Paul Holzschuher ⋅ Lebanon, OH Ohmart/Vega ⋅ 40 years experience

Contact the experts at SCORE and SBDC.
There counseling is free and they know all downs and ups of starting a business.
Thanks,
Paul

Jeffrey Duck ⋅ Deltona, FL Deploy Tech Services ⋅ 30 years experience

When I first started, I wish I had more confidence in myself. On the outside I did, but on the inside, I didn't. Over the years, I've learned that I knew more than I or other people realized, and now at age 53, much of how I make my money is anchored in a few tasks that I took on as an E3 30 years ago.

I agree wholeheartedly with what Mark presented but I'd like to restate some of it and answer your questions a little differently...

First: listen to everyone then do what you feel is the best decision for you. Many people who have had success in starting their own business feel it happened because they found just the right formula and in some cases, they'll tell you exactly how to do it. Unfortunately no two companies are exactly the same nor do any two people think exactly the same. Success is a combination of luck, skill and timing. Sometimes, it's almost all luck and sometimes it's almost all skill, but regardless, timing is a factor. Many company failures are the result of a good idea at the wrong time.

Second: get exposure to the industry. If you want to own a McDonalds, get a job on the floor first to experience it. If you want to write a software program, get a job as a developer first. I know of a couple people who are studying to enter the PC repair business as a career. In my opinion, that's no longer a career option and if they'd first try to get a job with a company that repairs computers, they would see the job is almost non-existent anymore and I doubt it can be a life-long career. Getting a feel for a business - and building relationships in the industry as Mark said - is important.

Third: what are all the hats that you need to wear? If running the business requires a specific knowledge, you either have to know it, learn it or pay for it. Knowing how to bake pies isn't enough to enter the pie business.

Fourth: be sure you know the technology that's used or available in the industry. In many industries today, he who knows the tech, wins. Chances are, the more you understand and embrace the technology used in an industry, the more advantage you will have over competitors and prospects/customers.

Fifth: know your cashflow. What will it cost to start and then to keep operating? What if it doesn't fly? When and how do you shutdown if it doesn't work? What's your fall back? After that, then decide what success will look like. What sales and/or profit constitutes success? When to hire the next employee and for what position? (Some people say you need to have an exit strategy but that's more for taking on investors.)

Sixth: Always reevaluate and adjust. No different than what you always hear in the military. Every time you make a move, the entire board will change. Make a bullet list of important things to consider as you start up then review, reevaluate and adjust

I'm sure there's more but these are the things that I always think of when I hear a question like yours. In the second point I said "In my opinion" and that's important. I'm only 1/6,500,000,000 of humanity and I could be wrong. I've learned to ignore anyone who tells me that something can't be done and I walk away from anyone who tells me I'm wrong. Nobody knows but me and I'f I'm wrong, it's my loss. I've made some big mistakes in business, but so long as the sum of my failures is less than the sum of my successes, then I feel I'm making the right decisions. A spouse can be an exception to this. For my size business, my wife's opinion and her threshold for pain have to be considered.

HTH,
Jeff

Mark Hannah ⋅ Incline Village, NV Hannah Business Intelligence Solutions, Inc. ⋅ 22 years experience

The Company Corporation and a strategy consultant to tailor my Accounting chart of accounts and tax strategy to my business strategy as an independent consultant. 90% of reading material available to buy is for a cookie-cutter template small-business and not directly molded to my business "services." My Business Degree provided a high level context with some templates for "how" to do business. Depending on your specific business a percentage of time and money will be allocated to: Marketing, Finance, Accounting, HR, IT... and should be molded to your niche offering, yet this knowledge is protected and you must learn as you go. Because everyone wants the happy path shortcut one would need a mentor who is not a direct competitor that can guide them, note "guide" as no one will hold your hand. Summary, I was fortunate to have a mentor in the same field who I partnered with and we separated our offerings and went separate ways but kept the same CPA, Attorney, etc. I recommend to build a team that understands your business and can provide direct advice, remember its a tax deduction so don't be cheap in paying for advice that can put you on a long term happy path.

Brian Richardson ⋅ Columbus, IN U.S. Army, Sergeant ⋅ 8 years served

Jeff,
Thanks for taking the time to respond. Your input is appreciated.

Are there any vets out there starting a business now that are experiencing problems or stumbling blocks? I'd be interested in hearing those too.

Brian Richardson
www.VetLaunched.com

Brian Richardson ⋅ Columbus, IN U.S. Army, Sergeant ⋅ 8 years served

Mark,
So Quickbooks did not have the set up you needed? Or were you needing the accounting help to get it set up initially?

When you say 90% of reading material was not molded to your niche...what was it missing?

I'm doing a bit of research into what other vets have encountered as stumbling blocks. I appreciate your input.

Brian Richardson
www.VetLaunched.com