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Serving Up Your Business to Hire Veterans
Each business owner has their own motivation for starting a business. Sometimes, the desire for greater autonomy and flexibility is the driving force, or the desire to provide jobs to the community. Being a business owner is hard work, but it can also be a great way to give back – and an opportunity to help those who have served our country.
Who needs what you’re selling?
One of the most critical determinants to business success is whether there is a need for your product or service. Conduct market research to get a clear indication of the demand for what your business will offer, and what competitors exist. This analysis allows you to see what you can do to differentiate your business from your competitors, such as taking an extra step in conscientious customer service, making a price adjustment, or even being branded a “veteran-friendly business” – which can be a powerful marketing message.
Once you’ve done your research, write a business plan that guides your strategies and business operations – from marketing, to financials. Writing this out forces you to map out your milestones. The plan is also important if you need to approach investors for business financing.
Your business plan can also outline your goals for hiring veterans and why it makes business sense. If you indicate in your marketing strategy that veterans are part of your target market, one of your strategies may be to have veterans lead your marketing department.
As a business owner, it’s essential that you have a system for processing payroll that’s organized and pays employees accurately and on time. With payroll software, you can set up your payroll to run automatically which allows you to focus on other areas of running your business. Effective payroll software will automate taxes and forms, allow you to create invoices, and offer expert chat support.
Your business structure
You’ll also need to consider your business structure. As a sole proprietor, you would retain 100% ownership, and be entitled to 100 percent of the profits. While that sounds good, you’re also responsible for 100 percent of the liabilities. To avoid this personal risk, many business owners opt for the limited liability company (LLC) structure. An LLC gives you more flexibility than other types of corporate structures, while still offering you personal protections. Every state has different regulations for setting up an LLC, but the process typically includes:
1. Selecting a name for your business.
2. Naming a registered agent to receive business mail and legal documents.
3. Submitting state articles of incorporation for approval.
4. Creating your Operating Agreement that establishes your company’s operating rules.
5. Applying for your Employer Identification Number from the IRS.
It does take some time and legwork to research and complete this process. You can hire an attorney to handle it for you. Or, to avoid those attorney fees and save you time, hire an experienced corporate formation service.
Serving our veterans is good business
According to the Pew Research Center, veterans make up almost 10% of our population. Employing veterans does everyone in our community, including your business, a great service.