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By Benetrends • January 12, 2014

A Veterans Day Message -3 tips for Veterans interested in starting their own business

With respect for and in recognition of the contributions our service members have made to the cause of peace and freedom around the world, the Congress has provided that November 11 of each year shall be set aside as a legal public holiday to honor our Nations Veterans. However, this year, Veterans Day is observed on Monday, November 12, 2012.

According to the most recent U.S. Census Data, veteran-owned firms represent 9% of all U.S. firms. These 2.45 million veteran-owned business employed over 5.8 million individuals. Transitioning service members are natural entrepreneurs, possessing the training, experience, and leadership skills to start businesses and create jobs.

We offer a 10% discount to Veterans on our Rainmaker Plan. Please call to speak with one of our Sr. Consultants to see if you qualify. 866.423.6387.

Here are 3 tips for Veterans interested in starting their own business.

1. Take advantage of the SBA lending program, the Patriot Express loan, which offers veterans and members of the military low-interest loans of up to $500,000.

2. Review the International Franchise Associations VetFran internet site. The program is supported by a group of franchises offering discounts to discharged veterans of the United States.

3. Be prepared before you apply for a loan. Make an analysis about the business you want to create before asking for business loans. Address some specific points: type of business, how much money is needed to run the first year, list all the sources of potential loans and grants, will you have employees, project your revenues and expenses, how much cash do you have, business marketing and competition. Take advantage of our Business planning calculator.

Also, a new report from the IFA prepared by Franchise Business Review shows over 64,000 veterans, military spouses and wounded warriors have started careers in franchising, including 4,314 new veteran franchise business owners, since 2011 through Operation Enduring Opportunity, a campaign of IFAs VetFran Strategic Initiative.

You can view a copy of the report here: 2012 Veterans in Franchising: A Progress Report.