By Debbie Gregory.

There are three definitive words that come into play when understanding why service members and veterans make great entrepreneurs: desire, more about drive and determination. Of course, investing in veterans and active duty military personnel is a great way to give back to those who have served. But military experience helps prepare would-be-entrepreneurs for business battles as well.

Some of the top “takeaways” from military service include:

Team building: In business, a team is only as strong as its weakest player.

Mission-planning: In business, planning is critical, and so is having contingencies for every possible scenario.

Leadership: From dealing with adversity to problem solving and motivating those around you, leaders are key in the success of both military operations and businesses. ”

Risk Management: Managing risk in the entrepreneurial sense seldom includes life and limb, but running a business carries with it a fair amount of financial and other risks. Far too many entrepreneurs are risk averse, so they are never able to capitalize on the rewards of taking a calculated risk. The military does a pretty good job of teaching its leaders how to evaluate risk and capitalize on opportunities.

Grace Under Pressure: Leading a small business that is often underfunded and understaffed requires business leaders to deal with the stress and pressure of wearing multiple hats.

Working With Limited Resources: Small business owners must deal with this challenge on a regular basis. The ability to prioritize initiatives and tackle those that offer the greatest possibility of success is an invaluable talent that can’t be ignored when money and resources are stretched thin. Almost anyone could successfully run a business if they has unlimited resources.

So, whether you are a former veteran considering entrepreneurship or an investor thinking of investing in a new veteran-owned business, know that those who have served their country have many of the qualities needed for business success.

By Frank Caperino

One of the universal questions asked by anyone looking to join a franchise is, “Why are prospective franchisees attracted to a franchise?”

The answer lies in the understanding of what motivates personal decisions, particularly a decision that involves a significant investment.

Individuals are attracted to franchising for a number of reasons. Though these reasons vary from person to person, we’ve learned over the past twenty years that most people are attracted for one or more of the following general observations:

Control Issues. Many prospective franchisees are driven by the frustration they’ve felt in past employment situations where they didn’t have enough control of their work environment to influence results in the manner they desired.

Economic Need. In the past 15 years, we’ve seen an increasing trend in large corporations to displace experienced managers in favor of less experienced (and therefore less expensive) workers. This dynamic has created a pool of experienced managers in the 45-60 year old age bracket who have found it quite difficult to gain employment comparable to what they had before.

Lifestyle Issues. Another major attraction for many prospective franchisees is related to lifestyle issues. We see a steady stream of potential investors who talk about their desire to reduce business travel, job related stress and the number of hours they work per week.

Wealth Creation Goals. Many of our prospective franchisees have figured out that though their work efforts may be creating a significant amount of wealth, in most cases they are not sharing directly in the wealth they are creating.
If you’re ready to take back control of your time and your life – contact me today. I’m ready to help you find just the right franchise for you. And don’t forget – our service is completely FREE to you! We offer a fun, thorough and non-obligatory consultation to get you on the right track.

At FranChoice, we’re serious about getting you where you want to be. We have the box of tools, years of experience and a serious passion for helping you succeed. If now is the time that you finally want to put your dreams into motion – call me.

Frank Caperino

FranChoice

http://franchoice.com/fcaperino

619-887-0747

fcaperino@franchoice.com

By Debbie Gregory.

There are a number of states that have laws or executive orders that aim to assist Veteran owned businesses. Some states, such as California and New York, require a percentage of state contracts be set aside for businesses owned by service-disabled veterans.

Ohio lawmakers are currently considering a bill to provide a bid preference of 5 percent or $5, 000 to Veteran-owned businesses competing for state contracts.

State Rep. Niraj Antani, the Republican joint sponsor of the bipartisan bill, rightfully feels that Veterans deserve a preference for having served their country.
“It’s our moral obligation to do what we can to help them,” Antani said.

The bill has had its first hearing before the House Ways and Means Committee. It will require at least one more hearing before a committee vote can be made on sending it to the full House.

According to a 2007 U.S. Census Bureau survey, there are more than 88,000 Veteran-owned businesses in Ohio and 2.4 million nationally.

The Ohio Small Business Development Center at Wright State focuses on the Veteran business community by helping Veterans learn about entrepreneurial opportunities.  They also assist Veterans by providing resources and contact information for employment options and other veteran related services.

It is widely accepted that skills such as leadership and discipline gained through military training make Veterans great entrepreneurs.

“Veterans are a cornerstone of small business ownership,” said Barbara Carson, acting associate administrator of the U.S. Small Business Administration’s Office of Veterans Business Development. She added that Veteran business owners have helped build one of the longest periods of economic growth in U.S. history, following World War II.

