Have any of you started your own business while still on active duty? If so, please share your lessons learned here.

Yes, it was difficult for two reasons. The first reason is I had a huge learning curve and no one was there for me to lean on for answers so I could have done several things better. Second was trying to be the best soldier I could and the best business owner at the same time is difficult. Lessons learned was get a business where you do not have to manage a inventory. Choose a product you are familiar with and enjoy. Online selling was the best option for me. Websites are low start up and they are open 24 hrs and most importantly I did not have to hover over employees, manage payroll or any of those time consuming things. E-commerce is perhaps a suitable business if time is a concern. Also realize you don't have to rush, enjoy the journey.

CDR (Join to see) I'm sorry that I'm chiming in, because I retired in 2012, but I have started two businesses, one while serving and the other just recently at the end of 2012. The first time, I got deployed and I had to sell my interest in the company, so point being if you are going to start a business on your own (who will run it if you get deployed?), secondly, if you are involved in an LLC and you have a share of the company will the managing partner(s) pick up your end of the work load if you get deployed. Something to consider. My last business I picked the wrong partner. You have to really vet your partners if you start an LLC. I thought I did, but as time went on and I found out that he was stealing from the company I immediately shut down the company to save face with some of my investors and former clients that I brought to the table. Point - know your partners and make sure that whoever is going to be the managing partner (majority share holder) that they are willing and open to all financial dealings, access to records, access to bank accounts, and they perform under the guidelines of the Operating Agreement. Hold them to their agreement and responsibilities and stay involved everyday. Don't assume anything. Just a few words of wisdom from an old Colonel with a little experience in business matters.

Starting a business while on active duty is challenging for almost any member - regardless of branch of service or deployment status. As a serial entrepreneur with a lot of start-up experience and economic developer by trade - here is my advice. 1) find a local Small Business Development Center (SBDC) in or near your community and open up a confidential and free counseling channel to discuss your self-employment goals before you commit any significant time or finances towards. SBDCs are funded by the US Small Business Administration and co-hosted by a lot of community colleges nationwide. SBDCs are part of a vast national network of business advisors who can help you decide if starting your own business (now or in the future) is a viable option. If nothing else, take advantage of the many low-cost or no-cost workshops to learn about Small Business 101. 2) If you don't understand or appreciate what small business finance is all about - then don't be the cause of a self-inflicted wound that will lead you towards financial distress. Enroll in courses that teach you the Intuit Quickbooks platform. Know the difference between cash flow and profit/loss statements (hint: they are not the same thing). 3) Do not (under most circumstances) BORROW any money to start-up a business. Appreciate boot-strap funding and avoid going into to debt for a venture that has a low probability of returning your borrowed investment in less than 5 years. 3) "Fail Fast." My go to phrase for anyone seeking my small business start-up advice. Some ideas are just that - ideas. Don't get trapped into being a financial martyr for an idea that will drain you (and your loved ones) financially and emotionally. 4) The product or service that offers the highest ROI (return on investment) is anything knowledge based. You have probably spent years in training and work experience becoming a subject matter expert in something. Stick to your wheelhouse and reduce your start-up risk. Also be aware of current regulations regarding self-employment while on active duty. 5) A great time and financial investment now (while on active duty) is to pursue professional certifications that are knowledge-based, i.e., Realtor, certified personal trainer, certified public accountant, private pilot license, anything professional health-care related, general contractor, etc. Choose certifications that are portable (recognized anywhere in the US); professionally accepted and offer the chance at possible self-employment later down the road. 6) As hockey legend Wayne Gretzky said once, "I skate to where the puck is going to be, not where it has been." You must take his advice and apply it to your current and future business (and career) plans.