As part of National Veterans Small Business Week, the U.S. Small Business Administration hosted a Twitter chat to share tips and insights specifically for veteran entrepreneurs.
The chat took place on November 2. The official SBA Twitter account (@SBAgov) asked questions and moderated the chat, which featured discussions on several topics related to veterans who currently own businesses or are looking to break into the world of business ownership.
The chat started out with a discussion about the best qualities that veterans bring to the business world.
Let’s get started! Q1: What qualities do veterans bring to business? #MyVetBiz
— SBA (@SBAgov) November 2, 2017
A1: Veterans due to their military background & training bring qualities of determination & commitment to creative problem-solving #MyVetBiz
— WV Sec. of State (@wvsosoffice) November 2, 2017
A1: Adaptability, Work Ethic, Leadership, Teamwork, Self-Motivation, Ability to handle stressful situations. #MyVetBiz
— First Data (@FirstData) November 2, 2017
A1: So many! Vets make it happen w/ limited resources, operate well under pressure, value honor & commitment, & much more! #MyVetBiz @SBAgov
— IVMF (@IVMFSyracuseU) November 2, 2017
Chat participants also shared advice for others looking to expand or grow their businesses.
Q3: What advice would you give someone thinking about expanding their business? #MyVetBiz
— SBA (@SBAgov) November 2, 2017
Ensure you run the numbers to a T. Expansion doesn’t always mean profit! #myvetbiz
— Sheenapreneur (@Sheenapreneur) November 2, 2017
A3: Market research! Does the market exist? What’s the cost/impact on you as you expand? Right time? #bakingadifference #MyVetBiz https://t.co/jSwEuLbWkW
— Dog Tag Bakery (@DogTagBakery) November 2, 2017
A3: Plan carefully and identify what the timeline will look like for your expansion goals. #MyVetBiz
— MyCorporation (@MyCorporation) November 2, 2017
From there, participants turned their focus to marketing and shared their top things to include in a marketing plan.
Q4: What are the top three things in a marketing plan? #MyVetBiz
— SBA (@SBAgov) November 2, 2017
1??Build your #SEO keywords
2??Improve your content
3??Optimize for mobile
4??Boost site speedLearn more https://t.co/gOTa9wOXND #MyVetBiz https://t.co/uiy5yEjAOw
— Google Small Biz (@GoogleSmallBiz) November 2, 2017
A4: Always remember the three P’s: Product, Pricing and Placement #MyVetBiz
— BizBuySell (@BizBuySell) November 2, 2017
A4. Who are your #customers? Not everyone wants or loves what you’re selling. #myvetbiz pic.twitter.com/YTg0jucZyx
— Kedma Ough (@KedmaOugh) November 2, 2017
Then the chat moved onto the topic of leadership. Participants offered some best practices for motivating team members.
Q5: What are some good best practices for motivating employees? #MyVetBiz
— SBA (@SBAgov) November 2, 2017
A5: Motivate employees by being transparent. Listen to their ideas and help them become entrenched in company values. #myvetbiz
— Driven Insights (@DrivenInsights) November 2, 2017
Actually KNOW your people- different employees are motivated by different things. Not everybody chases $$$ #myvetbiz https://t.co/kCmw2CNrq0
— Michael Baab (@michaelgbaab) November 2, 2017
A5: Always lead from the front. Be active with your employees, because they are more likely to do as you do and not as you say. #MyVetBiz
— SBDC Mankato (@SBDCMankato) November 2, 2017
They also discussed some of the potential challenges that go along with starting a business as a veteran. And some participants shared resources that could help people overcome those challenges.
Q6: What are some challenges veterans encounter when starting a business? #MyVetBiz
— SBA (@SBAgov) November 2, 2017
A6: Securing funding is difficult. Here’s a list of loans, grants & other resources for vetrepreneurs: https://t.co/9vxNntK1ax #MyVetBiz
— SCORE Mentors (@SCOREMentors) November 2, 2017
A6: Financing, learning process (hiring employees, payroll, understanding filing requirements, tax responsibilities, etc) #MyVetBiz @SBAgov https://t.co/5V8An3IDQu
— Ohio SOS Jon Husted (@OhioSOSHusted) November 2, 2017
A6: Many leave service with a lack of equity, making traditional business loans difficult to get. #MyVetBiz
— SBDC at Onondaga CC (@onondagabizwiz) November 2, 2017
You can see the full chat transcript and more discussion about veteran owned small businesses by checking out the #MyVetBiz hashtag on Twitter.
Veteran Homecoming Photo via Shutterstock