A New Entrepreneur’s Guide to Hiring Veterans
If you are an entrepreneur who wants to make an even bigger difference in the lives of veterans, you should think about hiring them to help turn your new business into a success. Here are some important points to help you out.
Some Small Business Basics
Before you can start recruiting veterans, you need to get your business up and running. Here are a few essentials you may need to get the job done and it get it done right:
A Business Plan
Staying organized is important when it comes to running a business. If you want to be organized from the start, you need a plan. You can find detailed business plan templates online to help out.
The Right Entity
Will your new business be an S-Corp, LP, or an LLC? If you run a business that is considered medium to high risk, you should consider choosing an LLC as your entity to protect your personal assets. You can set up an LLC online to avoid substantial legal costs. Keep in mind that if you’re going to create an LLC in New York, you’ll need to file a biennial statement every two years.
Smart Budgeting
Your budget can also be key to your success. Savvy budgeting starts with a bit of market research and then some serious thought about the needs of the new business. Since you have a goal of hiring veterans, you need to include the associated expenses in your budget. There are also calculators available online to help you figure out the costs of hiring employees.
Marketing Plans
If you want to be able to pay your veteran staff members, you need to bring in a steady flow of profits. That means getting customers into your doors and then cultivating lasting and profitable relationships with them. Marketing is critical here but you don’t have to spend a lot of cash. You simply need to be strategic about who you want to reach and how you plan to do so.
What to Know About Hiring Veterans
Now that you have some business basics out of the way, let’s dive into the ins and outs of recruiting, hiring, and employing veterans. Here are some terms you may need to know:
Readjustment/Transition
There’s no question that military life is tough and so very different from the lives of everyday citizens. If you haven’t served, it’s crucial that you understand how this transition impacts the emotions and lives of recently separated veterans. Of course, one of the most pressing issues is often finding a job so by hiring veterans you are already doing so much to help them.
PTSD and TBI
Unfortunately, PTSD and disabilities can also be part of the transition to civilian life. The tricky part about living with many of these service-related conditions is that they aren’t outwardly visible. Since hiring veterans is a primary goal for your business, take steps to ensure that your workplace is PTSD-friendly. Ambient music, task list, and organization can help.
VETS
This is an acronym rather than a shortened version of “veterans.” VETS is a series of initiatives put forth by the DOL to encourage business owners like yourself to give veterans a chance. In addition to providing training for veterans, this site is also full of valuable resources for employers. So before you hire your first veteran, you should definitely check it out.
WOTC
Talk to any veteran and they will tell you that military life is full of acronyms. So here’s one more acronym that you should know when it comes to hiring veterans. WOTC is short for the Work Opportunity Tax Credit from the IRS. Essentially, businesses that hire veterans may be eligible for a huge tax break. That’s in addition to gaining hard-working and reliable employees.
After years of service, vets have the dedication and work ethic you’re looking for to turn your new startup into a thriving small business. You can also save money by making a commitment to hiring veterans. It’s a win-win situation for veterans and entrepreneurs. So make sure you have the steps and information needed to set your business up to start hiring veterans.
The insurance professionals at The Sarrica Group are dedicated to protecting your business and employees. Call (516) 277-0812 to learn more.
Photo Credit: Unsplash