Andy Bergin ⋅ Greenwich, CT Speaking Virtually ⋅ 36 years experience

Adam,

You have resources identified in previous answers that can help with the mechanics of setting up a business - use them. As a small business owner, a few suggestions:

1) You need funding to live for the first year when you're not making much (or any) money
2) Do a business about something you either love to do and that fills a real customer need
3) Write out the story of your business (and practice it) so you can articulate it to customers
4) Have a strong 3-5 year vision of your business but stay focused on the next step ahead
5) Tell everyone you know what you're doing - ask them to go and tell everyone they know
6) Make sure you deliver what you promise - dependability engenders repeat business
7) Guard your business reputation - it becomes your living resume and calling card
8) Ensure you have repeatable services or processes - then relentlessly execute them
9) Don't be afraid to hire people who are smarter than you - the best CEOs do that daily
10) Have faith in God, your idea and yourself - there will be some tough days to get through

Having said all that, it's worth it so go for it! Most serial entrepreneurs have many failures to balance their few successes. All it takes is one success - the one that's right for you.

Andy

James Mingey ⋅ Oregon City, OR Veterans Business Services ⋅ 25 years experience

For starters:

Google:

SBA VBOC ( Veterans Business Outreach Center)

SYR EBV (if you expect to get a disability rating)

Bunker Lab

Patriot Boot Camp

HATCH CPO

Read:

E-Myth
From the Art of War to Entrepreneurship

Lex Levin ⋅ Northborough, MA Lex Levin, LLC ⋅ 13 years experience

Adam,

I suggest you contact your closest SCORE chapter - it's a service provided by the Small Business Administration that provides resources, advice, consulting, and training for new entrepreneurs. There's one in my area and it's very busy - hopefully, there's one near you as well. You might get some good advice and training through them.

You should also research active companies doing what you want to do in your area and get a sense of how they work, perhaps go have an informational interview with one or two.

Best of luck to you.

LL

Jay Pesci ⋅ Fairfield, CT ⋅ 25 years experience

Chief Rhodes,
Thank you for your service -we appreciate the sacrifice. Can you elaborate on what specifically your business will accomplish? When I read "preservation", my presumption is that it pertains to historic structures.

John Green ⋅ Cary, NC Information Technology ⋅ 40 years experience

Hi Adam,

Best of luck to you.

The point of my questions was to solicit your quantitative response which would enable advisers to comment directly on your root question of whether or not to start now or wait.

Without knowing some of this information, how could a person tell you an answer ?

As you may already know, you should not run this business as a sole proprietorship since this provides no protection of your personal assets like your house, cars or other assets. Therefore, after you have vetted your business plan, and received the necessary capital funds, the next step is to file your incorporation paperwork with your state. Once you do this, the clock starts ticking and you must file quarterly reports with the Secretary of State which then, based on these reports, you would owe taxes due to the state every quarter.

So, my recommendation to you absent any information you might otherwise provide is : don't start the clock ticking until your ready to heave hoe all the way.

If you'd care to provide direct answers to my previous questions, I (and others) might be able to give you more targeted specific advice.

Bill Blair ⋅ Holiday, FL Legacy Venture Group ⋅ 35 years experience

Shirish and Emanuel had good advice in addition to all the other good advice -as a previous business owner - 3 over 20 yrs - I've got 2 questions -
1. what is a "preservation" business ? It's easier to advise someone who wants to own a pizza shop -they'd better practice in the kitchen first ...and not mind standing up all day.
2.I'm surprised you admit to being a procrastinator...esp being military....the buck stops with you when you own your own business.....there is no one to remind you or urge you to get something done. You must have the inner drive to always go the extra step.
3.if you do have competition for your service(???) I would want to meet the owner and explore whether they would consider a working partner....it's a lot easier to expand an existing business with extra capital than to start from scratch
4. I have been in business brokerage for over 10yrs advising/helping "wanta-be business owner's" how to buy a business - since none of us know what a preservation biz is ...in general it is better to buy an existing biz with a existing cash flow ....than to start one from scratch

Dennis Crumb ⋅ Lafayette, CO Crumb & Associates, LLC ⋅ 14 years experience

Hi Adam,

You have received a lot of great answers. Let me add a few things. You need a business plan in your head at least if not written out. The plan should answer the following things.

1) What is your value propositions? In other words what is the value of the product or service you are going to provide the people who pay you? Why are they going to give you money? The answer to this question will help you hone in on how to improve the product or service to provide a great value to your customer.

2) Who else provides that value proposition and what is your competitive advantage over them? In other words why will people choose you over your competitors? It might be price, quality, service etc. This question will allow you to create a product or service that can clearly beat your competitors for your market or market segment.

3) What is the market size? Not just the general market but the market for your specific product or service. Take auto mobiles for instance. If you plan on making an electric car the market size is not the total automobile market but those who buy electric automobiles. How many people or companies would be interested in your product or service? How much would they buy?

4) What resources will you need for this business and in what stages? Can you run the business by yourself until it gets going or will you need employees? Will you need a facility? Will you need equipment? How much will all that cost?

