5 Essential Resources You Need to Start Your Small Business Journey​ (2024)

Starting the journey of starting a small business can be tough. You will be asked to tap into a range of resources that might be unfamiliar to you. However, the good news is that as you progress, you will gain the proficiency and insight to identify and effectively leverage these resources regularly. Financial Resources, Physical Resources, Intellectual Resources, Human Resources, and Digital Resources are the top five crucial resources that small business owners need to focus on.

1. Financial Resources

Gaining access to funding is a significant hurdle for any business owner. While veteran entrepreneurs may have the advantage of being eligible for specialized financial resources, such as loans, grants, and tax incentives, they must keep in mind that free money does not exist. To secure funding, it is crucial to have a solid business plan and reliable financial reports, which can be prepared with the assistance of a trusted financial advisor. Thankfully, the U.S. Small Business Administration (SBA) offers various financial resources tailored to veteran entrepreneurs. As a veteran or military spouse entrepreneur, you can benefit from the Veteran Business Outreach Centers ( Office of Veterans Business Development VBOC), which provide training, counseling, and other essential resources to help you establish and expand your business.

2. Physical Resources

Physical resources refer to the tangible assets needed to run a business, such as equipment, inventory, and office space. Veterans may be eligible for surplus military equipment or discounted office space through government programs or partnerships with private companies. (Learn more here.) It is important to carefully evaluate the needs of the business and plan for the necessary physical resources to ensure smooth operations.

3. Intellectual Resources

Intellectual resources encompass the knowledge, abilities, and proficiency essential for running a business. As an entrepreneur, it is crucial to continuously expand your knowledge base. There are numerous programs that cater to veteran and military spouse entrepreneurs to help you advance professionally. Grow with Google provides a vast array of professional development webinars that can assist you in enhancing your digital skillset. It is vital to develop a growth mindset by leveraging your military training and experience to acquire valuable skills in areas like leadership, project management, and logistics. Take advantage of as many resources as possible. Attend professional conferences, stay up to date on networking events in your area, and join community-building organizations. If you have limited free time, you can listen to podcasts, watch YouTube tutorials, or read articles. There are also various resources available to aid veteran entrepreneurs in developing their business skills, including workshops, mentorship programs, and online training courses. These resources can equip veteran business owners with the necessary knowledge and skills to thrive in their new ventures. Remember to explore your local library as it can provide a wealth of small business resources!

4. Human Resources

Human resources refer to the people who work for a business, including employees, contractors, and consultants. Veterans may be able to find and hire other veterans who bring a similar work ethic and commitment to their businesses. Additionally, veteran-owned businesses can participate in government programs that prioritize the hiring of veterans, such as the Veterans Employment Opportunity Act (VEOA). Effective human resources management is key to building a strong team and maintaining a healthy work environment.

5. Digital Resources

In today's digital age, having a strong online presence is critical for any business. Digital resources can include website hosting and design, social media management, email marketing platforms, and other tools that help businesses connect with customers and promote their brands. Veterans can take advantage of free or low-cost digital resources, such as the SBA's free business tools, to help them get started. Digital resources can help veteran business owners reach new customers and grow their businesses.

In conclusion, starting a business as a veteran requires careful planning and access to the right resources. By leveraging the financial, physical, intellectual, human, and digital resources available, veteran business owners can increase their chances of success. There are numerous resources available to veteran entrepreneurs, and with careful planning and execution, they can turn their dreams into reality.

Missouri, Iowa, Kansas, and Nebraska area veterans vist: www.vetbiz.com to receive one-on-one advice to help you grow or expand your business.