WWW.USVETERANSMAGAZINE.COM U.S. VETERANS MAGAZINE 45
VOBS & SUPPLIER DIVERSITY
Out of the
million veteran owned businesses in the United States, only about
of them are owned by women, with only
of them having more than one employee.
Be Willing to Change
Amid COVID-19, companies are preparing now more than ever for unprecedented circumstances their business may face. Many businesses have closed due to repercussions from the pandemic and you dont want yours to be one of them. Make sure you have a back-up plan, should something drastic happen to your everyday routine. How will you continue to provide your products to customers if a lockdown occurs? Can you utilize the internet to help your customers in times of need? Its also critical that you have a cushion to fall back on should a situation arise. Put some of your profits aside as often as you can to create a money reserve to fall back on, just in case.
Networking is Key
Connect with other business owners, especially ones who are experienced in the field and can help mentor you through this new journey. Attending business conferences and networking events have always been a standard way to make these connections, but during the COVID-19 pandemic, many of these conferences have switched to online platforms for business owners to easily utilize and converse through. LinkedIn is also a great source for networking. Make sure your profile is up to date to seem as presentable and professional as possible to new connections.
Know Your Audience
When a business is first starting out, its crucial to understand who the target audience is for the project. Start off by testing a select number of products to your customers and observe what sells and what doesnt do as well. As you get to know your clientele, it will be easier to figure out how to best allocate your resources and where to put your money to receive the most profit.
Have the Funds
Once you have a business plan, you want to make sure that your business is going to be properly funded. Though many have used their own source of income to help get their company off the ground, there are a number resources that veterans can utilize to get started. One of the most well-known ways is through the U.S. Small Business Administration, which provides low-cost loans to veterans, military personnel, and their families. But this doesnt necessarily mean that veterans will just be given money because of their status - a misconception that has been believed by many current and former military personnel in the past. Raising money through pitching competitions and crowd funding campaigns are other significant ways that you can allocate the proper funds you need for your business.
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