Resources for veteran-owned businesses

Education and training resources for veteran-owned businesses

Starting a business requires a broad skill set, including small business accounting basics and interviewing skills. Fortunately, veterans have education benefits that can help build those skills. The GI Bill has helped cover all or some of the costs of higher education for millions of vets, which is good because education isn’t cheap.

Chris Rawlings is a former Marine who did two tours of duty in Iraq. He’s now the director of climate and environment – Americas for GEODIS and previously owned Bowerbird Energy and Veteran LED. Rawlings invested in his education after leaving the military, attending the Entrepreneur Bootcamp for Veterans at Florida State University.

“In addition to the education it provided, I tapped into such specialty providers as legal services, marketing and website design,” Rawlings shared. “Those resources helped keep me from feeling overwhelmed about parts of my business that required specialized training.”

Here’s some information about programs and resources that help veterans learn essential business skills:

• Boots to Business Reboot: The SBA offers a two-day course called Boots to Business Reboot that teaches business fundamentals and techniques for evaluating the feasibility of your business.
• Entrepreneurship Bootcamp for Veterans (EBV): The EBV provides small business training to post-9/11 veterans and military family members who serve in a caregiver role to a veteran with a service-connected disability.
• Vet to CEO: Vet to CEO is a free online entrepreneurship program designed and facilitated by veteran entrepreneurs. The training focuses on practical paths to business ownership, including starting a company, buying an existing business or exploring franchise opportunities.
• Training programs: Hiring Our Heroes Corporate Fellowship Program and the U.S. Chamber of Commerce Foundation provide training programs to help transition service members into the civilian workforce with management training and hands-on experience.
• Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE): V-WISE provides an extensive training program in entrepreneurship and small business management for female vets.

Entrepreneurial resources for service-disabled veterans

There are educational and financial resources specific to service-disabled veteran business owners, including VA programs and comprehensive entrepreneurship training offered at major universities.

Here are a few resources to help service-disabled veterans get their businesses going:

• Self-employment program: The VA offers a self-employment program for service-disabled vets. Those who are interested can contact their local VA office.
• Veteran Readiness and Employment: The VA’s Veteran Readiness and Employment program may provide funding for licenses, bonds, inventory and specialized equipment for eligible veterans. The VA also offers educational and career counseling.
• Dog Tag Bakery: Dog Tag Bakery offers a five-month fellowship program for service-disabled veterans, military spouses and caregivers that includes Georgetown University classes and real-life work experience at a small bakery.
• National Veterans Entrepreneurship Programs: These programs offer free training for disabled veterans modeled on a comprehensive entrepreneurship curriculum. Programs currently exist at Oklahoma State University, the University of Tennessee at Chattanooga and the University of Florida.

Networking and mentorship resources for veterans

Veterans are a tight-knit group, and professional connections in the business world are just as crucial as they are in the military. Many organizations, both nonprofit and for-profit, work to connect veterans with business professionals and mentors.

Paul Dillon, a U.S. Army Reserve first lieutenant and service-disabled veteran of the Vietnam War, helped pioneer one such organization. Dillon, who retired from consulting in 2006, started a second career helping veterans start their own businesses.

“My business didn’t start out with the idea of helping veterans,” Dillon explained. “I started out thinking that I was going to provide project management and business development services, but that didn’t work out. I had to pivot several times before I found a niche that worked.”

Dillon created the concept for a business incubator in Chicago, which eventually became Bunker Labs, a national nonprofit that assists veteran entrepreneurs. The organization was later acquired by Syracuse University’s D’Aniello Institute for Veterans and Military Families (IVMF).

Here are some other resources to connect veterans with partners in the business world:

• American Corporate Partners (ACP): ACP helps military veterans connect with mentors in the business community to help grow their businesses. Membership in ACP is free for 12 months.
• Patriot Boot Camp: Patriot Boot Camp is a free training program that provides educational workshops and mentoring to inspire and advance veteran entrepreneurs in technology-related businesses.
• SCORE: SCORE (an SBA partner) helps veteran entrepreneurs find mentors, workshops and other resources in local areas.
• VetsinTech: VetsinTech equips veteran entrepreneurs and their spouses with mentorship, educational programs and workshops for tech startups.
• Hire Heroes USA: Hire Heroes USA is a veteran nonprofit that matches service members with successful professionals for one-hour phone sessions.

Resources for obtaining government contracts for veteran-owned businesses

As a veteran, you’re already familiar with the federal government. You can continue this relationship as a veteran business owner by becoming a registered government contractor. For many businesses, securing a government contract can mean steady work.

The General Services Administration manages many federal contracting opportunities, and the federal government sets aside certain contracts specifically for veteran-owned businesses.

