Richard Masoner / Cyclelicious via photopin cc

Looking to start a business?

Or would you rather have a J-O-B… maybe that hobby would be fun, perhaps you can profit with that?

To clarify, hobbies, jobs, and startups are great ideas. Just be sure to approach them in the right way.

Webster’s Definitions:

Hobby – an interest outside one’s general occupation, particularly for unwinding.

JOB – routine work that someone does to earn a paycheck.

Business – a venture of making, purchasing, or offering products/services in return for money.

Can I turn my hobby into a business?

You can. But it won’t be your hobby any more. We all ought to have a diversion in life…something you do on special occasion or to relax.

I love awesome BBQ (like I’m the only one, right?). I love cooking it, hanging around the smoker and seeing it reach perfection.

However, imagine a scenario where I needed to get up each morning at 3am to put meat on the smoker and get everything prepared for my customers. Would I like it as much? Would it transform my enthusiasm into drudgery? Possibly.

Owning a BBQ smokehouse has around 22,418 more “jobs” to it than simply smoking some brisket from a lawn chair. I would need to have a full comprehension of the restaurant business before making my BBQ pastime into a business.

At that point I would need to get another hobby!

What if I make a business out of my current job?

Ok. Suppose you have killer welding abilities at the place you work at presently. Why not open a welding shop in your town and satisfy all their welding needs?

But your welding skills were just one part of your previous employers company. How did they attract customers? Who purchased the supplies? Who did the bookwork…managed the utilities?

You might need to trade in your welder’s helmet for the various business hats you’ll end up wearing. At that point, are you doing more jobs than the just the welding, at which you excelled?

But won’t I be more relaxed if I great my business like a hobby?

Sure…if by “relaxed” you mean “failed”. You just can’t run your business the same way you treat your hobby.

I took up biking and it cost me $300 for a used mountain bike. Fishing is fun and got a fly rod for Christmas last year. I purchase a few flies each time I go to Bass Pro.

However, I can stop fly fishing for a time and not have any effect on my salary, employment or business.

That’s the reason it’s a hobby… you don’t HAVE to do it.

And, in the event that you switch or stop a hobby,

you likely won’t miss a car payment.

You can start and stop hobbies often. Nobody will mind. Well maybe if you have 28 fly rods and only use them once every 4 years, your wife might comment on it! But that topic is for another day.

Run your business with intention. Create SMART goals (specific, measurable, attainable, realistic, time-bound). Define the jobs within the business and the people that should be doing them.

Organizations ought to be run diligently (with the proper time off for those hobbies). Try not to “wish” or “hope” things get completed… dole out every one of the tasks BEFORE you open for business. You’ll have enough surprises without making them yourself.

Brian Richardson runs VetLaunched.com. He helps veterans start their own business through coaching, training, classes and trusted resources. Pick up a copy of his unique resource list at www.VetLaunched.com.

On Tuesday, October 13, 2015, from 10 am – 12 pm attend the Veterans Small Business Forum hosted by US Agency for International Development (USAID) Office of Small Business Programs, Washington, DC

The agenda includes: Doing Business through USAID, New Veterans Small Business Coalition, VA Veterans National Small Business Conference – Pittsburgh, Doing Business with WMATA, and Kingdomware at the Supreme Court.

Network with new and experienced business owners. You MUST Pre-Register at http://conta.cc/1j0Zsbp to attend. If you can’t make it in person, you can participate by phone: (641) 715-3605, Code 877589# (Call lines will open up at 9:55 am)

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.

Starting a business involves planning, making key financial decisions, and completing a series of legal activities. But for many Veterans, transitioning from service member to CEO may be a more natural path than they might have imagined.

Most experts agree that the two biggest components for Veterans preparing to start their own businesses are choosing the right kind of business for them, and securing capital. They also recommended that aspiring business owners take time to think about where their passion lies.

VetFran Manager George Eldridge encourages Veterans interested in business ownership to do their research and examine all possibilities.

“In the military you think, ‘I can’t fail,’ but sometimes you have to think about the risks you’re getting into and have a balanced expectation when getting into something like this,” he said.

Veterans who are considering franchise ownership may want to start by surfing VetFran’s website. With more than 100 different franchise industries to peruse, there is something for every interest. The most popular franchises are in the food industry, followed by hospitality, home-based businesses, child care and pet care.

Although VetFran does not offer funding, it connects Veterans with funding assistance by working closely with the SBA and lenders within its supplier group.

The SBA offers a checklist for Veterans interested in starting a business. It suggests starting with a business plan, which is like a roadmap to determine your starting point, where you are going, and how to arrive at success through proper planning, preparation and management. The checklist also covers things like licenses, tax ID numbers, taxes, finance, location, etc.

Financing opportunities are plentiful for Veterans. The SBA, through its 68 field offices around the U.S. and 1,000 resource partners, has Veterans Business Outreach Centers around the country offering information on how to gain access to capital.

For Veteran-specific programs, the SBA helps businesses obtain reduced loan fees for any loan under $350,000.

Leveraging Information and Networks to Access Capital (LINC) is an online tool that connects loan seekers and lenders. By answering just a few questions, applicants can reach out to lenders all over the 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: Ready to Start Your Own Business?: By Debbie Gregory

By Debbie Gregory.

According to the U.S. Bureau of Labor Statistics (BLS),  the unemployment rate in America has dropped to 5.5%, the lowest that it has been since 2008. The unemployment rate among the Post-9/11 era generation of Veterans is at 6.5%, among the highest in the nation. Many government and private initiatives have started to hire more Veterans. But the answer to eliminating Veteran unemployment may not be solved by finding jobs for Vets, but rather by allowing them to create jobs themselves.

Veterans are 44% more likely than their non-veteran peers to start their own business, according to the BLS. Many have speculated that years spent following orders drives Veterans to want to call their own shots in their second careers. Others have guessed that after years of deployments and frequent PCS moves, Veterans want to create their own businesses in order to lay down roots for themselves and their families in a particular region. While there may be some substance to these hypotheses, the truth of the matter is that Veterans become entrepreneurs because it utilizes their knowledge and skills that were enhanced through their military experience.

Service members, especially those in leadership positions, wear many hats, much like business owners do. And much like successful military leadership, successful business ownership requires the ability to delegate, the discipline to stick to a strategy, and the fortitude to inspire yourself and others to continue in the face of death or failure.The willingness to work hard doesn’t hurt.

But in battle and in business, guts and glory aren’t always enough to accomplish your mission. Successful campaigns and successful business require proper training and knowledge of the tactics that will be used. That is why programs such as the Entrepreneurial Bootcamp for Veterans with Disabilities (EBV) are a necessary first step for Veterans wishing to start their own companies.

The EBV program is a partnership between several of the country’s top business schools and the U.S. Small Business Administration. The schools offer free courses in entrepreneurship and business management to selected Veterans and military spouses. The aim of the EBV program is to open the door to economic opportunity for Veterans and their families by developing their competencies in creating and sustaining an entrepreneurial venture.

No one should go into battle unprepared, and they shouldn’t enter into an entrepreneurial venture unprepared either. Make sure that you have the training that you need to start your business and then utilize VAMBOA to continue learning and growing as a Veteran business owner.

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!