By Debbie Gregory.

Conferences offer you to connect your veteran small business with a variety of connections.  Some of the connections may include potential joint venture partner, potential clients, collaborators and supporters. Attending conferences can be an excellent way to learn new skills and support your professional development, but it’s not as easy as just showing up! There’s preparation and strategy involved in obtaining the most out from these events.

The main reason to attend a conference is to build meaningful relationships with key contacts. Attending a conference can provide you the time to have multiple meaningful interactions with each of those contacts. Time is at a premium, so use it wisely.

Our next tip is for you to map out your meetings. Try to schedule meetings in a logical geographical sequence so that you don’t waste time zig-zagging around the conference venue. Whenever possible, try to arrange a smaller, more intimate get-together over coffee or a meal with a few key contacts.

It is also important to define your goals in advance. What do you hope to get out of the conference? Are you looking for new relationships? Re-connecting with other contacts? Securing customers? A clear vision will serve you well.

Plan to attend the speeches or breakout sessions that are most likely to attract your target audience. Develop questions you have for this target audience or for experts who may be speaking, and practice asking them.  Also be prepared and have your collateral and business cards available to provide your important contacts.

We also advise that you make social media work for you. Search out conference attendees, speakers and sponsors using event hashtags beforehand.  Perhaps connect with them on Linked In too.

It is important to think in terms of the long game. You want to begin building a relationship. If you have not already connected in advance with key contacts, then try to connect with them on LinkedIn within 24-hours of meeting them. It is also a good idea to follow up with an email if you have their business card and contact information

Be friendly! Smile! Ask questions and learn.

Don’t just be a taker. Although most booths give out treats out to attendees, attendees can also bring some small treats/gifts placing your business identity front and center.

And no matter what, bring plenty of business cards!

Veteran and Military Business Owners Association, VAMBOA,

By Debbie Gregory.

A disproportionate number of Chief Executive Officers (CEOs) have military experience when compared to their civilian counterparts in the business world.  It is not a secret that skills acquired during military service provide individuals with a strong sense of leadership, as well as the ability to assemble a successful team. For military and veteran entrepreneurs who are in the early stages of launching their businesses, they would be well served to tap into their military training.

First and foremost, military training has taught servicemembers to lead with a clear vision and plan. Strong leaders have the right assets and tools in place to build trust and confidence in any situation. A leader should be a visionary and have greater foresight.   A leader should have the ability to accept and embrace failure.

Additionally, it is paramount to know and have a clear vision of your mission. By having a defined goal, you can then break that goal down into smaller, more manageable steps towards completion. Keeping mission focus at all times and also allow your people to be creative and innovative.

Your team is very important to your success.   Be sure to build a team that is prepared to pitch in and move out of their comfort zones.   When you embrace cultural diversity and different ways of thinking, you tap into a much greater pool of talent. Encourage your team to use their strengths to help your company succeed. Working as a cohesive unit will promote a sense of camaraderie which will help you through difficult times that may arise.

It’s no easy task to navigate the road to entrepreneurship. But if you’re a servicemember or a veteran considering this path, you already embody the courage, discipline and commitment it takes to begin this journey. It may not happen overnight, but in the end, the reward will be well worth it.

Veteran and Military Business Owners Association, VAMBOA,

By Debbie Gregory

Once you launch your own business, there’s no boss to turn to for advice or direction when you need help.  There is not a playbook and having the benefit of someone who has “been there, done that,” otherwise known as a mentor, can be an invaluable resource.

Once you have a clear idea what you want and need from a mentor, it will be easier to find one who is a good fit for you.  

Your mentor will be taking on an incredibly important responsibility, so make sure he or she is up for the task. You want someone who will listen and advise and who is available when you need help and advice. You also want someone who will tell it straight and offer conversations that are constructive, respectful, and specific.

Small Business Development Centers (SBDCs) are independent organizations that are funded by the Small Business Administration (SBA), state and local governments and resources from the private sector.  SBDC’s provide resources for entrepreneurs. Additionally, SCORE, the nation’s largest network of volunteers and expert business mentors, offers free face-to-face meetings with one of their mentors to discuss your business ideas. There are currently 320 chapters throughout the U.S. with over 11,000 volunteers.

Another option for finding a mentor involves participating in social events. By attending conferences, speaking events and networking events, you will learn more about your industry and meet the people who are already established in it.   These people make excellent mentors.

Startup incubators thrive on brainstorming and locating these incubators and asking if you can drop in may be a win-win for you and your business.

The reason LinkedIn was launched was to broaden business networks between prospects, customers, suppliers, distributors, consultants, funding sources and analysts, so don’t overlook those in your network and their contacts.   Linked In is a wonderful way to network and expand your connections in many areas.