5) Do you have the finances to get you to the point you are cash flow positive? You may need help with this. You may need a CPA or financial analyst to help you create a cash flow forecast. I may be able to help you with this for no charge. But you will have to do the hard work of getting the information together. If you don't are you willing to borrow the money for friends and family, or SBA loan or get an investor? Understand if you get a loan from a bank they will want you to personally guarantee the loan.

As you answer these questions, it may cause you to go back and change your answers to some of the previous questions. For instance you may determine the specific market you wanted to address has lots of strong competitors and it would be very difficult to get competitive advantage over them. So you find a market niche that is undeserved and change your offering to meet their need.

I suggest you write down the answers to these questions. If you are not seeking funding you don't need to make it formal, but you want to write it down anyway so that you are focused.

Finally as you go through this process you will come up with a lot of things you want to do. Try and narrow them down to just those that I call, "Keys to success". Typically these are around three things. The three most important things to make you successful.

Donald Marshall ⋅ Hingham, MA U.S.Treasury ⋅ 45 years experience

Adam,
If you go to the web site for the SBA (Small Business Administration) you can get great advice on SBA services such as business plan preparation and SBA loans which provide low cost funding. I'm not sure if there are special programs for Vets. I have used SBA services in the Boston area and found the advice to be sound and the people very helpful and knowledgeable.
Don

John (Casey) Roach ⋅ Greenwich, CT Merrill Lynch ⋅ 45 years experience

Your question is simple, but the answer/response involves a number of significant issues. If you would like my thinking, send me your business plan and an outline of your ability to finance your business. Do you have backers/investors to facilitate your opening. Importantly, what are your thoughts as to where as this can create issues because of the state regulations.
If you would like, call me; 203-273-3629 or email: john.h.roach@ml.com

SHIRISH DESAI ⋅ San Jose, CA CSL, Inc ⋅ 45 years experience

Hi Adam:
The first thing I would recommend you do is to find a job with a similar business established company in your area. This job will prepare you for all those million thing you said you have to do. It is highly likely that after this job it may not be that overwhelming.
There is a saying : If you want to run a restaurant get a job as a bus boy.
Good Luck!
Shirish Desai

Emanuel Carpenter ⋅ Alpharetta, GA SDR Master Class ⋅ 20 years experience

Hi Adam - Most entrepreneurs work 18 hours a day when they start their businesses. Way more than a 9-5. Given this info, I'm not sure how you could start your business while still serving unless you have someone else who can run your business for you until you retire from active duty.

When I was in the Veteran's Entrepreneur Program (VEP) at Oklahoma State University, I met an active duty Marines officer who started a business three months prior to retiring. His wife was involved in the business and was able to handle lots while he finished out his service.

Here are some things I recommend you consider doing today:

1. Identify who your potential clients are and start connecting with them on social media sites like LinkedIn. Follow them online and check in to let them know your plans.

2. Start looking into VEP programs now. They are 100% free. It involves one month of online college learning and then one full week in person at a university where various teachers lecture about marketing, finance, sales, and more. All expenses are paid by local businesses, including travel, lodging, and meals. https://business.okstate.edu/riata/veterans/index.html

3. Read "The $100 Startup" by Chris Guillebeau. You'll find some great ideas in this book: www.amazon.com/100-Startup-Reinvent-Living-Create/dp/0307951529

4. Subscribe to Entrepreneur Magazine.

5. Have a Plan-B in case the preservation company doesn't generate revenue right away.

Best of luck.

Jerome Dummars ⋅ Manassas, VA Dummars Consultants LLC ⋅ 20 years experience

Adam -

Check out Boots to Business. This program provides great information and resources for military personnel transitioning from service.

From a fellow veteran, Thanks for your service!

JD

Howard Robinson ⋅ Elizabethtown, KY Humana ⋅ 25 years experience

Hello, Adam. I'm excited about your prospect. There is nothing so liberating as independence and successful independence to boot. That said, it is always a good idea to get started on an idea when you have it. I say this for two reasons. First, working through the processes will help you to settle into your idea. Researching the industry you're interested, the required investment (not just money) profitability, etc., will greatly prepare you for the operation and concerns associated with your business. Secondly, you may discover along the way that there are other opportunities involved with your endeavor. This could cause expansion or some other redirection. Whatever you're going to do start now. Believe me, 2-years happen faster than you think when you're saddled with life's day to day requirements and trying simultaneously to start a business.
Best wishes my friend. Be well...

Adam Rhodes ⋅ El Cajon, CA U.S. Navy, Chief Petty Officer ⋅ 17 years served

Hello Mr. Green,
I have established a business plan, model and have identified the target audience and capital needed to run the business. My question was more based on me hearing different advices from different levels of people in business. Most of them are saying to "wait" to start or pursue a business since I still have a couple of years left and some are saying "why not now" in regards to getting the ground work for the business established and then rolling right into it once I retire.

John Green ⋅ Cary, NC Information Technology ⋅ 40 years experience

Have you written your business plan ? What does it say regarding your type of business ? Who is your target audience ? How is the business model applied ? How much capital do you need to start ? When is cash flow break even ?

In your schooling for BS in Small Business, what was taught regarding the very first step ?