IN THIS STORY:

>Three Routes to Business Ownership

>Buying an existing business

>From the ground up

>Sidebar: Helpful Resources for Entrepreneurs

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In 1995, he purchased Paul Davis Systems. Although he already had good carpentry skills, Hicks took a series of classes offered by the franchise, which taught him everything from how to bid on jobs to how to do restoration work.

“Even if you’re a good cook, it doesn’t mean you can run a restaurant,” says Hicks. “You better get the help you need to be a good business owner.”

Hicks says having his military retirement to fall back on helped considerably during the business’ ramp-up phase. Many of the skills he acquired in the service, such as self- discipline, good communication, punctuality, and strong leadership, also have served him well. So has his military work ethic.

Because he does emergency service work, Hicks was on call 24 hours a day during the first few years he was in business. As the business grew, he began hiring more employees. Today, he has five employees who take turns fielding emergency service calls in the evenings and on weekends. 

Owning a small business has allowed Hicks to make a good living in an area of the country he enjoys. Although some people may scoff at his slower paced lifestyle, Hicks says he’s glad he’s no longer in the corporate rat race. 

“I could have made a six-figure salary if I had stayed in the Northern Virginia area after I retired, but I didn’t want my kids going to school through metal detectors,” he says. “I wanted my children to be in a place where they would be surrounded by their family—aunts, uncles, and extended family—and I wanted to give them a place to call home.”

From the ground up

Lt. Cmdr. Jim Bosserman, USN-Ret., always wanted to open his own carpentry business. Bosserman, who is the son of a building contractor, began taking classes to refresh his carpentry skills shortly before retiring and moving to Colorado Springs, Colo., in 1996. He also read books on how to start and run a small business and attended a series of classes for aspiring entrepreneurs, which were offered through a local Service Corps of Retired Executives (SCORE) chapter.

Financial pressures initially prevented Bosserman from opening his own business, and he began working for defense contractors. The contracting world is fickle, however, and when the contract he was working on ended, his full-time career soon turned into a part-time job. 

Bosserman took the opportunity to launch his own decking and remodeling company called Deck’ctera. By 1998, he had more jobs than he could handle, so he quit his part-time contracting job and became a full-time entrepreneur.

Being a retired servicemember turned carpenter has helped Bosserman get clients. Active duty and retired military families often seek him out for work, and civilians tend to view him as trustworthy because of his military background. Bosserman also touts the fact that he’s licensed, bonded, and insured and is a member of the Better Business Bureau. 

“I wanted to find a niche that set me apart,” he says. “I decided to be the guy who showed up when he said he would, did quality work, was honest, and worked with the customer and maintained good communication. That was my angle, and so far, it’s worked great.”

Although Bosserman says he’s often booked up six months in advance, he has no plans to hire additional employees because he enjoys doing the work himself. Instead, he relies on a cadre of good subcontractors for help.

Bosserman admits he’d probably make more money working for a defense contractor. However, he says he believes you can’t put a price on the benefits you enjoy as a sole proprietor. 

“Every job has its frustrations,” he says. “There are days when things just don’t go the way you want. But when you’re self- employed, if you don’t like something, you can always change it.”