Top Secrets to Starting a Successful Business After Military Service with Lacey Langford
In part two of our engaging series with Lacey Langford, we delve deeper into the world of military finances, veteran entrepreneurship, and strategic retirement planning. Lacey, a renowned expert who has been assisting active duty personnel and veterans, shares invaluable insights on rebranding, legal advice, and funding options for aspiring business owners. Let’s dive in!
Rebranding Journey: From Military Money Expert to MILMO
When Lacey joined us three years ago, she was known as the Military Money Expert, with her website under her name and her podcast titled the Military Money Show. However, this disjointed branding led to some confusion. When a legal issue arose with her trademark, it pushed her to make a pivotal decision to rebrand.
Lacey explains, “It was bittersweet, but I knew I needed to create a unified brand. I chose MILMO, which flows better and reflects my positive outlook. The transition to milmo.co has made my branding more cohesive and better protected legally.”
Legal Advice for New Business Owners
Starting a business requires careful legal considerations. Lacey emphasizes the importance of consulting with an attorney about your business name and trademarks. “Think of a unique name and get a consultation with a trademark attorney. It’s worth the investment to avoid potential legal battles down the road.”
I echoed this sentiment, noting the importance of having a comprehensive support team. “Ensure you have a great attorney, tax professional, and business coach on deck. This way, you have someone to call when things go wrong, rather than scrambling to find help when you’re already stressed.”
Building Your Support Team
Having a reliable support team is crucial for any business owner. Lacey and I discussed the importance of having professionals who can collaborate effectively. “I wasn’t looking for the best financial advisor or accountant individually. I wanted a team that communicates well together,” I shared. “It’s vital to have professionals who can discuss and coordinate your financial and legal strategies.”
Lacey added, “Talk to other entrepreneurs about who they use. Form your team now, not when you’re in crisis. This proactive approach saves you time, money, and a lot of stress.”
Funding Options for Veterans
For veterans looking to start a business or buy a franchise, there are numerous funding options available. Lacey highlighted several resources, including the VA, Small Business Administration (SBA), and various nonprofits like Bunker Labs and DAV’s Patriot Bootcamp. “There are pitch competitions and grants specifically for the military community. Take advantage of these opportunities to avoid unnecessary debt.”
I chimed in with additional advice, noting that many veterans prefer to bootstrap their businesses. “It’s important to have a plan for paying back any loans or debts you incur. Proper financial planning is crucial to avoid getting overwhelmed.”
Final Advice and Resources
As we wrapped up our conversation, Lacey offered some final advice for military members transitioning to civilian life and considering entrepreneurship. “Get your finances in order before starting a business. Build up your savings and plan ahead, ideally two years before you transition out. Use resources like Veterati for mentorship and networking.”
I wholeheartedly agreed, emphasizing the need for a solid financial cushion and realistic expectations. “Talk to experienced business owners about the peaks and valleys of entrepreneurship. Understand the emotional rollercoaster and be prepared for it.”
Conclusion and Contact Information
Lacey’s insights are invaluable for anyone in the military community considering business ownership. To connect with Lacey and learn more, visit her website at https://milmo.co and her conference site. You can also find her on LinkedIn.
By following these expert tips and insights, veterans can better navigate the tumultuous journey from military life to successful entrepreneurship. Prepare, plan, execute, and most importantly, seek guidance and support—these are your tools for achieving business success and financial freedom.
Stay tuned for the next episode, where we’ll continue to explore the path from corporate life to franchise ownership. Follow us on all social media platforms to achieve your financial and time freedom today.