Starting your own online business is an exciting prospect, but you need capital in order to ensure a successful launch. The good news is that as a veteran there are some unique opportunities to raise your seed fund that are unique to veterans. The following are a few strategies that you can use.
Grant and Loan Programs
There are a variety of grant and loan programs available to veterans. The Veteran's Business Fund, for example, is a non-profit organization that provides loans to vets that are starting a business. You will need to have a detailed business plan for your online store in order to apply for any grant or loan program. Fortunately, most online businesses have low overhead and minimal starting cash needs, but don't sell yourself short. You will likely need to invest more in marketing for an online store compared to a brick and mortar, so make sure that you apply for a loan or grant amount that will cover these needs as well as equipment, website, and merchandise.
An investor can be a blessing when starting any business, but it can be hard to find someone willing to take a chance on a new idea. The good news is that there are some venture investment firms that only invest in startup veteran-owned businesses. Much like applying for a loan or grant, you will need to have a thorough business plan to present to the investor. The investor may also put some stipulations on how the business is operated because it is in their best interest for your business to be a success. Usually, this is a good thing because your investor will have more experience in what makes a business successful. Look for firms that have experience investing in online ventures.
Don't overlook the federal or state government for startup funds. The General Services Administration (GSA), for example, considers veteran-owned businesses before civilian-owned businesses when awarding contracts. If your online store provides a product or service that could benefit a governmental body, apply for a contract. You can then count on that income from the contract for the duration of the contract agreement. Often, one contract leads to another, which means you can build up a portfolio that will lead to growth and success.
Don't give up on your dreams and goals. You can open your veteran-owned online store with the help of startup funds targeted to your needs.Share