After spending years in service and finally retiring, veterans are usually at a loss for what to do. Who can blame them, though? They have only known one thing all their lives. Now they have to start anew.
Given the situation, the first thing that pops into most of their minds is to start a venture. It is usually service or products oriented. While a lot might have preferred to settle to a quiet life back in their hometown, specific reasons will make them take on the new venture.
Some apparent reasons like financial stability, investment, and contributing their quota to the growth of the economy make them start a business. They do succeed in the area of growth contribution. Veteran venture account for 7% of all the businesses in the country.
There are limitless options for veterans to choose from; Agriculture, IT service, consulting, custom essay writing help, etc. While all these options sound good, there are challenges to businesses.
Although they undergo business training while servicing, veterans need to be ready to excel in these ventures. Because of the business training, they can handle the leadership, adaptability, discipline, and risk-taking parts of the business. But there are other issues; one of the major ones is funding.
How Veterans Can Get Business Funds
As important as other aspects of the business are, getting start-up capital is very important. Especially if the business venture is a huge one and is capital intensive. Here are a few ways to get help:
- Business Loans
Banks are the go-to for this sort of funding. There are specific banks that give loans just for business ventures. A lot of banks have facilities for ex-servicemen and women with a lot of benefits. They offer low-interest rates and special loans. Some franchises and unions have proved to be helpful over time.
- Family And Friends
Family and friends lending people money for start-ups are as old as time. It has been one of the best means of getting capital. Just make sure to be credible. Endeavor to make the action official with written documents and promissory notes.
- Equity Financing
This source applies to veterans who have invested and bought shares while serving. The shares would have grown over time. To raise capital, they could always sell their shares.
Carrying out campaigns with the use of Crowdfunding Apps works too. Just make your business idea is clear and marketable. People will see and contribute their quota.
This initiative provides loans to veterans who have a visible business plan or have started their business. It also serves as a middle between the lenders and those who need the funds for a business.
Although there are a lot of other options to try out, business is always a haven when all the right things are in place. There are different options to try out as well for funding. Just make sure that whatever you go for is legal and works well for you.