This “veterans first” approach helps level the playing field for veteran-owned small businesses bidding against larger firms. Here are some resources to help you do business with the government:

• Veteran Entrepreneur Portal: The Veteran Entrepreneur Portal provides resources for training, financing, networking, VA procurement and more.
• Veteran Institute for Procurement: The Veteran Institute for Procurement provides a three-day, 27-hour certification program for veteran-owned businesses that want to enter the federal marketplace.
• System for Award Management: The System for Award Management is the account portal for federal government contractors. It’s free to register your business.
• National Veteran Small Business Coalition: The National Veteran Small Business Coalition is an organization dedicated to helping veteran-owned businesses get greater access to federal prime and subcontract procurement opportunities.
• Service-Disabled Veteran-Owned Small Business Program: Joining the Service-Disabled Veteran-Owned Small Business Program gives your small business an edge when competing for federal “set-aside” contracts.
• National Veteran-Owned Business Association: The National Veteran-Owned Business Association is a nonprofit that certifies businesses as Veteran Business Enterprises for American corporations looking to partner with veteran-owned and operated businesses.

Resources for veterans who want to buy a franchise

If starting a business from scratch seems overwhelming, consider buying a franchise. Franchise costs can vary widely, with some of the cheapest franchises having minimal fees and a low initial investment. When you buy into a franchise, you also get guidance from the franchisor and start your business with an already established brand.

Jeff Allen, an Army helicopter pilot, had just transitioned to a public affairs job at the Pentagon when a life-changing event altered his perspective.

“On September 11, 2001, I was sitting at my desk when the Pentagon was attacked,” Allen recalled. “My team survived and, while I did take a brief hiatus, I ended up returning to active duty for another 10 years once the war started.”

When he finally retired, Allen looked for a franchising opportunity that matched the mission he’d chosen for his life. “Protecting people is in my DNA and I took that with me when it came time to start my own business,” Allen shared. “I chose to open Dryer Vent Wizard of Middle Tennessee, a business that helps prevent dryer fires through regular maintenance and inspections.”

Here are some resources for veterans considering buying into a franchise:

• International Franchise Association Foundation: The International Franchise Association Foundation’s VetFran program helps veterans find training and partnership opportunities with franchise companies.
• International Franchise Association: In an article called 5 Tips for Military Veterans Interested in Franchise Ownership, the International Franchise Association provides tips and considerations on franchise ownership.
• 7-Eleven: With 7-Eleven’s Veterans Franchising program, the company offers special financing for qualified veterans, including up to 20 percent off the initial franchise fee and 65 percent financing through 7-Eleven.

Additional resources for veteran entrepreneurs

The following resources are also excellent options for veteran entrepreneurs to explore:

• Office of Veterans Business Development: The Office of Veterans Business Development helps veterans, their dependents and survivors find small business training, resources and opportunities through nearby SBA district offices.
• The Rosie Network: The Rosie Network is a nonprofit that offers training, financing and networking resources for veteran small business owners.
• Military-transition.org: The Military-transition.org website provides a wealth of data and resources to help veterans transition from military to civilian life.

How to start your business with resources for veterans

Military veterans are often motivated entrepreneurs eager to get started. While starting a business involves many factors, here’s a look at the basic steps involved and where entrepreneurs can find helpful resources for each stage.

1. Develop a business idea.

All entrepreneurs ― veteran or civilian ― must develop a strong business idea. For many veterans, the leadership, discipline and decision-making skills developed during military service translate naturally into entrepreneurship. In fact, many successful veteran entrepreneurs attribute their business success to their military experience. Note that businesses like RE/MAX, FedEx, Walmart and GoDaddy were all founded by military veterans.

Dave Liniger, co-founder of RE/MAX, said the military gave him the maturity and confidence to meet the realities of starting a company. “The military really gave me the chance to grow up,” Liniger shared. “It also taught me self-discipline and a sense of responsibility.”

If you need help coming up with an idea, consider the following:

• Let your military experience inspire your business idea: Military experience can often translate directly into the business world and present obvious business ideas. For example, Marc Alacqua, Steve Davis and Altaf Bahora took the same type of technology they used in intelligence for special operations forces in Afghanistan to build a data fusion and content analytics tool. The company they founded, Signafire, counts JPMorgan Chase, Major League Soccer and BlackBerry among its clients.
• Find a business idea that helps other veterans: Veterans can also create business ideas based on helping other veterans. For example, Natalie Oliverio founded Military Talent Partners, which connects employers with veteran job candidates, and Tony Weedn built a military-only social network called BaseConnect.

2. Write a business plan.

After settling on a strong business idea, it’s time to create a road map for your business with a well-developed business plan.

Business plans outline your business goals and how you plan to achieve them. For example, your business plan may include a marketing plan that details your product positioning, target audience, optimal messaging and the best marketing channels, such as social media, direct mail and print advertising. Additionally, you’ll need a business plan when it’s time to seek funding or find business investors.

Consider the following resources that aim to help veterans write their business plans:

• SBA business plan resources: The SBA’s business plan resources can help you write a traditional or lean business plan. Additionally, the SBA Learning Platform provides downloadable examples of business plans.
• Online business plan overview course: The Massachusetts Institute of Technology’s OpenCourseWare resource features a free course called Introduction and Overview of Business Plans. This hour-long video lecture is given by Joe Hadzima, a senior lecturer at the Martin Trust Center for MIT Entrepreneurship.

