Frequently Asked Questions (FAQs)
A: Every good business starts with a plan.
The FSU VBOC will assist you in developing and maintaining a business plan.
This includes choosing the appropriate legal form of the business, meeting equipment/capital requirements and determining cost, choosing the right organizational structure, creating a strategic plan, completing a market/SWOT analysis, and a drafting a financial plan.
Your business plan should include contingency strategies for dealing with unexpected successes and/or failures (believe it or not, both of these can be a challenge).
A: Veterans are uniquely qualified to succeed as entrepreneurs.
Your training and experience as a service member can be a great asset in developing a strong business strategy and adapting to challenging markets and circumstances.
All U.S. military veterans (including Active Duty) qualify for VBOC services. This is the website of SBA Region IV VBOC which serves the following states:
- North Carolina
- South Carolina
If your state is not listed above, please visit the SBA's list of VBOC locations to determine which regional office to contact
A: While some grants are available through government and non-government organizations, grants are generally not available for start-up, for-profit ventures. The VBOC itself does NOT provide grants for starting and expanding a business, however, we may be able to help qualified persons apply for and receive loans such as the Veterans Advantage Program.
For information pertaining to government Grants please visit http://www.grants.gov .
Use caution when researching your finance options, as disinformation and scams can cause a great deal of financial harm very quickly.
A: The short and not very helpful answer is, it depends.
In most cases, your business will need to obtain an EIN, Tax ID Number appropriate to your state, a Business license along with any requisite permits due to local health and safety laws, and proof of Eligibility for any and all Employees.
The SBA provides a tool that can help you meet basic requirements for a number of the most common types of businesses in your State.
A: The SBA provides loan guarantee options to veterans starting businesses. However you must apply to an SBA lender.
But very few financial institutions will lend support to a business without, at minimum, a financial plan accounting for repayment of any debt obligations, required assets, operating costs, and contingencies for both failure and/or overwhelming success.
A: The legal structure of your business has a lot to do with personal risk and liability in regards to assets, debt, and other obligations.
Depending on the needs and legal requirements of your business, you may want to operate your business as a Partnership, Limited Liability Corporation (LLC), C Corporation, or S Corporation. The Corporations Division of the Secretary of State website in the state which you will transact business is an excellent source for researching legal structure.
A: SBA has established the Veterans Business Outreach Centers, special loans and Surety Bonding programs for Veterans and Reservists, government procurement programs for Veterans, Veterans Business Development Officers in every District Office, and special outreach, counseling and training at more than 1,500 Small Business Development Centers .