepreneur.jpg.jpg\",\n\t            \"articleSection\": [\n\t                \"Education &amp; 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