How Veterans Can Open a Business

After returning from a tour abroad, it can sometimes be tricky for veterans to decide what to do with their career next. One great option is for veterans to open their own business. However, it can sometimes be tricky for veterans to get a loan, especially if they joined the military right out of high school or college. This can be because they do not have a high enough credit score or credit history. Luckily, there are some things that veterans can to do make their changes in getting a loan and opening their own business easier.

Build Your Credit

One of the things a veteran should do to increase their odds of getting accepted for veteran loans is to improve their credit score. One of the best ways to do this is to pay off any existing debt (like credit card debt or student loans). If you do not have any outstanding debts, then you can also raise your credit score by paying extra on car or mortgage payments.

On the off-chance that someone has absolutely no debt, loans, or credit history, then they would need to take out a loan or a credit card to have something to pay off. While this may seem counterproductive, it is an easy to way to build credit. This is because making regular credit card or loan payments is a way to prove that you would be able to afford larger loan payments if you were to take out a business loan.

Make a Business Plan

Before even making an appointment with the bank to talk about a veteran loan, it’s best to make a business plan. Making a business plan shows that you have already put some effort into making your business dreams into a reality. You don’t even have to go to business school to learn how to make a business plan. There are many great business plan templates online that you can use to model your business plan.

Once you are done creating your business plan, make sure to print it out on professional-looking paper. If possible, have someone look your plan over for you to make sure everything looks right. When all this is done, bring it to your bank meeting to show off everything you have done.

Doing these two things are key to getting a veteran loan to help you open your business. So, improve your credit and make a business plan. These will prove to any bank that you have the determination it takes to open a business.

SHARE IT: LinkedIn