Veterans make great business owners.
Your military career trained you for leadership, taught you discipline and gave you the mental endurance to put in the hours it takes to get something done. Guess what? Those are the skills and qualities great entrepreneurs need.
I’ve never owned a business before. I wouldn’t know where to begin.
We’ve got good news – you don’t have to start from scratch. There are a myriad of small businesses for sale, and there’s a good chance that you will be able to find one that fits your goals and one in an industry where you have some practical experience. Buying a business means you don’t have to start from the ground up. You get a fully operating business, complete with employees, equipment, inventory, operating procedures, vendor contracts – you get the idea. You can walk in on day one and be the owner of a business instead of starting with nothing more than an empty space.
Am I qualified to own a business?
Yes, absolutely! Many of the training programs and careers within the military transfer very well as the experience and practical knowledge needed for many industry sectors in the small business community. The type of business and industry sector that will be right for you will depend a lot on what jobs you did both before and during your time in the service as well as what you hope to get out of business ownership. Love working on cars in your spare time and spent your military career as an aircraft mechanic? Maybe an auto shop is for you. Looking to spend as much time as possible with your family? A bar or restaurant that will need your attention 7 days a week probably isn’t the best choice. Talk to a business broker about your goals and your experience – you might be surprised by the businesses that would meet both.
I don’t have a lot of money, how much money does it take to buy a business?
It depends. There are very small businesses that won’t cost much and larger businesses that run in the millions. The good news is that as a veteran you have special access to programs from the U.S. Small Business Administration (SBA) that can help you get the funding you need to buy a business (click here to learn more!). Talk to your business broker about what SBA programs you might qualify for and what businesses might qualify for SBA lending. If SBA financing is out of the question, many sellers will offer seller financing to the right buyer with a decent down payment.
Although it might seem like a daunting idea, small business ownership is very possible for veterans. Talk to a business broker today to explore your options and get you started on the path to entrepreneurship!
Are you a veteran and have questions about what SBA programs you would qualify for? Would you like to know what types of businesses would suit your goals and experience? Ask us! Please leave questions or comments here and we would be happy to help. Thank you for your service!
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Fort Myers, FL 33907