Resources for Starting a Business After Leaving the Force

VETERANS SEEKING HELP - More than 14,000 men and women exit the armed forces in the UK each year. Most look for employment as they reenter civilian life, and about 6 per cent begin their entrepreneurial journey.

Fortunately, there are resources available to ex-military personnel who are aiming to start their own businesses. As long as you have a promising business idea and a knack for leadership, you can lay the groundwork for a successful venture by tapping into the resources available. Below, ABC has provided some practical advice and information for UK veteran entrepreneurs.

Hiring Freelancers

First, it’s critical to understand from the beginning that you shouldn’t try to do everything on your own. Even with help from resources, you will do well to consider what types of professionals can help you build a strong business. Putting together a team of qualified freelancers can make your operations more efficient, reduce your stress, and help you avoid burnout.

For example, hiring a freelance virtual assistant will relieve you of the burden of menial everyday tasks like sending invoices and fielding phone calls. And a web SEO expert, web designer, and/or content developer can help you create an engaging, user-friendly website that boosts your online presence. Go through an online job platform, and you can compare delivery times, rates, and reviews when choosing between candidates.

Veteran Business Resources  

Now, let's briefly discuss some of the top organizations that provide resources for veteran entrepreneurs in the UK.

SME Loans

Veterans can receive loans for £1,000 to £500,000 from SME Loans for a specialist startup or small business. To qualify, your business must have been trading for six months or longer and maintain a monthly turnover of £5,000.

PDQ Funding

This lender requires the same conditions as SME Loans. In addition, your business must be registered in the UK as a sole trader or limited company. The advantage of PDQ Funding is that it offers business loans to veterans with bad credit, as well as merchant cash advances.

X-Forces Enterprise

X-Forces Enterprise provides different resources to veterans. Through Startup Loans, X-Forces offers unsecured personal loans at an average rate of £11,000, though you can be approved for up to £25,000. These loans come with fixed-rate interest for up to five years. This organization also provides veterans with free courses and workshops aimed at helping veterans determine whether self-employment is right for them, as well as what to expect as an entrepreneur.

RFEA

In conjunction with the Royal British Legion, RFEA offers employment grants designed to help veterans acquire the skills necessary for starting and running a business. The licenses grant is available for up to £250 to help ex-military members earn a license specific to their sector. The training, travel, accommodation, and equipment grant rewards up to £1,000 to veterans who are pursuing a training course.

Help for Heroes

Help for Heroes has partnered with X-Forces to provide the free Business Experience Course for wounded ex-military personnel. The course is six days long and is geared toward helping veterans decide whether or not to become an entrepreneur, and it also teaches essential business skills in budgeting, marketing, and more.

If you’re a veteran thinking about starting a UK business, you have plenty of resources you can tap into. Along with researching the organizations above, keep digging to see what other resources could help you prepare and get the strong launch you need. And remember to strategize what types of freelancers you could bring on board early in the process. You’re well-equipped to run a thriving business; now, get out there and make it happen!

Article supplied by Deploycare.

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