Checklist for Veterans Preparing to Start a Business: A Step-by-Step Guide

Starting a business is an exciting journey, especially for veterans who bring discipline, leadership, and problem-solving skills from their military service. However, the process of launching a business can feel overwhelming without a clear roadmap. To help you navigate this transition, we’ve put together a comprehensive checklist to ensure you don’t miss any critical steps. Let’s dive in!

1. Define Your Business Idea

Before diving into paperwork, take time to clearly define your business idea. Ask yourself:

• What problem does my business solve?

• Who is my target audience?

• How will my business stand out from competitors?

Pro Tip: Leverage the skills you developed in the military to identify unique opportunities in the market.

2. Create a Business Plan

A solid business plan serves as your roadmap and is essential for securing funding. Include:

• Executive summary

• Market analysis

• Business structure

• Products/services

• Marketing strategy

• Financial projections

Veteran Perk: Many organizations, such as SCORE and the Small Business Administration (SBA), offer free business plan templates and guidance.

3. Register Your Business

To operate legally, you’ll need to register your business with your state or county. Follow these steps:

• Choose a business name and check its availability.

• Select your business structure (e.g., LLC, sole proprietorship, corporation).

• File the necessary paperwork with your state’s Secretary of State office.

• Obtain an Employer Identification Number (EIN) from the IRS (even if you don’t plan to hire employees).

Pro Tip: Some states waive or reduce fees for veteran-owned businesses, so check for discounts or benefits in your region.

4. Obtain Necessary Licenses and Permits

Depending on your industry and location, you may need specific licenses or permits. Examples include:

• Professional licenses for certain trades

• Health department permits for food-related businesses

• Zoning permits for home-based businesses

Check with your local government or SBA office to ensure compliance.

5. Set Up Your Business Finances

Proper financial management is critical for success. Here’s what you need:

• Open a dedicated business bank account.

• Set up accounting software or hire a bookkeeper.

• Apply for business credit cards to separate personal and business expenses.

Tax Tip: Veterans may qualify for tax deductions or credits. Consult a CPA or tax professional familiar with veteran-owned businesses.

6. Register for Taxes

Ensure your business complies with all federal, state, and local tax requirements. Steps include:

• Registering for state sales tax (if applicable).

• Understanding self-employment taxes.

• Filing quarterly estimated taxes to avoid penalties.

Pro Tip: The Veterans Business Outreach Center (VBOC) offers free resources to help veterans navigate tax requirements.

7. Secure Funding

Many veterans face challenges securing capital, but there are funding options tailored to your needs:

• VA Small Business Loans

• SBA’s Veterans Advantage Loan Program

• Grants for veteran entrepreneurs

• Crowdfunding platforms like Kickstarter or GoFundMe

Research and apply for programs that align with your business goals.

8. Get Insured

Protect your business with the right insurance policies. Common types include:

• General liability insurance

• Professional liability insurance

• Workers’ compensation (if you have employees)

Tip: Some insurers offer discounts for veteran-owned businesses.

9. Build Your Online Presence

In today’s digital world, a strong online presence is non-negotiable. Start with:

• A professional website (optimized for mobile and SEO).

• Social media profiles on platforms your audience uses.

• A Google Business Profile for local visibility.

Pro Tip: Use free tools like Canva to create professional-looking content for your website and social media.

10. Network and Seek Mentorship

Building relationships can open doors to partnerships, funding, and clients. Tap into:

• Veteran-specific networks like Bunker Labs or VetFran.

• Local business chambers or networking events.

• Mentorship programs through SCORE or VBOC.

11. Create a Marketing Plan

Attracting customers is key to success. Develop a marketing plan that includes:

• Social media marketing

• Email campaigns

• Content creation (blogs, videos, etc.)

• Paid ads (if budget allows)

Pro Tip: Focus on storytelling to connect with your audience, highlighting your journey as a veteran entrepreneur.

12. Leverage Veteran Resources

Veterans have access to numerous resources designed to support their entrepreneurial journey. Some notable ones include:

• Veteran Entrepreneur Portal (VEP): A hub for veteran-specific resources.

• Patriot Boot Camp: Offers training and mentorship for veteran entrepreneurs.

• Institute for Veterans and Military Families (IVMF): Provides programs like Boots to Business.

13. Stay Compliant

Once your business is up and running, maintain compliance by:

• Renewing licenses and permits as needed.

• Filing annual reports with your state.

• Staying current with tax filings and payments.

14. Plan for Growth

As your business gains traction, think about scaling. Consider:

• Hiring employees or freelancers.

• Expanding your product/service offerings.

• Investing in advanced tools or technologies.

Starting a business as a veteran is a rewarding way to transition from service to entrepreneurship. By following this checklist, you’ll be well on your way to building a successful business that reflects your dedication and hard work.

If you need personalized guidance, don’t hesitate to schedule a free consultation with Optimized Influence Agency. We’re here to help you turn your entrepreneurial dreams into reality!