People who run companies within your industry who target a different segment or location of the market may also be willing to help you.

Successful business owners know what they don’t know. Mentors can help you overcome those obstacles. Once you have your business running smoothly, you may be able to pay it forward, and you can volunteer to become a mentor yourself.

Veteran and Military Business Owners Association, VAMBOA,

By Debbie Gregory.

It is becoming more and more common for veterans to leave the battlefield and enter the world of entrepreneurship. This article will introduce a few outstanding veteran entrepreneurs.   They set a high bar.

• U.S. Marine Corps veteran Travis McVey of Heroes Vodka combines being a veteran entrepreneur with a commitment to support his fellow veterans. Heroes Vodka was first bottled on Veteran’s Day, 11.11.11. As the “Official Spirit of a Grateful Nation,” the mission of Heroes Vodka is to deliver exceptional taste and superior value to consumers, while honoring veterans and other American service organizations through charitable contributions. McVey donates a portion of all sales to AMVETS. 
• U.S. Marine Corps veteran, Nick Taranto, founded Plated, a meal delivery service that offers healthy, affordable, and delicious food. The service, which was acquired by Albertson’s Grocery Stores, delivers boxed chef-designed dinners that can be prepared at home in around thirty minutes. 
• U.S. Navy veteran, Brandon Buttrey founded Counterstrike Coffee Buttrey reflected on his time in the service when coffee was highly valued and enabled servicemembers to better function. He knew that if he designed a military/veteran friendly coffee brand, he would have some serious customers. Counterstrike Coffee offers pre-packaged coffee in both whole bean or ground form. A portion of the proceeds goes to the veteran warfighter community. 
• Michael J. Penney is the co-founder of Cigars and Sea Stories, a podcast devoted to sharing stories with veterans who are adding value to the world. In March of 2016 he presented at TEDxRaleigh, “What’s Your IED: How to Add Value During Life’s Explosive Situations”, combining military and personal experiences to bridge the lives of veterans and civilians. Penney is the creator of the “5 Paragraph Business Plan” – taking the military operations order format and applying it to business. 
• Few entrepreneurs can say they founded an internet business that grew from zero to a billion dollars in revenue. Chuck Wallace is one of those rare entrepreneurs. In 1999, Wallace co-founded eSurance, a company that not only survived the bubble burst, but thrived and provides a quick and easy way to purchase insurance.  Before starting eSurance, Wallace was a U.S. Air Force pilot who taught undergraduates to fly.

Veteran and Military Business Owners Association, VAMBOA,

By Debbie Gregory.

At VAMBOA, we salute the entrepreneurial drive that members of the military and military veterans display. Managing risk, operating with limited resources and working well under pressure are skills learned during military service that serve you well as you start your business.

But regardless of your preparation, it is inevitable that you will make some mistakes. Here are some common pitfalls and ways to avoid them:

• Failing to Have a Plan– Without a business plan to guide your startup and growth, you’ll struggle to make decisions, obtain loans, or bring investors on board. The solution is easy- have a plan. Venturing out on your own requires ambition and a willingness to take risks.   Remember that you need to have a plan for how you’re going to make money. A written plan helps you stay focused on the right customers, opportunities and business objectives and on course. There are many tools available online to guide you through the process of writing your business plan.
• Failing to Define Your Purpose– Many businesses never define their real purpose for existence. Americans want to give back to those who serve, so make sure your military/veteran status is front and center. If you give back a percentage of your profits to a cause, promote that! Let your clients know your mission.
• Failing to Understand your Customers– It is not enough to have a good idea. Make sure you conduct market research to pinpoint your ideal target customers, and then create dynamic messages that solve a problem, meet a need, or fulfill a desire.
• Waiting to Long to Hire Employees or Hiring the Wrong Ones – Are you trying to save money, or do you just not want to delegate anything? Both of those will cost you in the long run. The greatest mistake entrepreneurs make is to believe they can do it all by themselves. Hire carefully and thoughtfully. Don’t wait until you are desperate for help. Delegate small tasks or outsource the tasks you need help with until the right team is in place.   Hire people who can grow with your business.
• Losing Focus of your Cash Flow – Finding small business financing can be time-consuming, and if you wait until you really need the money, you may be forced to settle for more expensive options. Stay on top of your cash flow and keep in mind that applying for financing while your business finances are in good shape will increase your chances of approval.

In summary:

• Have a Plan
• Have a Purpose
• Understand Your Clients
• Hire the Right Employees at the Right Time
• Focus on Your Cash Flow

Once done with these key steps – you will then be well on your way at optimizing your business and avoiding common mistakes!

Veteran and Military Business Owners Association, VAMBOA,