More specifically, I'm interested in starting a sdvosb but have yet to get my service-connected disability rating.
Answers
Like many of the other answers, I believe SCORE is a great place to start! A business plan is a must and should be both verbal and quantitative. The Business Plan will take you through the thought process of how you will develop the business and why it will be successful. All lenders will want to see the Plan and even more important it will help you evaluate the likelihood of the Business succeeding. It includes, but is not limited to identifying startup and ongoing costs, forecasting sales and profit margins. I know many individuals that after going through the process determined the business probably would not be profitable and rightly abandoned the idea. I also many who came away convince they could succeed, and pursued the opportunity. Subsequent to going through the process, I think the SBA is a great place to go for a loan. I was denied by over ten lenders and they approved after I submitted a strong Business Plan that I could defend and elaborate upon during my interview with them. The Business was successful, and provided for my retirement.
Good luck, and thanks for your service to our country.
Mike Convey
Danny,
You should speak to a representative of your local SCORE chapter. This is a non=profit organization related to the "Small Business Administration". Their services are free and should be a "First Stop" for anyone starting a small buisness.
Best of luck
Bill Smith
Nolo Press has excellent books for you. The cost is low, or the public library may have them on the shelf.
Also, I suggest making a list of all the reasons NOT to start your own business -- along with a list of WHY to take that step. This is the time for tough self-evaluation, along with SCORE & other resources. Wishing you well!
Danny:
Ed had good advice -ck out Score - the seminars they present are usually conducted by retired business owners. I would also ck out -https://www.sba.gov/starting-business/how-start-business/business-types/veteran-owned-businesses
this has lots of good info. Ed had mentioned commercial lenders want to see a business plan - implying a start up business can get financing....my experience with 10 yrs of selling businesses as a Florida business broker is that lenders will not loan $ on a start up - or to buy a new business....the problem for the lender is collateral...when you don't pay your mortgage -what happens? The bank takes your home. How about when you don't make a car payment? The bank will take your car -But IF a bank loaned $ on a Pizza place and the owner defaulted -what does a bank do with a pizza place?
the SBA website may have some new ways/grants to get initial investment funds - but it's hard.
good luck with new venture
Bill Blair
I agree with John Green that a business plan is a critical part of starting and operating a small business and certainly will be required by any commercial lender. There are software programs that will guide you through the process to a finished product.
Better yet - If you're living in San Antonio, UTSA has a small business development center (SBDC). Their web site address is https://sasbdc.org/ I strongly recommend investigating their programs.
I used the resources of an SBDC in Oregon when I started a healthcare business 25 years ago. It was invaluable from start-up to sale. Also look for community services that support small business. There are sure to be local organizations such as SCORE that use current and former owners and senior managers as mentors and counselors. Many are free or low-cost. See https://www.sba.gov/sites/default/files/files/resourceguide_3153.pdf for an example of a well-known support organization Also, check https://www.sba.gov/sites/default/files/files/resourceguide_3153.pdf
for the San Antonio version of the SBA's Small Business Resource Guide.
Best of luck (it does take some of that) and success in your efforts.
The very first step is to write a business plan.
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