By Debbie Gregory.

Bottom line, it takes hard work, know-how, and tremendous determination for owners of small firms to be successful. Small business ownership is not about avoiding a forty hour work week, as many business owners put in closer to eighty hours a week to get their businesses up and running.

Close to 40 million businesses are started each year. Of these, approximately 350,000 survive and make money. So how can small business owners overcome the odds and make their company one of the success stories? Some of the keys to success depend on luck and timing. But many successful people and companies have sworn by a few key factors of success that they rely on, again and again.

Have a plan: Everyone in the business world agrees that having a plan is important. But plans don’t have to be big undertakings. Nor should they be a bar that you must always measure your current situation up against. Plans should start small, and expand over time. Initial plans should include identifying your target customers/clients, figuring out what their needs are, and how your business is going to meet those needs. Internal plans include establishing responsibilities, setting realistic short and long term goals, and devising ways to track your company’s performance.

Build a Dream Team: Just like in sports, one player cannot win championships. Yes, superstars make winning easier. But teams win when everyone knows their roles and plays their positions well. You may be a superstar worker at your company, but you can only do so much. Surround yourself with great players who are willing to follow your lead and play within your system. And don’t be afraid to add a few other superstars to your team, they can only add to your team’s talent level.

Consider your product: Is there demand for your product? Does it solve a customer’s problem? Are there products similar to yours in your market? How can you improve upon or out-do your competitions’ product or product delivery method? While running a successful business does require a lot passion, it must also fill a need (or serious want). And once you decide on a product, be sure to use your passion for your product to ensure that it is the best product of its kind in the market.

Constantly re-evaluate your process: Once you have the right product, people, and plan in place, it is important to generate and constantly improve upon your company’s process of creating, selling and distributing your product. Most business fail to do so, and as a result, fail to meet customers’ expectations. These expectations fluctuate, so it is important to stay on top of consumer trends.

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!

Many of the articles we write address the fact that Veterans are 45% more likely to go into business for themselves than their civilian counterparts. But many Veterans don’t have the business or marketing backgrounds that are advantageous to create, grow and maintain a thriving company from the ground up. That’s why, more and more, Veteran entrepreneurs are turning to franchising opportunities in order to be their own boss.

Franchising is not for everyone, or even every Veteran. But those who have military experience have found great success, working within established systems, using established brands, and other corporations’ established practices to run successful businesses.

To simplify the process, franchising utilizes the method of distributing products or services with at least two levels of people involved. The first level is the franchisor (corporation) that sells memberships for use of their trademark or brand name and their established business system. The other is the franchisee (entrepreneur), who often pays fees and royalties for the right to do business under the franchisor’s name and system. The contract binding the two parties is the “franchise,” but we often hear that term used to mean the actual business that the franchisee operates.

Whether Veteran entrepreneurs decide to buy into a franchise or start their own brand from scratch, there are a number of important questions they should consider, including:

What type of business do you want to own? Depending on the industry that you want to break into and the saturation of that industry in your area, a franchise could either be the less costly or more costly choice. It’s better to narrow down the business type first, and then look at franchises available to you in that industry. Research each franchisor thoroughly, and see the initial fee and royalties that they will charge, and what they require from you to be a franchisee. Also, take a careful look at what support they are offering you in return. Click here to see franchisors approved for SBA loans.

How are your business and marketing skills? If they are strong, and you have an interesting idea for a unique product or brand, then you might want the freedom to operate your business your way. If you have less business experience, you might find comfort knowing that you have the backing and know-how of a larger corporation behind you. It is important to remember that in franchising, the franchise brand is more important than anything else. While providing a quality service and product are important, the customer’s loyalty is to the brand, not the individual franchisee.

What brand, product, service can be your life? If you own a business, you will need to live, breathe, eat, sleep and be that business. You should consider industries that you have experience in, as well as a passion for, and an extreme desire to succeed in.

Do you have the necessary support system to start a company or franchise? If your family doesn’t support the decision, the business could fail before your grand opening. You also need a banker, investors, an accountant, and even a lawyer to help you get your business contracts signed to start and maintain your business or franchise. Also, make sure that the franchise owner requirements listed by the franchisor fit in to your skill set and lifestyle.

Your success as a franchisee is based on your willingness to work within a pre-existing system, and help build the value inherent in the brand. This should not be a problem for Veterans, especially those with leadership experience. Still, franchising is not for everyone, so you have to be honest with your ego, and make an informed decision.

For more information or advice, you can also seek assistance from the SBA.

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: Veteran Entrepreneurs Should Consider Franchise Opportunities: By Debbie Gregory

Cyber–attacks against private businesses and the government,  including hacks, seem to be on the rise. The recent hacks of Home Depot, Target, Sony Entertainment and the U.S. military’s Central Command have heightened our need to safeguard our cyber presence against potential threats. Our online information, records and documents, in both the government and private business sectors, are at constant risk.

Small businesses are increasingly becoming more of a target for criminals looking to access sensitive data because attackers know that small businesses tend to have limited resources dedicated to their cyber security.

