Hiring a Veteran for Your New Business: A Win-Win Situation
Updated: Dec 23, 2022
by Tina Martin | Feb 23, 2022
Starting a new business is a daunting task. The responsibilities are endless, and the stress levels are high. One way to add stability to your business is by hiring a reliable workforce. Look no further than veterans to add stability and financial benefits to your business. AAH Enterprise presents some reasons why you need to add a veteran to your team.
Unique Skills and Experience Veterans bring unique skills from their time served in the military. Some of those skills include a mission-focused approach to work, strong performance under pressure, and experience working on diverse teams. You’ll save time by not having to teach those skills to veterans as you might with other hires since they have accrued so much from their military experience.
Veterans also bring a strong sense of responsibility with them. They may have already received training in the military that matches the needs of your business. If your small business is based on IT, financial services, or retail, a veteran would be perfect since those three careers are among the top ten best jobs for ex-military members. The U.S. Department of Veterans Affairs has programs that can match veterans with businesses, an arrangement that can benefit both you and your veteran hire.
Financial Benefits A number of financial benefits come with hiring veterans. The Internal Revenue Service offers a Work Opportunity Tax Credit to employers for hiring individuals from target groups, one of which is veterans. There’s also a wounded warrior tax credit for employers that hire veterans with service-connected disabilities. Additionally, employers can receive a credit of 40% on the first $6,000 of wages for hiring a veteran who’s been on unemployment compensation for at least four weeks.
Aside from money saved on taxes, veterans can save you money on training time since they come into your business with so much experience gained through military service. They perform well under pressure and have respect for procedures, so you can be sure they’ll follow your instructions efficiently, leaving you more time to concentrate on profits.
Tips for New Business Success In addition to hiring veterans for your new business, here are some extra tips to help it to succeed. First, make sure you’ve done the research to write a strong business plan. And don’t try to do everything yourself. Seek advice from trusted individuals who’ve started their own businesses. You can also find a mentor to lead you through the challenges that will inevitably present themselves and expand your business know-how.
Make sure you plan for all the legal hurdles required in starting a new business. If you haven’t already done so, look into forming a limited liability company (LLC) for your business. Forming an LLC protects you from personal responsibility for debts or liabilities your business may incur. It also comes with tax benefits, especially if you’re an individual business owner and choose to be taxed as a sole proprietorship. All states have different regulations around forming LLCs, so research your state’s regulations. When you’re ready to form your LLC, you can submit the paperwork yourself or use an LLC formation service to do the legwork for you.
Lastly, consider getting a monthly planner, one that your entire team can access. This way, you can update deadlines and to-do lists on a month-by-month basis. For example, Miro offers a monthly planner template that’s both easy to use and visually appealing, making it a great option when you want to offer at-a-glance info to your workers.
A Mutually Beneficial Relationship By hiring a veteran for your business, you get a well-trained employee who’ll save you time and money. It’s debts good for your business and for the veterans who served their country.
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