3. Find funding for your veteran-owned business.

From business loans to crowdfunding, veterans often have access to additional incentives and funding opportunities compared with civilian entrepreneurs. Consider the following funding sources. Some are specifically for veterans, while others are open to all entrepreneurs.

Crowdfunding

With crowdfunding, you receive money from individuals who contribute to support your business idea. These contributions typically aren’t loans, so you usually don’t have to repay them.

Mike Kim, a U.S. Army veteran, used Kickstarter to launch KPOP Foods. He and his co-founder set a $10,000 investment goal for their flagship product, KPOP Korean Chili Sauce. They blew past that goal, reaching $10,000 in just eight hours. In total, they received $37,627 in pledges from 1,219 backers.

Kim said his experience as an Army project manager in Southern Afghanistan taught him resourcefulness and a can-do attitude.

“Launching my own business, I never tell myself I can’t accomplish a task,” Kim shared. “I ask myself instead how I’m going to accomplish a task. Doing this over and over again, you’ll be surprised at your own resourcefulness and creativity.”

Here are some resources to help make crowdfunding work for your veteran-owned startup:

• NASAA guidance: The North American Securities Administrators Association provides helpful tips on federal regulations for equity-based crowdfunding. The online resource is called Small Business Advisory: Crowdfunding.
• SCORE’s financing guide: SCORE provides a small business guide called Simple Steps to Choosing the Right Financing that includes a section on crowdfunding options.

Veteran-specific investments

Venture capital (VC) firms invest in your startup in exchange for partial control, equity and sometimes a seat on your company’s board. Some VC firms and angel investors focus specifically on supporting veteran entrepreneurs.

Consider the following investment options for veteran entrepreneurs:

• Hivers and Strivers: Hivers and Strivers is an angel investment group focused on early-stage investments that support startups led by graduates of the U.S. military academies and other veterans
• Veteran Ventures Capital: Veteran Ventures Capital provides investment opportunities to businesses with veterans in leadership positions.
• Task Force X Capital: Task Force X Capital is a venture capital firm with veteran-led advisory support that focuses on early-stage veteran startups.

Loans

Applying for a business loan is another option for veterans seeking funding. Here are some resources veterans can explore:

• Veteran Business Outreach Center: The Veteran Business Outreach Center program offers referrals to funding programs for prospective veteran entrepreneurs. The resource also offers training and counseling.
• SBA 7(a) loan program: The SBA’s flagship 7(a) loan program is one of the most common ways veterans finance new businesses. While the loans are issued through participating lenders, the SBA guarantees a portion of the loan, making it easier for entrepreneurs to qualify. Eligible veterans may also benefit from the SBA’s Veteran Advantage program, which reduces certain loan fees.
• Military-focused credit unions: Financial institutions that serve military members, such as Navy Federal Credit Union and USAA, may offer small business loans and financial guidance tailored to veterans and their families.

Grants

Business grants aren’t loans; you don’t have to repay them. Here are some veteran-focused resources for grant funding:

• Warrior Rising Veteran Grants: Warrior Rising is a nonprofit that supports veteran entrepreneurs by offering grants, financing, mentoring and business support.
• Second Service Foundation: The Second Service Foundation (formerly the StreetShares Foundation) supports veteran entrepreneurs through mentorship, training and funding programs. Its Military Entrepreneur Challenge allows veterans and military spouses to pitch their business ideas for a chance to win startup funding.
• Hiring Our Heroes Small Business Grant Program: The Hiring Our Heroes Small Business Grant Program provides funding for veteran- and military spouse-owned businesses. Selected entrepreneurs receive one-time grants to help support business development and expansion.
• SBIR and STTR programs: While these grants aren’t specifically reserved for veteran entrepreneurs, the federal government’s Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) programs provide significant funding for startups developing innovative technologies. These competitive programs distribute funding through agencies such as the Department of Defense, NASA and the National Science Foundation.

The military prepares veterans for business ownership

Many veterans enter entrepreneurship equipped with soft skills that translate well to running a company. “The military excels at teaching transferable ‘soft’ skills of critical thinking and multitasking, teamwork and leadership, integrity and motivation, among others,” said Edward Slavis, a former U.S. Marine infantry officer who served in Iraq. “I apply these skills to my real estate business but they could be employed in any field.”

When it comes to starting a business after your military career has ended, one of the most important investments you’ll make is in your knowledge and skills.

The challenges of starting a business are many, but just like in the military, you can rely on the advice and support of other service members. Reach out to the organizations listed in this guide and you’ll see the passion and expertise of people dedicated to helping veteran entrepreneurs succeed. You’ll quickly realize you’re not tackling this mission alone.

Julie Thompson and Donna Fuscaldo contributed to this article. Source interviews were conducted for a previous version of this article.