Last week in class, Entrepreneurship for Transitioning Warriors, we discussed government contracting and its advantages and challenges. Government contracting at the local, state and Federal level can be an excellent market for military entrepreneurs. Governments buy all sorts of products and services and there are many programs at various levels of government to buy from veteran businesses. Here is a short article by StreetShares that Hardy Stone included on his site. This articles presents and reinforces several of the points we discussed in class.
This article by Urvaksh Karkaria at the Atlanta Business Chronicle describes small businesses selling nationwide and the information my very well apply to your locale. As we discuss in class, when a veteran considers buying a business there are many factors that must be understood. One of those is the changing market for businesses. Prices and values rise and fall just like with other commodities. It is important for veterans to understand these price and value changes. Factor the changes into the decision making process of whether and when to buy an existing business rather than starting from scratch.
Here Nina Lincoff of the South Florida Business Journal discusses to value of market research. In Entrepreneurship for Transitioning Miltary we discuss this important research in modules 1 and 2. Many veterans and military entrepreneurs spend too little time researching the market. Don't fall into that trap. Just like when you write an operations order you need to have the Situation Paragraph complete, you need to do the same in your business planning.
Next program focused on franchising is enrolling! Starts tomorrow March 28th
As we frequently mention in class, Entrepreneurship for Transitioning Warriors, the government is the largest buyer of stuff and buys almost everything. Because each of you worked in the government, to me it only makes sense that you would sell to the government if your product or service meets their needs. Here is an article by Marco Terry, the managing director of Commercial Capital LLC, a company that provides invoice factoring, purchase order financing, and asset-based lending to small and midsized companies. Terry offers some great points about selling to the government.
Last week in class, Entrepreneurship for Transitioning Warriors, we discussed the challenges of maintaining cash flow in your business. Here is an article about factoring which is one of several solutions to improving cash flow. Here Marco Terry, the managing director of Commercial Capital LLC, offers a thumbnail on factoring. Factoring is not for everyone as you'll see below, but for many veteran owned and military entrepreneurs it is a viable solution to preserving cash. The key for veteran owned businesses is to find the right cash flow solutions for you.
I know that I'm a little late with this post, but this article is important to those of you considering buying a business. Here Urvaksh Karkaria at the Atlanta Business Chronicle describes businesses selling in the Metro Atlanta area, but the information my very well apply to your locale. As we discuss in class, Entrepreneurship for Transitioning Warriors, when a veteran plans to buy a business there are many factors that must be understood. One of those is the changing market for businesses. Prices rise and fall just like with other commodities. It is important for veterans to understand these price changes and factor the changes into the decision making process.
VetToCEO announces that enrollment is now open for its 21st Entrepreneurship for Transitioning Warriors cohort. This 7-week, online program will have a focus on franchising as a route to becoming a veteran entrepreneur. Join us as our facilitators and guest speaker cadre guide participants through a business planning curriculum tailored for those of us with military experience. Our sessions are online and collaborative.
Join a program for which over 1,000 active military and veterans have previously registered. The program is free for active military and veterans. Among the benefits:
- Still active or a veteran just interested in exploring entrepreneurship? Join us. Kick the tires. See if entrepreneurship is right for you.
- Already have a business? Join us and learn how to improve your business. Learn from our experienced fellow veteran guest speakers.
- Don't know anything about business? Who cares. You didn't know anything about the military before you joined either. You'll get a well-rounded orientation to what it takes to be a successful entrepreneur.
- Broke? No capital? Don't let that stop you. We'll cover the variety of funding sources available. There's more than you think - a lot more than just a bank loan.
- Deployed or have a day job? No worries. You're welcome in our program. Live sessions occur each week at 7 pm EST. These live sessions are recorded for those in challenging time zones.
Approximately 1% of us serve our Nation under arms, yet 9% of the small businesses in this country are owned by veterans. Coincidence? Probably not. Apply your leadership and decision-making skills to creating your own destiny as a civilian. Discover how your military skills translate into the core DNA we need as entrepreneurs to be successful.
The program is free for active military and veterans. Click here to learn more and sign up today!
Funding your business can be a complex challenge for military veterans. There are various sources of funding available. The challenge is determining which source is the best for you. Please read on for those of you considering investors for your business. Here Urvaksh Karkaria at the Atlanta Business Chronicle describes the status of venture capital in Georgia, but the information my very well apply to your locale. As we discuss in class, Entrepreneurship for Transitioning Warriors, venture capital investment is one of the many forms of raising money that a military veteran must understand.
In class, Entrepreneurship for Transitioning Warriors, we discuss money, funding, and sources in modules 5 and 6. Many military veterans consider banks and the SBA for their business funding. Here is a good sign of the times as written by Leslie Johnson, a contributing writer at the Atlanta Business Chronicle. You may not live in the Atlanta area, but you may be surprised to find a similar situation in your area. I encourage you to do a little research in your local area to determine the status of lending there. Visit the SBA website for the key lenders in your local area.