{"id":104202,"date":"2018-02-17T17:57:04","date_gmt":"2018-02-17T17:57:04","guid":{"rendered":"https:\/\/one.sightlinemg.com\/militarytimes\/uncategorized\/2018\/02\/17\/6-tips-to-start-your-business-from-scratch\/"},"modified":"2026-08-08T11:28:36","modified_gmt":"2026-08-08T11:28:36","slug":"6-tips-to-start-your-business-from-scratch","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/militarytimes\/education-transition\/2018\/02\/17\/6-tips-to-start-your-business-from-scratch\/","title":{"rendered":"6 tips to start your business from scratch"},"content":{"rendered":"\n

For veterans with more experience on the battlefield than in the board room, sometimes the hardest part about launching a business is knowing where to start. <\/p>\n\n\n\n

Here are the top tips for veterans who want to start their own businesses, from three top entrepreneurship experts.
<\/p>\n\n\n\n

1. Do some recon<\/b><\/p>\n\n\n\n

Maybe you\u2019re still in the process of transitioning to civilian life and have no idea how to get started as an entrepreneur. Or you\u2019re a veteran with a great idea, but you\u2019re not sure if it can be anything more than a hobby. <\/p>\n\n\n\n

That\u2019s nothing a little reconnaissance can\u2019t solve. <\/p>\n\n\n\n

\u201cIt is never too early to get information about whether business is right for you,\u201d said Barb Carson, associate administrator for the Office of Veterans Business Development at the Small Business Administration.<\/p>\n\n\n\n

SBA has a number of resources to help get you thinking like an entrepreneur. For service members transitioning out of the military and their spouses, there\u2019s Boots to Business<\/a>, a free program offered on military bases within the Transition Assistance Program. There\u2019s a similar iteration for veterans \u2014 Boots to Business Reboot<\/a> \u2014 as well as other resources available through Veterans Business Outreach Centers.<\/p>\n\n\n\n

These types of programs can help you determine some business basics, such as whether you have the right idea and if now is the right time to launch that idea.<\/p>\n\n\n\n

\u201cGo get that in person one-on-one time,\u201d Carson said. \u201cIt\u2019s an investment of your time and not any money.\u201d <\/p>\n\n\n\n

2. Make a plan<\/b><\/p>\n\n\n\n

Ever heard the saying, \u201cGive me six hours to chop down a tree, and I will spend the first four sharpening the axe\u201d? <\/p>\n\n\n\n

Misty Stutsman, director of entrepreneurship and small business at Syracuse University\u2019s Institute for Veterans and Military Families, points to that as a good example of what it means to create a plan. <\/p>\n\n\n\n

\u201cSimply put, there is nothing that will make you fail faster than an ill-thought-out business,\u201d she said in an email. \u201cYour business plan allows you to set a road map for your business and test your business ideas.\u201d<\/p>\n\n\n\n

This should be a \u201cliving, breathing\u201d document with information about your business\u2019 direction, goals and projections, she said. It doesn\u2019t have to be 50 pages long, but it should answer key questions, such as who your customer is and how you will monetize your idea. She pointed to an entrepreneurship guide out of Syracuse\u2019s Whitman School of Management, \u201cNuts and Bolts of a Great Business Plan<\/a>,\u201d that can help you get started.<\/p>\n\n\n\n

Sean Falk, a Marine Corps veteran and committee member for the International Franchise Association\u2019s VetFran initiative, said banks, and often landlords, require a business plan. He recommended finding someone to help you compile it or even checking out templates available online that can help you identify the information that should go in the document. <\/p>\n\n\n\n

\u201cYou really need to put your time and effort into it,\u201d he said. <\/p>\n\n\n\n

Then, let it guide you. <\/p>\n\n\n\n

\u201cNo matter what you do, fall in love with the business model, not the product,\u201d Falk said. \u201cJust because you love ice cream doesn\u2019t mean that you can open up an ice cream shop and be successful.\u201d<\/p>\n\n\n\n

\"\"
Marine Corps veteran Sean Falk has been a franchisee for more than two decades and is a member of the International Franchise Association’s VetFran committee. (Provided by Sean Falk)<\/figcaption><\/figure>\n\n\n\n

3. Ask for advice<\/b><\/p>\n\n\n\n

Find a veteran business owner and ask for advice, said Falk, who has experience both as a franchisee and a franchisor and business mentor.<\/p>\n\n\n\n

