Success Strategies for Veteran-Owned Small Businesses
Upon my military retirement, I knew exactly what I wanted to do: start my own business. The autonomy and opportunities that self-employment offered incited my interest in blazing my own trail. Plus, my extensive experience leading route clearance missions in Afghanistan failed to translate “nicely” to the civilian workforce.
I’d saved money, graduated with an MBA, and attended multiple entrepreneurship-focused “boot camps'' available to transitioning servicemembers. I read books, listened to business podcasts, and reached out to dozens of successful veteran entrepreneurs. In 2015, I launched Becker Digital with a $20 website and a handful of self-printed business cards. What I lacked in capital, I made up for in commitment.
My founding goal for Becker Digital was to support public sector organizations in the fulfillment of their mission. Initially, our focus was veteran-facing organizations, as this was a community in which I had experience - I knew first-hand what it was like to serve our country in modern wars, transition from the service, start a civilian career from scratch, and try to access veteran-related resources such as VA healthcare and G.I.Bill programs. While my career experiences were unique from those of my non-veteran competitors, the perspectives and skills I gained through my military experience were well-suited to supporting veteran-focused organizations.
After gaining some past performance in both the government and nonprofit sector, I decided to broaden Becker Digital’s service offerings to include public sector organizations in agriculture, higher education, and government administration. Every stage of business growth presents a new set of challenges and operational demands - demands that the company must respond to in a sustainable manner. Thus, I found myself revisiting the tools and resources I used in the early days of business growth to best support our company as it scales.
As we celebrate National Veterans Small Business Week (Oct 31- Nov 4, 2022), I reflected on lessons learned in my seven years of entrepreneurship since transitioning from the U.S. military, and highlighted a few of the most useful strategies below.
Here are four success strategies for veteran-owned small businesses:
Leverage mentorship support.
Connecting with experienced and encouraging career mentors was a game changer for both me as an individual and my company, as a new venture. Even if my mentors did not have all the answers to the complex problems business growth can present, they inspired me to continue searching for solutions and inspired me to hold fast to my founding goals. Bootstrapping a new business can be stressful, and having access to mentors that can help guide you on the long, yet rewarding journey can be helpful. Taking the initiative to identify potential mentors, and approaching them with your request, can be a critical step in your company’s development. Few successful entrepreneurs are able to go it alone. Successful business growth is often the result of many different people working together and offering support.
Early in my entrepreneurial career, I was able to connect with entrepreneurial mentors through the SCORE Mentor Program and Veterati - a military-specific mentor matching platform. Additionally, I took the initiative to reach out to my military network and asked for recommendations of experienced veteran entrepreneurs that might be available to mentor a recently transitioned servicemember. Some mentors wanted to engage on an as-needed basis, while others preferred a monthly or quarterly standing meeting. Gaining this outside perspective helped me evaluate business opportunities and performance in a new light, which was immensely helpful in terms of strategic planning.
Prioritize continuing education.
Starting a second career as an entrepreneur can be daunting; however, with the right resources, veterans can succeed. I highly recommend veteran entrepreneurs prioritize continuing education as it relates to business and their industry. A successful business has many moving parts - accounting, compliance, human resources, marketing, project management, etc. Many transitioning servicemembers may lack experience in one or more of these business functions as it relates to the civilian sector; thus, learning about each element can help set you up for success in entrepreneurship.
Today’s veteran entrepreneurs have access to a variety of business-focused educational resources, many of which are available at no cost to the veteran.
Here are a few veteran entrepreneurship education resources that I recommend:
Network consistently and strategically.
Veteran entrepreneurs face a unique set of challenges related to networking in their civilian careers, including their potentially limited established local or industry connections. It’s critical to the business’ success that veteran entrepreneurs prioritize the development of a strategic network related to their company, industry, and geographic service locations. If your company provides services to the government, you may already have established professional relationships from your time in the services; however, if your company is B2C or B2B, you may need to develop a relevant network from the ground up. While a strategic network won’t magically appear overnight, it is attainable through persistence and dedication.
A truly effective networking strategy will be customized to the business owner, the company, its market, and the industry. Generally speaking, entrepreneurs should prioritize the development of a LinkedIn presence that highlights your company’s offerings and your professional expertise. Additionally, joining reputable industry associations, such as the Armed Forces Communications and Electronics Association (AFCEA) or the Society of American Military Engineers (SAME), can be helpful in developing industry-related connections. Local Chambers of Commerce, Rotary Club, and local chapters of veteran service organizations can also be good places to begin developing your post-military professional network. Also, attending sector-specific conferences, such as the Association of the United States Army (AUSA) Annual Meeting and Expo, can be a great way to network for your business.
Embrace a continual spirit of service.
Veterans are uniquely positioned to infuse a spirit of service - similar to the one cultivated throughout one’s military career - into their businesses. At Becker Digital, we developed our company values along the mnemonic “RISE” - Reinvestment, Inclusion, Service, and Enrichment. This community-focused approach helps us evaluate business opportunities to ensure alignment with our mission and values. Small business owners are uniquely positioned to support community-facing initiatives in a variety of ways. When evaluating your business operations and goals, reflect on how your company can positively impact the community. Maybe your team can make a donation to a scholarship fund, or take one afternoon a month to volunteer at the local food bank.
Prompted by our company’s dedication to service, we launched a pro bono program specifically for emerging nonprofits serving our veteran community. This program is available at no cost to qualified nonprofit organizations and empowers them to strengthen their program and service delivery through streamlined communications and outreach initiatives. Without this program, these emerging nonprofits would be limited in terms of professional-grade support services required to increase awareness and amplify community impact. It’s incredibly rewarding to see how one’s work in the private sector can make a difference in the lives of many people.
Are you ready to pursue entrepreneurship?
While the military transition can be a stressful process, entrepreneurship can provide veterans with an invigorating challenge and opportunity to positively impact our communities through commerce. Veterans have many valuable and much-needed skills to offer businesses, communities, and other organizations. Former or transitioning service members bring a unique perspective to confronting life’s challenges, and entrepreneurship can be an excellent way to utilize these strengths.
For additional information on my military-to-entrepreneurship transition and veteran entrepreneurship resource recommendations, check out my “On the Road to Success” interview with Old Dominion University.
About the Author:
Jeremy Becker is a retired U.S. Army Officer, Operation Enduring Freedom Veteran, and CEO of Becker Digital - a Service-Disabled Veteran-Owned Small Business. Jeremy holds a bachelor’s degree from the University of Mississippi and a Master’s degree in Business Administration (MBA) from Florida Institute of Technology. He serves on the Armed Forces Communications and Electronics (AFCEA) Homeland Security Committee. Connect with Jeremy on LinkedIn.