Starting a Small Business
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Anyone exiting the military may be interested in starting a business of their own. To most people, there’s nothing better than the idea of being their own boss. As the military ingrains positive leadership skills, no matter what the rank, a lot of post military veterans wish to go into business on their own. It’s enormously fulfilling, but also enormously difficult to start a small business, though military personnel never back down from a challenge.
Steps For Starting a New BusinessThis is America and the American Dream is available to everyone, so long as you work hard enough. Of course, it takes money to make money, so have a fair amount of money at start-up is helpful, though not necessarily mandatory. There are countless stories of people starting with $1000 or less and building up an empire. Bill Gates started in his garage. Still though, you’re going to want to raise significant capital if you can. This can come from obvious sources, such as a bank, or even from friends and family. Putting a lot of the start-up costs on a business credit card is also a good idea, though this is limited. When applying for a small business loan you’re going to need to complete the following steps before you even meet with your loan officer.
It would be difficult to suggest just what business you should open. You don’t even need to have a million dollar idea that no one’s thought of. All you need to do is find something for which there’s a demand. This could be a new business in th neighborhood that’s unique to the area, or even a web-based business. You should research your industry of choice completely, such as the demographic makeup of the area, your target audience, and other businesses in the same industry. See how they run their business. While you don’t want to mimic the business entirely, it will give you plenty of ideas about how to start your own.
Set up a business plan, including short and long-term goals. Be realistic here. The beginning years of any small business can be slow-going, even less than profitable. It takes some time for a business to grow. Include a marketing plan, with room for changes if need be. No business plan should be written in stone. If you get overanxious, you’ll make unwise decisions. Be patient.
Finally, contact the Small Business Administration to determine what sort of licensing you need: personal, a partnership, corporation, or LLC. Each type of licensing has different tax liabilities and every business will require different types of insurance, so this needs to factor into your overall budget.
Other Issues for a Small BusinessUse your military experience to your advantage when starting a small business. Starting a business that is in some way military-related is also a good idea, as you can become a trusted spokesman for the business. It’s also a good idea to network with your buddies and acquaintances in the military to help raise funds or get new customers. In fact, it’s recommended that you have some idea about prospective clients or customers before you even take the business live.
Some other tips: start up the business while you still have other employment. This can be a difficult time crunch, but it can also alleviate the stress if the business is not immediately successful. Of course, this depends on the nature of the business. In some cases, the business takes full-time involvement. Overall, be professional and diligent and believe in what you’re doing. It’s sometimes these intangibles that can be as key to your success as anything else.
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