As many of you know, until last year, my husband and I owned a small business in downtown Clarksville. I was recently asked which types of opportunities are available to assist veterans in starting their own business. While we didnt utilize the veteran specific opportunities ourselves, I thought Id share what I found out over the years.
Upon retirement or separation from the service, many veterans become interested in starting their own business. Hopefully, they will decide to start a business here in Clarksville-Montgomery County. There are a few services available here through the Tennessee Small Business Development Center, and others can be obtained through the Department of Veterans Affairs.
First, and let this be a life lesson folks, there is no free money. I dont know who starts/perpetuates the rumor about grants being available, but in almost 10 years of business, we never found them. When we were struggling to meet the financial needs of our business everything from business start-ups to rehabilitating our historic building we were frequently asked, Well, arent there grants for that?
The short answer is No.
The government is not standing by with the funds to help you with your new venture, nor to pay for operational or expansion expenses. You will do better to develop a good business plan, then go visit a local lender; preferably someone youve been doing business with already. There are local lenders who specialize in small business loans who will gladly help you, whether they service your personal checking account or not.
I believe veterans should start at one of two places: the Small Business Administration or the Veterans Administration.
The Small Business Administration is a good place for any entrepreneur to get started. They offer assistance such as how to write your business plan and figure start-up cost. They also offer assistance when you are ready to grow your business or if you need to find a business mentor. The SBA also publishes an informational brochure titled Getting Veterans Back to Business: Veterans Small Business Resource Guide.
For information developed specifically for veterans, I would suggest you contact the US Department of Veterans Affairs. There you will find the Office of Small & Disadvantaged Business Utilization, which has partnered with Business USA to optimize small business services for veterans. They have developed the Veteran Entrepreneur Portal (VEP) to make it easier to help small businesses access federal services regardless of its source. Veteran business owners can utilize this resource to get connected to the help they need.
I know that service members are told that, as they train for their missions, they are gaining real world skills that will translate into employment opportunities in the civilian world. The same is true of their skills and ability to start a business, but there are a lot of contingencies associated with operating a small business. Being prepared by utilizing the resources Ive mentioned here will provide a proper foundation for a successful business.
Paige Thomas King is married to a 22-year retired army veteran and can be reached at paigethomasking@gmail.com
