If you are a retired veteran looking for ways to grow your wealth, you should consider building your own company. Rarely will you feel fulfilled for applying for a job that you are not passionate about. On the other hand, starting your own brand allows you to pursue your passion, make a name for yourself, and start making money out of something you love doing.
There are numerous other reasons why starting a veteran-owned business is always a good idea. Here are some of the best ones.
It Can Be Easier to Acquire a Business Loan
Some people are not eligible for business loans. This can be due to their poor credit history, their preferred industry is risky, or maybe they have a too high debt utilization rate. On the other hand, veterans can take advantage of a small business loan and enjoy numerous perks associated with the loan.
For one, you can enjoy zero upfront guarantee fees depending on the type of loan and term you are applying for. Some are eligible for up to five million dollars’ worth of loan and up to 10 years. This is aside from any other fee deductions or waivers available for veterans like you.
When applying for an SBA loan, be sure to know your options. Find a reliable SBA lender and check their review before trusting one. This way, you can prepare yourself financially for your target business opportunity.
You Can Create Multiple Jobs for the Locals
Even if you start a one-person business, you will create jobs as your brand slowly grows and expands. You will need workers to boost your production, take care of your branding, and increase your reach. As local consumer spending increases, the more your capital grows and the more people you can hire.
No matter the type of business you plan on starting, this will surely bring in more jobs. This, in turn, can help the local community in the process and stimulating economic growth.
Obtain Surplus Equipment for Free
Did you know that you can also acquire second-hand equipment used by local government agencies for free? Throughout the country, different federal resources are scattered in various warehouses. These unused but still working pieces of machinery that are only gathering dust are now being claimed by veteran business owners.
Thanks to the Veterans Small Business Enhancement Act, business owners-turned veterans can now request machinery the government no longer needs or use. This enables cash-poor veterans to acquire the type of equipment they need to keep their business afloat. The less machinery left to rot in storage, the fewer bills taxpayers have to pay for storing these pieces of equipment.
Enjoy Tax Incentives
Even the smallest tax deductions can do a lot in saving money and relieving your business of a financial burden. By owning a business and employing a military veteran, you can apply for tax credits and qualify for tax breaks. This is for any costs you incur during your first year of operations before earning profit.
Hiring eligible applicants like veterans, ex-felons, and food stamp recipients will enable you to join the Work Opportunity Tax Credit program. You need to make sure you complete the necessary forms, verify the documents you need to submit, and wait for the determination letter from the state employment agency. Not that most owners of our brand, your dependents, and your relatives are not eligible for the tax break.
Veterans-owned businesses provide more job opportunities to the community, thus helping boost its economy. One can enjoy tax breaks, obtain business loans more effortlessly, and even enjoy surplus equipment. These are but some of the reasons why it pays to consider starting a brand as a veteran.