Transitioning from military service to entrepreneurship is a natural step forward for many veterans. Your military experience has already equipped you with invaluable skills like strategic planning, leadership, and mission execution. Writing a business plan simply applies these same principles to your entrepreneurial venture. A well-crafted business plan serves as your mission briefing for success. It's your roadmap, your funding proposal, and your accountability partner all rolled into one.
Why Veterans Make Great Entrepreneurs
Before diving into the planning process, it's worth recognizing the unique advantages veterans bring to business ownership. Your military service has developed skills that directly translate to entrepreneurial success. These skills include
Strategic thinking and planning capabilities
Leadership and team management experience
Ability to perform under pressure
Strong work ethic and discipline
Problem-solving and adaptability
Understanding of logistics and operations
Step 1: Executive Summary - Your Mission Statement
Think of the executive summary as your operation brief. It's the first section of your business plan, but you'll write it last. This one-page overview should capture the essence of your business and grab the reader's attention immediately.
What to include:
Your business concept and what problem it solves
Target market and competitive advantages
Financial projections and funding requirements
Your background and why you're qualified to lead this venture
Veteran tip: Use the clarity and conciseness you learned in military briefings. Make every word count and lead with your strongest points.
Step 2: Company Description - Know Your Terrain
This section provides the foundation for everything else. Describe what your business does, the marketplace needs it addresses, and how it will succeed.
Key components:
Business overview and legal structure
Location and facilities
Products or services offered
Mission statement and company values
Unique selling proposition
Consider highlighting your veteran status. It can be a significant differentiator, especially if you're targeting government contracts or veteran-friendly markets.
Step 3: Market Analysis - Intelligence Gathering
Your military training taught you the importance of understanding the operational environment. Apply those same intelligence-gathering skills to analyze your market.
Research:
Industry overview and trends
Target customer demographics and behavior
Market size and growth potential
Competitive landscape analysis
Regulation requirements
Resources for veterans:
SCORE mentoring (free business counseling)
Small Business Administration (SBA) resources
Industry trade associations
Local economic development offices
Step 4: Organization and Management - Your Command Structure
Outline your business structure and introduce your leadership team. Investors and lenders want to know who's running the operation.
Include:
Organizational chart
Management team biographies
Board of advisors (if applicable)
Gaps in expertise and hiring plans
Compensation structure
Leveraging your network with fellow veterans, former colleagues, and military contacts can provide valuable expertise and credibility to your team.
Step 5: Products and Services - Your Capabilities
Detail what you're offering and why customers will choose you over competitors. Think of this as describing your unit's capabilities and equipment.
Highlight:
Detailed product/service descriptions
Pricing strategy
Product lifecycle and development plans
Intellectual property considerations
Quality control measures
Step 6: Marketing and Sales Strategy - Your Engagement Rules
How will you reach and convert customers? Your marketing strategy should be as well-planned as any military operation.
Develop:
Target customer profiles
Marketing channels and tactics
Sales process and customer journey
Customer retention strategies
Public relations approach
Don't overlook veteran-owned business directories, military publications, and veteran networking events as marketing channels. Another way to think of marketing is creating a community.
Step 7: Funding Request - Your Resource Requirements
If you're seeking funding, clearly state how much you need and how you'll use it. Be specific and realistic.
Address:
Total funding needed for startup and first 3-5 years
How funds will be used (equipment, inventory, marketing, etc.)
Future funding requirements
Exit strategy for investors
Here is a list of veteran-specific funding sources to check out.
SBA veteran loans
SCORE microloans
Veteran business grants
Military relief societies
Crowdfunding platforms focused on veteran businesses
Step 8: Financial Projections - Your Logistics Plan
Numbers don't lie, and neither should your financial projections. Be conservative but optimistic, and base everything on solid research.
Include:
Revenue forecasts (3-5 years)
Expense budgets
Cash flow projections
Break-even analysis
Balance sheet projections
Key financial ratios
Pro tip: If you're not comfortable with financial modeling, consider taking a business finance course through your local community college or SBA workshop.
Step 9: Appendix - Supporting Documentation
Include any additional information that supports your business plan but would clutter the main sections.
Common appendix items:
Market research data
Product photos or prototypes
Letters of intent from customers
Resumes of key team members
Legal documents
Credit reports
Permits and licenses
Veteran-Specific Considerations
Certifications: Research veteran-owned small business (VOSB) and service-disabled veteran-owned small business (SDVOSB) certifications. These can open doors to government contracting opportunities.
Mentorship: Connect with other veteran entrepreneurs through organizations like Veterans in Business Network, Student Veterans of America, or your local veterans chamber of commerce.
Resources: Take advantage of veteran-specific business resources like the Boots to Business program, SCORE mentoring, and SBA veteran loan programs.
Common Mistakes to Avoid
Being overly optimistic with financial projections
Underestimating startup costs and timeline
Failing to research the competition thoroughly
Writing for yourself instead of your audience
Not updating the plan as your business evolves
Your Next Steps
Writing a business plan might seem daunting but remember, you've successfully completed military training and service. You have the discipline and strategic thinking skills needed to create a comprehensive business plan. You just need to flip the perspective.
Start with one section at a time, do your research, and don't be afraid to seek help. Your local veterans chamber of commerce, SCORE counselors, and SBA resources are all here to support your entrepreneurial journey. Your business plan isn’t just a document; it's your strategic foundation for building the civilian career you've earned through your military service.
Ready to start your business planning journey? Contact you Veterans Chamber of Commerce for resources, mentorship opportunities, and connections to other veteran entrepreneurs who've successfully made the transition to business ownership.
