Transition Tips for Military Spouse Entrepreneurs

When your service member prepares to leave the military, you face a major transition as a military spouse entrepreneur. This change brings both challenges and possibilities for your business. Whether you’ve been running your business through multiple moves or want to start a new one during this season, good planning can help you succeed in this next chapter. 

Understanding State-Specific Business Impacts 

Each state has different rules, taxes, and incentives that can affect your business. If you are relocating or establishing a new business, you need to become familiar with: 

  • State business taxes and filing requirements 
  • Professional licensing transfers (important if your business requires certifications) 
  • Small business incentives and grants specific to each state 

Look into states that offer benefits for veteran and military families. Some states don’t tax military pensions, while others offer property tax breaks for disabled veterans. These benefits can help your business by reducing your family’s overall expenses.  

The job market should also influence your choice. Some areas have defense contractors or military-friendly employers that might become potential customers or partners for your business. 

Connecting with Your Local Chamber of Commerce 

One of the best resources in your new community will be the local Chamber of Commerce. Here’s how to make the most of this connection: 

  • Attend Chamber networking events to meet other local business owners 
  • Ask about special programs for veteran and military spouse entrepreneurs 
  • Look into Chamber-sponsored workshops on local business regulations and requirements 
  • Use their knowledge about the local market to understand customer needs in your area 

Many Chambers offer discounted membership rates for new businesses or have special military appreciation programs. These connections can quickly help you become part of the business community and find local resources you might otherwise miss. 

Accessing Capital as a Military Spouse Entrepreneur 

Getting funding is often a major challenge for small business owners, but military spouses have several special options: 

SBA Veteran and Military Spouse Programs: The Small Business Administration offers programs specifically for the military community, including loans with better terms for veteran-owned businesses. 

MSEP (Military Spouse Employment Partnership): MSEP partners with organizations that provide resources, training, and sometimes funding opportunities for military spouse entrepreneurs. 

Bunker Labs: This national network supports military-connected entrepreneurs with programs, events, and resources to start and grow their businesses. 

V-WISE (Veteran Women Igniting the Spirit of Entrepreneurship): This program offers training, networking, and mentorship specifically for women veterans and military spouses looking to start or grow a business. 

Mentorship and Support Networks for a Military Spouse Entrepreneur

Don’t go through this transition alone. Several organizations work to address the unique challenges facing military families and entrepreneurs: 

  • The Rosie Network provides coaching, education, and resources specifically for military spouse entrepreneurs 
  • SCORE offers free business mentoring with retired executives, including many veterans 
  • ACP (American Corporate Partners) offers free military spouses career mentorship for 1 year 

These connections can be very valuable as you adapt your business to civilian life and potentially grow your operations. 

Leveraging The Edge for Transition Success 

Taking control of your military transition planning is easier with The Edge’s tools and resources designed specifically for transitioning service members and their families. This platform is free to service members, veterans, and their spouses. 

The Edge provides military spouse entrepreneurs with essential resources: 

  • Entrepreneur FAQs: You’ll find articles and videos about starting or growing your business, tax terms, legal paperwork, and more. 
  • Financial Planning Tools: Access budgeting tools to plan for civilian life, explore salary calculators, and create a financial strategy for your transition. 
  • Savings Tools: Whether you need to build up your emergency fund, save for retirement, or save for children’s college, there are guides to help you set goals and track your progress. 

The Edge also offers information about retirement planning options beyond military benefits. Understanding different retirement plans like IRAs is crucial for self-employed people who need to create their own retirement strategy. 

Visit The Edge today to access these free resources 

This transition period has both challenges and opportunities for military spouse entrepreneurs. By understanding state impacts, accessing special funding, building a support network, and using free resources like The Edge, you can grow your business during this transition. 

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About Our Partnership with TowneBank Mortgage

At GoVA, we’re proud to partner with a lender that delivers peace of mind to those who have served and continue to serve our county. Together, GoVA and TowneBank Mortgage are committed to helping our military service members achieve their dreams of homeownership, as well as providing them with valuable resources along the way. As experienced lenders, TowneBank Mortgage understands the need for a quick and easy mortgage process, especially during life’s transitional moments. Headquartered in Norfolk, just miles from the world’s largest naval base, TowneBank Mortgage has had the honor of helping thousands of military families through their VA loan offerings. Their team is knowledgeable about VA products and the local market, and in-house operations allow them to respond to questions and concerns in a timely manner. Together, we can get you to closing in 30 days or less. Trust TowneBank Mortgage and GoVA loans to get you home.

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