Charting a New Course: From Service to Business Ownership
Many veterans ponder the next chapter of their careers as they transition from military service to civilian life. For some, the answer lies in entrepreneurship. The Small Business Administration’s (SBA) Boots to Business (B2B) Program stands as a beacon for veterans looking to enter the world of business ownership.
Small business owners hail from diverse backgrounds – some stumble upon a brilliant idea, while others inherit a family-run enterprise. A notable and growing segment of this community is military veterans. According to the U.S. Census Bureau, over 2.5 million businesses are majority-owned by veterans, employing over 5 million people and generating $1 trillion or more in sales.
Tens of thousands of veterans transition from military life each year, seeking guidance to launch and grow their businesses. Here’s how the SBA’s Boots to Business Program can help make that dream a reality.
Discovering the Boots to Business Program
The SBA offers various programs designed to provide tools and resources for small business owners, ranging from SBA loans to mentorship programs and grant opportunities. In collaboration with the Department of Defense (DoD), the SBA developed the Boots to Business Program as part of the DoD’s Transition Assistance Program (TAP) to support veterans and their spouses in transitioning to civilian life.
The Paths Within the B2B Program
The Boots to Business Program offers several pathways:
1. Introduction to Entrepreneurship
A two-day workshop that provides a basic overview of business fundamentals and ownership. Think of it as a crash course on how to get started as a business owner.
2. Foundations of Entrepreneurship
Graduates of the initial workshop can enroll in a more advanced eight-week online course through accredited institutions like the Institute for Veterans and Military Families at Syracuse University. The curriculum includes both online and independent learning on topics such as writing grant proposals and developing business plans.
What to Expect from the Boots to Business Workshop
A Solid Overview
While a two-day workshop won't cover everything about running a business, it offers a comprehensive introduction to basic business fundamentals. It helps veterans determine if entrepreneurship is right for them.
Navigating SBA Financing- Lender Match
While the B2B program doesn’t offer direct financing, the SBA has a new lender match program that you can access via this link: https://www.sba.gov/funding-programs/loans/lender-match-connects-you-lenders. To secure an SBA loan, here are a few steps to follow:
- Know the Minimum Numbers: Contact local lenders to understand their requirements for credit scores, years in business, and revenue.
- Check Financial Health: Ensure your creditworthiness is in good shape.
- Get Documents in Order: Organize your financial documents before applying.
- Create a Business Plan: A solid business plan is crucial for SBA loan applications.
- Apply: Submit your application and await your lender's response.
Seizing Available Opportunities
Numerous programs and opportunities are available to help veterans transition smoothly and build successful businesses. As you embark on this new journey, consider the resources and support systems at your disposal. In addition to The Boots to Business Program, consider working with a SCORE Mentor. SCORE stands for the Society of Retired Executives and is an SBA Non-Profit. Exceptional resources are also available at SCORE.org for little to no cost. Click here to check out SCORE Mentor profiles.
