Guest Post by: Kelli Brewer deploycare.org

A penchant for being organized. Attention to details. Dedication. Operating under pressure. These are just some of the attributes that fit many veterans who transfer well to entrepreneurship. While possessing these traits certainly doesn’t guarantee success, there is a reference for success: According to this article in Military.com, “around 9% of all businesses in the U.S. are veteran-owned and 10% of veterans run their own business.”

Get started with an idea, resources to help you with planning, and steps to protect yourself and your business and yA penchant for being organized. Attention to details. Dedication. Operating under pressure. These are just some of the attributes that fit many veterans who transfer well to entrepreneurship. While possessing these traits certainly doesn’t guarantee success, there is a reference for success: According to this article in Military.com, “around 9% of all businesses in the U.S. are veteran-owned and 10% of veterans run their own business.”

Get started with an idea, resources to help you with planning, and steps to protect yourself and your business and you may be on your way to helping put other Americans to work. MindSpa provides some tips and resources that can help you get started.

Photo by Tim Mossholder on Unsplash

First steps, boot by boot

You may remember learning about some business resources during your Transition Assistance Program (TAP) as you were preparing to transition out of service. In particular, you hopefully took advantage of the US Small Business Administration’s Boots to Business program that provides education and training to veteran entrepreneurs. You can also participate in Reboot classes. In general, the SBA’s Office of Veterans Business Development Resources is going to be an excellent starting point for guidance and additional resources. It will also point you to your nearest Veterans Business Outreach Center for available workshops and training.

By now, you likely have an idea of what type of business you want to pursue. Still, it’s not a bad idea to review popular ideas for veterans that have a good track record of success, such as franchise ownership and retail, and compare the pros and cons of each against your own ideas.

Planning pieces

One of the things you’ll learn about is the importance of the business plan. This business roadmap details your ideas and the realistic opportunities for business success – including any threats, such as competition or market hindrances – to demonstrate your preparedness. Even if you think you have it “all in your head” or you’ve already gotten a good start and things are going well, it’s important to examine things from every angle to prepare for change. Also, if you need outside financing, your investor or lender will want to see your business plan, along with other documents such as a marketing plan and financial projections.

Photo by Scott Graham on Unsplash

Another important preparation piece is liability protection. If you remain a sole proprietor, you open yourself up to near-unlimited liability if something goes wrong in your business, such as a lawsuit or a business failure that leaves behind substantial debt. To avoid this, consider structuring your business as a limited liability company. While an LLC is a corporate structure, it offers more flexibility than some other corporate structures while still, in most cases, protecting your personal assets, like your house and personal bank accounts.

Individual states govern how LLCs are structured and can operate within their states, so it’s important to check your state laws. You can approach your secretary of state office for details and instructions; or, to save you time, a lawyer can take care of everything. However, to save that expense, consider a company that provides this same service for typically far less cost.

Continuing to serve

Owning your own business gives you an opportunity to continue to serve. Fulfilling your dream of being your own boss and pursuing a passion is rewarding – even more so when you consider that you could be one of the many veterans who continue to serve Americans by providing them with rewarding jobs and careers.ou may be on your way to helping put other Americans to work. MindSpa provides some tips and resources that can help you get started.