5 Tips to Jumpstart your #VetBiz for a Successful 2024

Happy New Year! The new year brings new challenges and opportunities for veteran business owners to assess the state of their business or formulate an idea for a new business. Figuring out your business plan for the new year is critical to ensuring your business keeps on track and hits the goals and milestones you want it to. Luckily, veteran business owners can take advantage of the U.S. Small Business Administration’s extensive resources to help jumpstart their business for a successful 2024. Below are five ways SBA can help new and established veteran business owners make their business dreams a reality! 

Tip 1: Start By Seeing if Business Ownership is Right for You 

Do you have a great idea for a veteran-owned business and the drive to start one? If so, take SBA’s Boots to Business (B2B) course. B2B is a no cost, two-day course that helps aspiring veteran business owners navigate the challenges to consider during the startup process. 

The strategies and insights taught by veteran business experts during B2B are designed to set veteran entrepreneurs up for a successful business launch. B2B participants learn valuable skills, including how to write a detailed business plan, obtain funding to meet their goals, and access information on SBA resources available to help them succeed. 

B2B teaches business basics to active-duty service members and military spouses on military bases, while Boots to Business Reboot (B2BR) offers the same instruction off-installation to veterans of all eras, National Guard and Reserve members, and military spouses.  

After taking B2B or B2BR, you may decide that opening a business is the right move for you and would like to take SBA’s follow up course, Boots to Business Revenue Readiness. This six-week online course gives aspiring business owners the necessary tools to put the concepts they learned during B2B or B2BR into action.  

If you are interested in B2B and B2BR, you can sign up for a 2024 course here. 

Tip 2: Expand Your Knowledge with Business Trainings 

Whether you are just starting a business or running a longtime establishment, there are always new updates in the business world. Business owners need to be aware of these updates and can use resources and training to become more well-rounded and expand their knowledge base. Even the most experienced businessperson can benefit from periodic training to become an even more versatile professional. If you are looking to keep up with the latest business techniques and gain proficiency, you should sign up for one of SBA’s veteran entrepreneurship training programs (ETPs) in 2024. 

The SBA partners with eight institutions to provide ETPs to veterans and military spouses that want to refresh their business expertise. These ETPs feature customized curriculums to enhance business savviness and allow participants to understand all the resources that are available to them. Specifically, SBA offers training programs for service-disabled veterans, women veterans, and veterans interested in federal contracting. You can learn more about the grantees who host these programs and their unique program offerings here. 

Tip 3: Diversify Your Revenue with Federal Contracting  

Federal contracts are a great way to expand your revenue streams and help your business grow. In fact, the federal government sets aside a certain percentage of contracts to award to veteran-owned small businesses and to service-disabled veteran owned small businesses. The first step in competing for these contracts is for your business to complete SBA’s Veteran Small Business Certification (VetCert) program.  

SBA has certified thousands of VOSBs and SDVOSBs within the past year, allowing them to compete for these exclusive contracts and other benefits. 

To get certified, your small business must have at least 51% veteran ownership, be registered as a small business with SAM.gov, and follow SBA’s guidelines to the standard size of a small business. 

Learn more about certification and begin the VetCert process here. 

Tip 4: Connect with a VBOC for Expert Advice and Resources 

When starting or growing a business, it’s always valuable to have an expert by your side for advice and additional resources to help you make the right choices for your business.  

Veteran business owners can achieve small business success with assistance from their local Veterans Business Outreach Center (VBOC). VBOCs are run by veteran-owned small business experts who understand the challenges of entrepreneurship and the military community. They provide veteran and military spouse business owners with workshops, mentorship, and resources to grow their business. Veterans and military spouses can visit their local VBOC at any stage of their business journey for support. 

There are 28 VBOC locations across the United States that provide in-person and virtual services. Connect with your local VBOC here.  

Tip 5: Military Spouses, Take Your Own Path Forward 

Military spouses and veterans have their own unique experiences. When starting a business, military spouses have a separate set of challenges, opportunities, and needs than veterans. They have the skills to make great entrepreneurs and oftentimes need a flexible career as many military families frequently relocate. If you are a military spouse thinking of starting a business in 2024, SBA resources can help you get started. In addition to all the resources available for veteran business owners, SBA also offers resources and training tailored to miliary spouses.  

The first step for any military spouse considering business ownership is SBA’s Military Spouse Pathway to Business program. This no-cost course helps military spouses at any stage of their business journey. From having a simple idea to having a polished business concept or finding out if owning a business is right for them, Pathway to Business helps answer, “what’s next?” 

In the course, military spouses will develop the foundation for a business plan and learn about important topics like market research, legal considerations, and finances. 

Pathway to Business is offered multiple times a month and is available both in person and online to accommodate a military spouse’s busy schedule. Click here to view more details and the course schedule and encourage your military spouse to sign up today! 

By following these tips, you can lead your small business to success in 2024. Check out SBA’s Office of Veteran Business Development (OVBD) accounts on LinkedIn, X (formerly Twitter), and Facebook to get more veteran business tips and news throughout the year! 

This blog was originally written by the U.S. Small Business Administration’s Office of Veterans Business Development.