I wish I had a magic answer for this one, but I don’t.
Starting a business can be expensive depending on the type of business. A traditional old school manufacturing business can be very expensive and yet with an outsourced model in today’s world it can actually be affordable.
A non-traditional information product business or a consulting business can actually be extremely cost effective to start. In my opinion this is really the best type of business for a Veteran Entrepreneur to start.
An information marketing business is really just a consulting business that takes the Veterans knowledge and experience form the military and turns him into an expert on any number of topics from leadership, human resources, process management and improvement, facility management and logistics. The list could go on forever. Veterans get trained in so many transferable skills that can be taught to corporate America.
The startup costs, as I mentioned, are minimal for this type of business.
Here’s some places to start:
- Family and friends
- Savings accounts
- Borrowing against retirement accounts
- Bank Loans
- Credit Cards
- Second Mortgage
- finally, the ever popular but non-existent angel investor
I know the thought of borrowing money is unpleasant to many but the reality is if you don’t have it and you need it, then borrow it.
The SBA has programs but they don’t actually lend money. They will point to banks that cater to Veterans.
Money is out there, you just have to find it.
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