After many months of donations, I received a letter from the first woman who had been able to launch her business with my help. It was, by far, one of the most rewarding moments of my life. The recipient was a military spouse and sent pictures of the opening day in the yogurt shop she opened with the help of her Naval husband. The smile on her face in the picture put an even bigger smile on mine. Plus, it provided more motivation to grow my own business, so I could give back even more in the future. And it reinforced the idea that our military community is worth the investment.
So as you begin your journey, don’t be shy when you are seeking capital to get started. You might be surprised at how many individual angel investors within the military community may have an interest in your success as well. The bottom line is this: the money is out there…be diligent and creative, and you will find your funding source!
1 4. Broad Range of Experiences
Being an entrepreneur means that you are required to wear many hats: CEO, bookkeeper, fundraiser, sales manager, secretary, customer service specialist, and marketing expert, just to name a few. Unfortunately, a lot of times visionary business owners can lack the self-control, confidence, and breadth of skill to be able to succeed in a position with so many requirements.
It is no secret that military life puts families and members through a vast array of experiences. As a result, they are adaptable to change and are very confident with making tough decisions in unfamiliar environments. Experiencing a lifetime of change, involving a combination of military moves, combat deployments, single parenthood, and rebuilding lives in new locations, makes a person very independent and confident. That confidence and decisiveness are also the same skills necessary to be a successful entrepreneur.
I started my first business while juggling a newborn (days old) and a two-year-old. What possessed me to start at this particular moment, I will never understand! But I did. And I loved the challenge.
Thankfully, my resilient nature, after enduring so many years of moving, deployments, and chaos, helped me handle this season of craziness. My husband was often traveling during my business start-up period, so the schedule was pretty hectic. When he was gone on trips, I was a one-woman show. I would work a full day of decorating homes, feed the kids dinner, put them to bed, and then I would begin hours of administrative work for my business. Needless to say, I never saw any TV during those start-up years. But I truly believe that my experience and resilient state of mind were what led to my eventual success. And I attribute all of that to the many lessons military life taught me.
1 5. Awesome Work Ethic, Discipline, Problem-Solving, and Decision-Making
According to Bloomberg Business, eight out of ten business owners will fail by their eighteenth month in business. The New York Times cites one of the top reasons for failure as “operational mediocrity.” Fortunately for those in the military community, years of structure, disciplined decision-making, and developing a stellar work ethic help increase a person’s odds of success. Ask any corporate recruiter why they love to hire military spouses, veterans, and family members. Unequivocally, it’s because they have a dedication to work that is unmatched!
Additionally, when you move as frequently as many military families do, you don’t survive without the ability to make sound decisions and problem solve. For example, when traveling cross-country from California to our new assignment in Virginia, we were forced to be quick on our feet when we learned our rental house would not be available to move into until nearly a month after we arrived. It wasn’t financially feasible to live in a hotel for that long, so we made some strategic phone calls and found a family friend who had an extra couple of bedrooms that were available. These strange twists and turns to normal life may be perceived as devastating or depressing to anyone else. For us, they equate to some of our favorite memories of family bonding through unexpected circumstances. And, added up, they built a foundation of great experience to prepare me for the constantly changing environment of business.
1 6. Capitalize on Your Benefits
While many entrepreneurs have to endure a scary start-up period where their investment capital may be utilized to the point that there is nothing left for medical benefits, such is not the case for military entrepreneurs or employees. With access to reliable healthcare, dental and life insurance benefits, military entrepreneurs can feel safe in knowing they won’t have to forgo routine care or pay outrageous bills to get their business off the ground.
Add to that the awesome educational benefits provided by the Montgomery and Post-9/11 GI Bills, and a person can set themselves up with a foundation for business success without having to go into debt, like so many others. These benefits are not just for the military member or veteran, but can also be transferred to spouses and family members.
Additionally, there are other sources of income, such as Tuition Assistance. Or the MYCAA (Military Spouse Career Advancement Account), which is a $4,000 allotment provided to spouses in certain eligible ranks to obtain training towards a “portable career.” Whether these programs provide a basic degree or more specialized training in an area of business, they are too valuable to leave unused if you have a business idea you’d like to pursue.
1 7. Certifications, Security Clearances, and Background Checks
If there is one thing that is for certain, it’s that military folks are recognized as upstanding citizens. Between specialized work experiences, educational opportunities, volunteer requirements, and background investigations, most military members have been vetted numerous times by numerous different agencies during their military experience. Obtaining these investigations and clearances is a costly process, sometimes to the tune of thousands of dollars. Having access to this type of vetting gives military entrepreneurs a major advantage they wouldn’t otherwise have. And it makes them highly desirable as candidates to work for or to start a business that requires higher-level clearances or background checks.
The simple benefit of having base access and higher-level security clearances can play a role in opening up jobs or contracts that others do not have. One of my first big decorating contracts was with the housing company that ran the base housing on Travis AFB in California. Because I had a military ID and could quickly and easily navigate to and from the base, it most certainly made my proposal for work seem more appealing. It also cut down on the time it would take any other company to complete the constant flow of decorating projects the job required.
My favorite project we did there was a home makeover for a deployed family. Many stores in the local area donated furniture and accessories to help us complete a whole new look for their home. Upon the reveal, there were tears of joy and surprise and they were so grateful for their new look. That special moment will forever remain as one of my favorite memories of being a business owner! And it made me extra grateful to have the background checks and clearance to be able to be considered for that project.
1 8. Organization and Planning
Just like with any important venture, when you’re in the business of moving a lot, like most military families, you have to be organized and have a good process for planning. Whether it’s moving to a new community, starting kids in a new school, or working through a deployment, it doesn’t work very well if you don’t have a well-thought out plan. Over the years, I’ve watched many friends and colleagues hone their system down to a science. Some even go to the extent of making checklists and binders to keep their process on track. Then, each new relocation allows for another chance to tweak and perfect the system.
But not all of us in a family are completely type-A personalities who find joy in making checklists. So, we also have to be good at recognizing each family member’s strengths and weaknesses and prioritizing where they can be best utilized in the process.
What better practice for business ownership, right? In any type of business, there will be a variety of strengths and weaknesses within your team. A good leader has to recognize the strengths of each of the members of their group; the creative one, the detail-oriented one, the one who is good with people, or the one who has a knack for making things look good. When you can quickly recognize how to best utilize the strengths of each team member, the faster and