Making the leap to start a small business can feel like a big jump. You might be leaving behind a steady career to go follow your dream. Or maybe you are about to retire and want to start something new and having a retirement check to rely on gives you the opportunity to try creating your own business. Starting a new business is an exciting opportunity and can open doors to your future.
Take the Leap
The first thing you need to know about starting your business is it will take a leap of faith. Many business owners choose to start their business while they still have the stability of a career and can work on building their business on the side. President of J Vollbrecht Consulting, Jennifer Vollbrecht said, “For me, the hardest part about starting my business was the risk related to supporting my family financially. I was leaving a steady and stable career for the opportunity to build the company that I had dreamed about. Once I had my business plan and a few contracts lined up, it still took me several months and a lot of courage to finally take the leap.”
Even with some income and the dream of starting her business, it was still hard to take the leap of faith that she would be able to get more contracts and be able to support her family. But she made the jump and today she not only supports her family but has expanded her business to hire employees.
Invest the Time
It takes time to build a company, and a lot of research. There are a lot of decisions that must be made before you begin your business along with rules and requirements. Especially if you are working with the government.
“It can take several months or even years to win a contract with the government, so make sure your expectations are realistic,” said Vollbrecht. “Decide in advance whether you want to start as a subcontractor or pursue direct opportunities.”
Another piece of advice Vollbrecht gives to those considering starting their own business is to not get wrapped up in fancy tools and features that cost a lot of money. She said, “These high-tech bid matching solutions or government contracting software systems might seem like the key to success, but in my experience, the recipe for success in this market is old-fashioned hard work, discipline, and relationships.”
Develop A Network
Starting a business is a lot of hard work and building relationships with others in the field and growing your network is key to creating a successful business. It isn’t easy and some days you may feel like quitting. But Vollbrecht relies on her time in the military to get through those hard times, too. She said, “When I went through bootcamp I remember feeling many times like my body was going to give up, but I never allowed quitting to be an option. Being an entrepreneur is a lot like that. Things get tough sometimes, but when quitting is not an option, I find that I am able to dig deep and find the strength needed to get through it. There were many times while I was on a mission when I got cold, hungry, or tired, but the mission wasn’t over, and I needed to persevere. This level of perseverance has helped me tremendously in my small business. Every day I feel like I am navigating the unknown, but I tell myself that I have the strength and perseverance to get to the next level and that is what keeps me going. That, and remembering to pause and celebrate even the smallest success.”
Take Advantage of Resources
There are a number of great tools and resources to help you build a successful business as a government contractor. Check out the Institute for Veterans and Military Families, Veteran Affairs’ Entrepreneur Portal, or the Small Business Administration for a number of free resources and programs to help military veteran entrepreneurs.
