In my last few articles I have attempted to make you think outside the box, as I spoke about being an Entrepreneur when you separate from the military. We looked into entrepreneurial mindset, got great advice from fellow veterans who are finding success, learned about federal agencies and resources out there to help guide you through the process, and now we will look at the basic steps to starting your own business.
First things first, if you have an idea you think will make a great business, you’re off to a good start. Let’s take a look at the list below, created from my own experiences of starting a business.
Step 1 – Mental Preparation
Are you ready to start working days, nights, weekends, long hours…. Taking on your own business will take a lot of your own personal time, but if you’re like me who absolutely loves what he is doing, then it won’t feel like work. Passion will override the hard times especially when you see your business growing, just be prepared to work hard much like you did in the military.
Step 2 – Financial Preparation
Without money you may not be able to afford the services you will need to set up the business. Some of the paperwork the IRS will require may be done by yourself, but you may find paying for a professional to set up your business will be the best option. You will also need to take advantage of the internet to get your business known, so a good website will cost you, and maybe even having someone run for you as well. The list of expenses just to start your business can add up quickly, so be sure to start saving as much as you can a month and in time, you will have some good start up cash.
Step 3 – Map out your Idea
Much like a briefing about an enemy position, you too will need to gather all the details and information about your idea. Think about saving anything you can to show people you speak to for guidance understand that what you have created will make for a great business. It will make everything so much easier when you are organized, from the start of your business and even while running your business.
Step 4 – Seek Guidance
As mentioned in my previous article, make an appointment with one of the government agencies such as SCORE, SBA, or VetBiz. Remember about bringing all your work to show, your idea will work. If you know of someone who can be a great mentor, then by all means take advantage of learning the ropes from those you trust and those who can guide you through the process.
Step 5 – Research Veteran specific programs
You should get great information and support from the agencies I have mentioned before. But as a veteran, you will be the best person to know what programs and resources are out there specific to helping veteran entrepreneurs, because as I have said before, it is up to you in the civilian world to learn what is out there. Do your own research, and always ask questions to learn more about veteran specific grants or programs that can help you get your business started.
This is a very basic but easy to understand set of steps to start the process of starting your own business. By seeking help from a professional, you will get the full detailed list of what you must do to get started. I have learned from my own experience that you must find the best people to work with, who you can trust and be passionate to help you, just as you will be with running your business.