Setting up a business which eventually turns out to be successful is not an easy task. It’s a challenge and who could be more suited for taking up risks than the retired military personnel. The veterans as we call them can start small businesses and contribute to the community in a meaningful way. Also, it can turn into an enjoyable, fulfilling hobby which provides an excellent income.
Nothing is more valuable than experience!!! The veterans possess the required skills for doing business. Their leadership qualities are unmatched to the general civilians. The veterans are fine-tuned by serving in a highly structured chain of command. They are disciplined, not afraid of taking risks and highly determined individuals. The veterans are capable of handling highly stressful situations. Also, read https://www.journalreview.org/small-business-ideas-for-veterans-disabled-vets/ for more such small business opportunities for retired military vets.
Now let’s see the 5 best small business opportunities for veterans. They can
- take up specialized training courses
- act as the government contractor
- become a security specialist
- own a franchise
- open a retail shop
Let’s go through the options one by one.
1. Take up specialized training courses
Military personnel go through extensive training and are considered professionals in a wide range of different fields. They can offer numerous different specialized training courses for the public. It is easy for them to gain the trust of the people. For example- Firearms Training or Survival Training. They can also give leadership training or become a motivational speaker.
The startup costs are different for different training courses. For starting a firearms training course, a few thousand dollars have to be spent on permits and other similar things. Starting a gun store and own gun range is also an option but it requires a larger investment. However, it can be a much more profitable business in the long run. So, no startup cost is involved if you become a motivational speaker or give leadership training.
2. Act as the government contractor
The veterans have an edge over civilians in getting government contracts. The government is abided by the law to give a certain percentage of its contracts to businesses owned by veterans. In the US, it’s 3%. The contracts are related to a wide range of different industries and services. For example- businesses involving logistics, transportation, medical work, administration, and many others.
IT specialists are particularly in demand, so those trained specifically for this in the military, a government contract could be a great choice.
3. Become a security specialist
An ex-military person is already a reputed security specialist. Therefore, if they work in this field obviously they would be the first choice. Many different options are available but all of them revolve around one motto- keeping people safe.
A security specialist can handle the installation of security systems within a house or a building. You can start your own security services providing security in the form of armed guards or bodyguards. Then a business specializing in cybersecurity can be started.
4. Own a franchise
Every year, thousands of veterans choose to open franchises. Few people are of the opinion that this type of business is very suitable for veterans since it works on a clear chain of command and instructions passed down from head office. So That is why they are suitable for taking the leadership roles within the franchise, team-building and motivating employees to give their best.
There are many benefits of owning a franchise. Already an established brand, in place supply chain and a proven system to work in, are few of the known benefits. The franchise could be one of the safest options to take since success is guaranteed. But the startup cost of opening a franchise is much higher. A one-time franchise fee is to be paid in order to get started, which is typically tens of thousands of dollars. Many franchises offer massive discounts to veterans. Discounts of up to 20% are given.
5. Open a retail shop
Opening a retail shop is also a very popular and extremely profitable option. The veterans have a good insight into things like supply chain and target markets. They can open a military-themed retail shop or a store that sells common products with a “veteran twist” on them. Other veterans are drawn to shops which appeal to their personal identity.
Retail is a hard and quite challenging business. It requires a lot of hard work. The support which you can get from other veterans could be the reason for your encouragement for taking up this business. You can donate a portion of your sales to the veteran charities and organizations. This would add meaning to your endeavor and increase sales also.
There are many other options available for veterans if they want to start a small business. The people will also want to support them. The government also gives incentives and assists them in every possible way. Article contributed by Haribabu from TechAriz