Plenty of veterans have a goal of starting a business that they hope will bring them both professional success and financial freedom. The discipline that is learned in the military is a huge advantage over civilian entrepreneurs. Understanding what it really takes to work as a team in an efficient manner can allow a veteran to be an incredible founder of a company. The business can incorporate skills learned in the military or skills that have been honed during long deployments like that of writing. The detail oriented nature of the military allows veterans to take care of things that are within their control while setting up their company. A tough aspect of this is letting go of things of which you have no control of which there will be many. The following are tips to help you succeed when starting a business after getting discharged from your military service.
Keeping Overhead Costs As Low As Possible
The one thing that many people and not just vets want to avoid is investors in a business they start. This doesn’t mean an angel investor but rather a venture capital group that might want to flex its influence when the company is deciding on an important issue. Keeping overhead costs low can eliminate the need for investors and with many online businesses all you need is a computer as well as internet connection. The reason that many people start businesses out of their home is due to keeping costs low from not needing to come up with rental for an office space monthly. Drop shipping is a great example of a business that keeps costs low as all you need to do is pay for a website, hosting, or simply work on a platform like Amazon or eBay. There is no need for inventory as the wholesaler will take care of the shipping process.
Hiring Other Vets
As a veteran you want to help out others in your position which can be done by hiring other veterans. Companies love to partner with businesses that employ vets so this can even garner more business. This is a positive situation as it gives jobs to vets and is great as far as brand image and PR go. With this being said, if a vet does not have the skills to work at the company do not deny them outright. Let them know if they come back with the ability to prove they have learned the adequate skills outright then they can attain employment. For promised employment many vets are willing to get a certification or pass a licensing exam of some sort.
Understanding The Importance Of Digital Marketing
Search engine rankings can play a huge role in whether a business is a success or not. This is due to the search engine results leading to sales or leads by a company ranking at a high position for specific keywords or phrases. Quality content is the most important aspect of digital marketing whether it is website copy or content being contributed to an industry online magazine. Outsourcing this work can be wise as digital marketing companies are used to doing high level campaigns for businesses of all sizes. Otherwise this could end up being a full-time job for a founder which is unwise as there is plenty of other important work to do. You must know some digital marketing tools to engage your customers again in business.
Scale Processes With Various Freelancers (Vets Can Be Included)
The ability to scale processes and production can be done by utilizing the skills of freelancers. For example, a web design firm having freelance designers that can knock out projects for a far lower price than a client is paying can allow a company to complete more projects than if they kept everything in-house. Hiring vets can be an advantage here as they understand the importance of deadlines which is something that certain freelancers cannot seem to comprehend. Those that are active duty might need to get permission to freelance like this but for a good soldier approval shouldn’t be impossible. Scaling processes and production helps a business avoid the worst case scenario, signing a huge client only to disappoint them and cancel their contract.
The Business Plan Should Be Adaptable As Sometimes Industries Change
Adapting the business plan might be necessary as an unexpected product or service could become extremely popular. Not being adaptable or being willing to adapt the business plan can hurt a business immensely. Not all business plans can anticipate how a piece of technology or artificial intelligence can impact the consumer market. For this reason having different streams of revenue as a business is wise as it can help stabilize the business if the market changes for one reason or another.
Veterans have a lot of what it takes to run a business in an efficient manner to ensure success. Take the time to think about the above before starting your newest venture!