That shouldn\u2019t be too hard, given the number of businesses owned by veterans nationwide \u2014 2.52 million, according to a recent SBA report of Census Bureau data.<\/p>\n\n\n\n

In the military, \u201cwe have this built in understanding of where to go to ask for advice, or we\u2019re not afraid to share experiences or how to do things the best way, or best practices,\u201d Falk said. \u201cI think members of the military need to replicate that when they get out into the business world or get ready to go into the business world themselves.\u201d <\/p>\n\n\n\n

Veterans said that developing and maintaining mentorships was one of their biggest struggles when starting a business, according to data from a recent IVMF study.<\/p>\n\n\n\n

Stutsman said it\u2019s important to find someone who can give you tough advice that will help your company grow. She suggested checking out groups like SCORE, Veterati and American Corporate Partners to help you make those connections. <\/p>\n\n\n\n

Falk added that a mentor can help you check crucial items off of your business launch to-do list, ultimately letting you get your business off the ground more quickly.<\/p>\n\n\n\n

\u201cWhen I talk to other veterans, they are tripping over themselves to help other members of the military be great in the future,\u201d he said.<\/p>\n\n\n\n

4. Get your finances in order<\/b><\/p>\n\n\n\n

\u201cYou\u2019re not ready to start a business if you\u2019re counting on a loan to launch your venture,\u201d SBA\u2019s Carson said. This doesn\u2019t necessarily mean you need to have cash in hand, but you should have financial resources available. <\/p>\n\n\n\n

A good rule of thumb is that you should already have 10 percent of the loan you\u2019re trying to acquire, she said. So, if you want a $100,000 loan, you should have $10,000 on hand. <\/p>\n\n\n\n

Access to capital is the most difficult and crucial step in the process of starting a business, and there are several ways to go about it, Stutsman said, including \u201cbootstrapping yourself, friends and family, crowdfunding, investors, and bank loans.\u201d There are also some nontraditional and underutilized routes, such as business plan competitions and the Treasury Department\u2019s Community Development Financial Institutions Fund.
<\/p>\n\n\n\n

SBA\u2019s website<\/a> also has information to help you with financing, including connections to specific loan opportunities for veterans and military family members.<\/p>\n\n\n\n

\u201cAccessing capital is vital for your success, but preparation, a solid business plan, and realistic projections will set you up for funding in no time,\u201d Stutsman said.<\/p>\n\n\n\n

\"\"
Misty Stutsman of the Institute for Veterans and Military Families at Syracuse University says her number one piece of advice for veteran entrepreneurs is to come up with a plan. (Provided by Institute for Veterans and Military Families at Syracuse University)<\/figcaption><\/figure>\n\n\n\n

5. Determine your model<\/b><\/p>\n\n\n\n

Do you want your company to be a sole proprietorship, a limited liability company, or an S corporation? Do you even know what any of those mean? <\/p>\n\n\n\n

Get to know the models and choose the legal structure that\u2019s right for you. Then start filing your paperwork with state and local governments and the appropriate agencies, Stutsman said.<\/p>\n\n\n\n

Here\u2019s where you may also want to consider franchising, which would give you the benefits of being your own boss without the drawbacks of doing all the legwork of an entrepreneur.<\/p>\n\n\n\n

A franchise brand provides its franchisees with rules, directions, equipment, training and other resources to help them run a business, much as a company would its employees. When starting a business from nothing, you have to come up with plans for everything from marketing to uniforms, but as a franchisee, your corporate office does that for you.<\/p>\n\n\n\n

\u201cMilitary members have been used to coming into an organization \u2014 the military \u2014 and following rules, procedures, operations manual,\u201d said Falk. Franchising similarly requires adherence to established procedures, so veterans are often very good fits for the business model.<\/p>\n\n\n\n

6. Network<\/b><\/p>\n\n\n\n

The same IVMF study mentioned earlier showed networking as another area where veteran entrepreneurs struggle. <\/p>\n\n\n\n

\u201cIt is important that you get out there and network with those who are in similar industries or have worked through similar challenges that you\u2019re facing. This interaction will not only help you grow as an entrepreneur, but word of mouth is the best way to grow your business,\u201d said Stutsman. And make sure you listen more than you talk, she added. <\/p>\n\n\n\n

In addition, Carson said, networking can help you \u201cbroaden your ideas of what\u2019s possible.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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