As we discuss in Session 6 of class, Entrepreneurship for Transitioning Warriors, there are many forms of raising money that a military veteran must understand. Funding your business can be a complex challenge for military veterans. Crowdfunding is a viable source for some military entrepreneurs. Here Dave Williams and Urvaksh Karkaria at the Atlanta Business Chronicle describe the ever improving status of crowdfunding in Georgia. We encourage military entrepreneurs to research their respective States' crowdfunding laws early in order to evaluate the feasibility of using equity crowdfunding as a primary source of funding their businesses.
Here is a short article from John Aidan Byrne at the New York Post. In Module 6 of VETToCEO Entrepreneurship for Transitioning Warriors we discuss sources of funding for veteran entrepreneurs. We detail all of the different ways that military veterans can fund their business idea. Many veterans think that a bank loan is the only way to secure funding. In class we find that banks are just one of many sources of capital. This article deals specifically with banks. The Biz2Credit Small Business Lending Index offers you great information on loan approval rates for the various lending entities available.
In Module 6 of Entrepreneurship for Transitioning Warriors we discuss the myriad of funding sources available to military entrepreneurs. Here is a great article from Adam C. Uzialko at Business.com that offers some details that are worth some additional research. There are many debt and equity sources of funding to consider that apply to your situation. Consider all of these during your SWOT analysis to find the best sources for you. Remember that funding sources have near term and long term impact on your company.
Veterans and transitioning military should consistently gauge the market when planning their leap as entrepreneurs. As we discuss in Entrepreneurship for Transitioning Warriors, markets are constantly changing. The perspective of other entrepreneurs is one of many valuable indicators. Here is a great indicator offered by NFIB that you should include in your decision making process.
Our friend Hardy Stone at VetLikeMe.org offers some great loan advice here. In Session 6 of Entrepreneurship for Transitioning Warriors we discuss the different funding sources that military entrepreneurs can use. This concise article lists a few more for veterans. Understanding these sources and those offered by the SBA and others will help you determine the funding source that is right for you. We will discuss this again in class.
In Session 1 of Entrepreneurship for Transitioning Warriors we discussed the different ways that military entrepreneurs can get into business. Here Jerry Shaw at Newsmax added to a previous post by David Shutler, President and CEO of Utility Systems Solutions, Inc. who writes for Entrepreneur. This excellent article reinforces what we discussed in class. Jerry offers many tips that potential business owners need to consider. Understanding these tips will help you determine whether entrepreneurship is right for you. We will discuss this this again in class.
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.