The protection of sensitive data, such as business invoices, client and employee data, payroll records, and other proprietary information is essential to the security, and ultimate success, of a small business. Much like installing locks and other physical security measures, it is imperative that business owners learn how to identify vulnerabilities in their cyber security that could potentially put their firms at risk.

The U.S. Small Business Administration (SBA) has taken steps to strengthen its public and private sector partnerships on cyber security. The aim of the SBA is to help small businesses learn how to guard against cyber–attacks, secure their business information, and identify security threats.

Providing the protective tools and techniques needed to maintain and guard business information and systems, the SBA has developed a free online course called Cybersecurity for Small Businesses to help educate business owners as to how to secure their online information. The information also assists in the evaluation and usage of security tools and techniques.

The SBA has previously conducted cybersecurity workshops for small business owners across the country in partnership with the FBI and the National Institute of Standards and Technology (NIST). The program was renewed in December 2014, and the SBA is in the process of coordinating the 2015 calendar of workshops.

The SBA’s cyber security programs are in line with President Obama’s newly announced legislative proposal, a program that will facilitate seamless sharing of information about cyber security vulnerabilities, and potential hacks between government and private business websites.

In a recent statement, President Obama said, “Our first order of business is making sure that we do everything to harden sites and prevent those kinds of attacks from taking place.”

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, aBlog that provides information, Networking contacts and other resources. Membership is FREE to Veterans.Join Now!

VAMBOA: SBA Offers Cyber Security Resources to Business Owners: By Debbie Gregory

Today, many Veterans are struggling to transition into corporate jobs, even as their own bosses. Many lack the specific business skills and confidence needed to succeed in this new environment. But why do these men and women, who thrived in uniform, consistently continue to struggle after separating from the military?

To answer to this question, Veterans should think back to the start of their military careers. Did they enter their branch of service automatically able to find success? Of course, the answer is no. Service members had to spend time learning the fundamentals of how to do their jobs, so that they would be capable of working and leading in their military occupation. And before that, they were sent on a crash-course, called Basic Training or Boot Camp.

Can anyone who served ever fathom beginning their military career without going to basic training first? That would be ludicrous. How would anyone expect to know about the basics of military life without going to boot camp first? In the same vein, Veterans can’t be expected to spontaneously know all they need to know in order to be successful in civilian careers and entrepreneurial ventures? But in reality, too many Veterans attempt to do so.

The good news is that there are programs, such as the one through the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV) Foundation to assist them. The EBV program is designed to open the door to economic opportunity for Veterans and their families. This is done by developing their competencies in creating and sustaining an entrepreneurial venture. EBV is basic training for Veterans looking to start their own companies, but who need to learn the fundamentals of business and business ownership first.

Veterans who graduate from EBV leave with the knowledge, skills and confidence needed to start their post-military careers as businessowners. The program also offers graduates grant funding and a support system to better ensure success. EBV is free to all Veterans with a disability rating from the VA. To see all eligibility requirements and apply for an EBV program near you, please visit www.ebvfoundation.org

If you are interested in becoming an EBV mentor, donating to the program, or otherwise supporting EBV or Veteran businesses, please get involved here.

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: Why You Need Bootcamp: By Debbie Gregory

Owning and operating a small business is one of the most demanding career choices that Veterans can make. Starting a new business is not a get rich quick scheme. Most newly-minted small business owners may have to put in a lot of hours and hard work in the beginning, but it pays off in the long run. Here are some tips provided by Veteran business owners that new small business owners might find useful:

Set the standard: As the owner, your employees will do as you do. Therefore, you need to lead by example. Whether its customer service, personal grooming, keeping your business clean or any other function specific to your company, hold yourself to the highest standard, one your employees can proudly emulate.

Put customer satisfaction before profits: When your customers are thrilled with the products and service that your company provides, they will return again and again, giving you repeat business. If, as an owner, you are more concerned with profits than your customers, it will show, and customers may not do business with you in the future. Customers are what generate profits.

Don’t neglect to pay yourself. You and none of your employees should ever go without pay. If your personal finances are a mess, it will distract you from what you need to do to help your business grow.

Learn from your mistakes: Small business ownership is not an exact science. There is not one book with all of the definitive answers containing the hidden secrets that your business can use to guarantee success. Small business ownership is all about learning your customer base, the community, and how to bring your business to them. Be aware of the risks, make bold decisions, and then learn from them.

Employees are your business’ most effective resource: Learn how to delegate, and don’t micromanage. Start by hiring the right individuals to work for you, and then, let them do their jobs with you as their confident, but not stifling leader. This ties in with customer satisfaction; customers who want good service know when they are dealing with employees who truly understand their job and do it to the best of their ability, and when an employee is handcuffed by micromanagement. No customer wants to repeat business with a firm whose employees aren’t capable of providing good service.

Show up: There will be days when you won’t feel like going to work. And as the boss, it would be easy to just take the day off. But don’t let the temptation to slack off a little ruin your business… because it will, if you let it.

Keep your integrity intact: At the toughest times, it may seem conceivable to shortchange a customer or employee, or hide a receipt from the taxman. But taking ethical shortcuts will always cost you in the long run. Besides, would you do business with someone who acted unscrupulously? Others might feel the same way.

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: Tips from Veteran Small Biz Owners: By Debbie Gregory