Bidding preferences and set-asides for Veterans have sometimes drawn opposition from minority- and women-owned business groups concerned that adding Veterans might dilute their opportunities and slow some efforts. But most Americans will agree that the Veteran set-asides are an earned right for service to our country.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: Hats off to Ohio Lawmakers: By Debbie Gregory

By Debbie Gregory.

In what could be groundbreaking legislation, members of Congress are considering a bill that would allow Veterans to use their GI benefits to start businesses, rather than using them for a college education.

Appropriations Subcommittee on Military Construction and Veterans Affairs member Rep. Jeff Fortenberry (R-Neb.) is drafting the legislation, which could potentially lower the $1.4 billion the Pentagon spent in 2013 on unemployment for former military personnel.

Sen. Jerry Moran (R-Kan.), a member of the Veterans’ Affairs Committee, will introduce companion legislation in the Senate.

The idea has the backing of the military service organizations the American Legion, Iraq and Afghanistan Veterans of America, and others.

The education benefit can be as much as $260,000 for four years at a private college or university. For Veterans who aren’t interested in attending college or transferring their benefits to a dependent, this would be a great option. It certainly is better than leaving the benefit on the table.

Congress has worked in the past to help veterans receive small business loans. The Servicemen’s Readjustment Act of 1944 was a similar law that allowed Veterans to buy a farm, home or business property. It expired in 1956.

Fortenberry’s bill would create a three-year pilot program for 100 eligible veterans each fiscal year. Participants would be able to use up to three years of educational benefits to start or purchase a qualified business.

Participating Veterans would have needed to serve three years of full-time active duty. If they left active duty due to a service related disability, the time period is reduced to 24 months. Veterans would be required to apply for the program no more than 15 years after leaving the service.

In order to move forward with the program, Veterans would have to attend a boots-to-business course at an accredited university. Another caveat is that they would have to have their business plans approved.

The business startup modification to the G.I. Bill would have to be drawn up with safeguards to ensure that veterans have a chance for success. Since most startup businesses fail, the G.I. Bill proposal would need guarantees that Veterans applying for the program would receive mentorship and training.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members with Business Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: GI Benefits for Business Instead of Education?: By Debbie Gregory

By Debbie Gregory.

National Small Business Week 2015 was May 4th-8th. It included major events in Miami, Los Angeles, San Antonio, New York and Washington D.C. This year’s theme was “Dream Big. Start Small.” The annual week of celebration, education and recognition is a yearly opportunity to honor the 28 million small businesses and renew our national commitment to fostering the entrepreneurial spirit that is central to the American dream. On May 8th, National Small Business Week 2015 concluded with an awards ceremony at the White House.

At the ceremony, several small business owners, entrepreneurs, lenders, and supporters were recognized by the U.S. Small Business Administration (SBA). One of the awardees was RTH Mechanical Contractors, Inc., winning National Sub-Contractor of the Year.

RTH is a Veteran-owned mechanical and general contracting company,  servicing clients primarily in New Hampshire, Maine and Vermont for more than 28 years. Some of the services that RTH provides include pipefitting, plumbing and med gas. RTH received more than $12 million in subcontracts to provide plumbing, mechanical ductwork and rooftop HVAC. The work included emergency repairs to mission critical design-build activities for the Portsmouth Naval Shipyard and New Boston AFS for the ECC corporation, its prime contractor.

Other clients of RTH include the U.S. Departments of Navy, Army, and Coast Guard, the New Hampshire Air National Guard, Bath Iron Works Facility, Veterans Administration, Dartmouth College, University of New Hampshire, and the New Hampshire Department of Transportation.

We at VAMBOA would like to congratulate RTH Mechanical Contractors, Inc. the National Sub-Contractor of the Year.

We would also like to encourage all VAMBOA members to keep an eye out in December for notices about the 2016 nominations. Be sure to nominate yourself, your company, your lender, or any agency/organization that has helped you and your small business succeed.

The Veteran and Military Business Owners Association (VAMBOA) is a non-profit business trade association that promotes and assists Veteran Business Owners, Service Disabled Veteran Owned Businesses (SDVOB) and Military Business Owners. Small businesses are the backbone of our economy and responsible for job generation. That is why VAMBOA provides its members withBusiness Coaching, Contracting Opportunities, a Blog that provides information, Networking contacts and other resources. Membership is FREE to Veterans. Join Now!

VAMBOA: National Small Business Week Wrap-up: By Debbie Gregory