If you're starting a small business, the Small Business Adminitration's (SBA) Starting a Business guide is an invaulable resource. Some of the steps involved in starting a business also include:
- Prepare a written outline of your idea.
- Establish your business structure. A business must be formed within some kind of legal framework. The law insists on it. Finding the correct legal form of doing business may be a challenging process, and each legal structure will affect the way you file your taxes. You will also need to register your business within your state. A Small Business Development Center can assist you with state registration forms. Visit IRS.gov to learn more about legal structure and business tax concerns.
- Prepare a business plan. This is a complex process that will become the blueprint of how you will run your business, market your business, and determine the funding requirements and viability of your new business. See the SBA's Create Your Business Plan website for more information.
- Have a business counselor review your business plan. The Association of Small Business Development Centers (SDBC) offer free consulting and low cost training to help new entrepreneurs realize their dream of business ownership, and to assist existing businesses to remain competitive in the complex marketplace of an ever-changing global economy. Locate the nearest SBDC.
- Implement the business plan.
- Register your Veteran-Owned Small Business on the Vendor Information Pages (VIP) database.
Entrepreneurship and Veterans: High number of service men and women will be and have been transitioning from military into civilian lives. Current unemployment for veterans is high, Entrepreneurship is another path forward. Successful innovators and entrepreneurs: self-efficacy, a high need for achievement, comfortable with autonomy and uncertainty, make effective decisions in the face of dynamic environments. Entrepreneurship—an avenue for Veterans and Wounded Warriors to make a meaningful way for themselves and their families.