When you leave the military, it can be extremely daunting thinking of what to do next. It may come as a surprise to you that many veterans go onto to become successful entrepreneurs, thanks to a range of transferrable skills which have been picked up during service.
From leadership and assessing risk to organisational skills and drive, veterans usually possess a wide range of traits which can be utilised in business – sometimes it is just knowing where and when to implement them!
If you have a great business idea but are worried that you don’t have the financial backing to make it a reality then fear not – there are a number of ways you can fund your new business venture.
See if you’re eligible for VA disability benefits
If you were injured during your time in the military, then you may be entitled to VA disability benefits. One of the challenges that most face with VA disability benefits is doing the math required to make a claim. A quick trip over to the Chisholm, Chisholm and Kilpatrick website will give you access to a VA calculator which will do all the hard work for you.
Each case is different, so it is worthwhile hiring a law firm to manage your claim, as this will ensure that you receive all that you are entitled to.
Online lending platforms
Peer-to-peer lending websites can be a good way of kickstarting your new business venture. Whether you have a particular service or new product which you are offering, these websites will allow you to pitch online to lenders, connecting you with investors who are looking to specifically support veterans.
One of the best things about online lending platforms is that it is an extremely quick process to get yourself up and running, and you will quickly be able to get your idea in front of potential investors. In some cases you may be given offers by multiple investors in an “auction” style, and you can select the one that best fits your requirements.
Whilst crowd funding is still a relatively young concept to most, it has actually been around as early as 1997, when British band Marillion funded their reunion tour using online donations. Modern crowd funding platforms such as GoFundMe or KickStarter allow you to pitch your idea to the masses, encouraging them to invest in you by offering unique opportunities and rewards linked to your product or service.
Whether it is a service or a product that you have to offer, crowd funding enables you to quickly grow funds without relying on a sole large investor, not to mention that you can quickly gain funds with no up-front fee from yourself.
Not only this, but you will also be able to gauge how popular your idea is with the public, and pre-emptively acquire customers and supporters – if you quickly gain a lot of donations then this can only be good news!