Veterans' Business Resources

Really think about what kind of business you want to start. I always ask my clients, “If you only had a pen, a pad, and a corner to work in — what could you sell?“

Even if you can’t PERFORM the task in that corner, you can MARKET it from there.

• Make a list of things your good at or that people have said you’re good at. 
• Identify the personal role or industry type.
• Perform a Google Search to see how many of those businesses are near you. 

PRO TIP: If you don’t know the role title or industry name do a reverse lookup. Enter the description of the duties performed or the service performed, and ask Google for the role title or industry type associated with it.

Here are some things you’ll need to know when starting a business:

• • Remember “Your business must be A.B.I.I.L. (sounds like able) to thrive”:
    Get to know this one well. It represents the core areas of your business — and perhaps the places where you’ll dedicate the most money (which doesn’t have to be a ton) to outsourcing support.  These are accounting, banking, insurance, information technology, and legal.  

• • •  Choose your business structure.
      There are many different kinds of business structures. The four most commonly created businesses are Sole Proprietorship, Partnership, Corporation (S, C, or Nonprofit) and a Limited Liability Company.  However, depending on where you live in the country, you may also be eligible to establish a Low-profit Limited Liability Company (L3C), a B Corp, or a Cooperative. Determining the best one for you will depend on the kind of business you want to start where you plan to do business, your primary consumer based, and whether or not you plan to be self-employed or hire people.
      

      This is where a business attorney is most helpful. Your accountant may even be able to recommend one. You can also check out your nearest Veterans’ Business Outreach Center for support.

       

       

       

       

   

  • Apply for your Federal Employer Identification Number (FEIN):
    This number is similar to your personal social security number. It helps to differentiate your business from others with similar names or likeness, and provides the Internal Revenue Service with tax applicability when you file your annual reports and pay personnel. Though most businesses do not experience identify theft, it’s still a good idea to be mindful about how, where, and why you share this number. When in doubt, seek counsel from the members of your ABIIL team. 

IMPORTANT NOTE
Your consumer base will inform a lot of your business structure.  Below, I’ve categorized the different consumer types and some starting points for each.

Regardless of your consumer base, anyone (currently non-active and) considering starting a veteran-owned business should apply these steps. 

• • If you haven’t done so, secure your ABIIL team members and file for your FEIN.

• • Contact your local Veterans Business Outreach Center for support with entity formation, capital acquisition, and loan guarantee waivers.
    • • Ask about the Boots to Business Reboot program.
      • Apply for your official VOSB certification with the Department of Veterans Affairs’ Center for Verification and Evaluation.
        Note that while you are permitted to self-certify using the SBA Certification Portal, some federal entities — like Veterans Affairs — do not acknowledge this certification.  
      • Determine if there are any additional programs or certifications for which you might be eligible at this time, for instance: woman-owned small business (WOSB), minority-owned small business (MOSB), service-disabled veteran-owned small business (SDVOSB), Historically Underserved Business Zone (HUB Zone), 8(a) certification, or 7(a) SBA Express lending.

• • Visit your local Service Corps of Retired Executives (SCORE) Office to be paired with a retired executive  in your industry for FREE.

• • Make an appointment with your local Small Business Development Center to get help with market research, trainings*, and more for FREE.
    

    Some course fees may apply. Please check with your local office for confirmation.
    

  • Register your business with your state’s Division of Corporations.

• • File for your local county and/or municipal business licenses.
    

    In many states, you will need this even if you are operating from your home.

     

• Consider signing up with a national network like the National Veteran Business Development Council (NVBDC) and/or the National Veteran-Owned Business Association (NaVOBA) to promote your business and secure clientele.*
  

  Please note that these are membership-based organizations with non-refundable application fees and membership requirement. I am not an affiliate nor do I endorse them. Please use these as examples for other organizational opportunities.

• Visit your state’s Small Business Development Office website and find the manager of Diversity Suppliers. This individual will be responsible for state-designated certifications for “diverse” businesses; including but not limited to minority-owned, woman-owned, disabled-owner, and veterans.

• In addition to your state’s business division, consider investigating your state’s Department of Transportation. Many state-based DOTs have set-aside contracts for “diverse” suppliers.

VOSB STEPS FOR FEDERAL GOVERNMENT OPPORTUNITIES
Last, but not least, if you’re thinking of contracting with the federal government, here are some things you need to know.

• • Apply for a DUNS Number.
    The Data Universal Numbering System is managed by Dun & Bradstreet (D&B).  These numbers are location-specific, so if you have more than one business site, each will need its own number.

• • Register for SAM:
    The System for Award Management is the universal database that the federal government uses to verify  eligible contractors and award them business contracts.

• • Determine your company’s NAICS Code:
    Your North American Industry Classification System code assigns a business industry operation to your company.  For instance, if your business is Management Consulting outside of Defense or Science/Engineering, your code is most likely 541618. When seeking opportunities, listings with this code should most readily align with your company’s capabilities. If they don’t consider adding subsection codes or changing your primary code to better match what you do.

• • Verify your CAGE Code:
    As part of your SAM registration, you’ll receive a CAGE code. Upon completion, sam.gov will reach out to verify the information and approve your code.
    Be sure to add “sam.gov” to your safelist once you’ve started your registration. 

• • Learn as much as you can about becoming a federal contractor:
    Consider subscribing to emails from #VetResources, the Federal Acquisition Regulations System (FAR) website, and your local Procurement Technical Assistance Center (PTAC), to get regular updates about opportunities, training, and potential changes to federal programs and regulations. 

• Search for SubContractor opportunities:
  When contracting, there are two main categories: (1) Contractor Prime and (2) SubContractor. Getting a Prime contract requires a proven track record of success.  The SubContracting Network (SubNet) is a great way to support Contractor Primes, gain experience, and position yourself to become a Contractor Prime.