Entrepreneurial Resources for Transitioning Military
Other financing options for entrepreneurs
There are ways to finance a franchise or small business other than taking out loans. Some choose to use credit cards, savings, home equity, retirement accounts or borrow money from friends and family. If you have all the financing you need from your own savings, investments and separation pay to start your business and run it until you break even, you can self-finance the purchase. Make sure to weigh financial and emotional costs of tying up your own money versus the cost of another type of financing such as a loan.
Credit cards typically have high interest rates and can be the most expensive form of debt, so they are often not recommended unless there’s an emergency. Home equity financing was a popular method prior to the real estate market crash but is a viable option if you have a significant amount of equity in your home. If you or your spouse have money in a 401(k) or similar retirement account, the government will allow you to borrow from that account, tax- and interest-free, for the purchase of a business. Even better, as you pay back the loan from the earnings on your business, you are paying yourself. You can also use a combination of sources to acquire a franchise or start a business.
The National Veterans Small Business Engagement brings networking to the next level
The National Veterans Small Business Engagement (NVSBE) connects Veteran-Owned Small Businesses (VOSBs) with the Department of Veterans Affairs (VA), other federal agencies and commercial Procurement Decision Makers (PDMs) on an annual basis. The event helps entrepreneurs - especially veterans - grow and win more business by providing multiple opportunities for scheduled networking with key PDMs including networking roundtables, learning sessions led by federal and industry experts and dining with decision-makers. Each event also hosts thousands of exhibitors and corporate representatives available to provide an in-depth look at various products and services.
The SCORE Foundation Veteran Fast Launch Initiative accelerates small business success
The SCORE Foundation offers the “Veteran Fast Launch” initiative. This program includes free software and services combined with SCORE’s mentoring program in order to help accelerate the ability of veterans and their families to start and succeed as small business owners.
With an array of financing, mentorship, training and networking opportunities, combined with the excellent training and leadership expertise gained from the military, transitioning military have a unique advantage when starting a new business or purchasing and running a franchise. Maximize the services and benefits available to you to launch your new career in the civilian world with great success.
Ashley Feinstein graduated from the Wharton School at the University of Pennsylvania with a degree in finance. Find her online at KnowingYourWorth.com
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