Many retired military officers are intrigued by the possibility of starting a business immediately after retiring from the military or as a "twilight" career. Before going full-fledged into entrepreneurship, there are some things to consider. Fortunately you have your military pension so you have a cushion to get started. There are a few rules to follow when doing this:
Step 1: Let Your Military Pension Be Your Investor
Let’s face it – it’s hard starting a business. You need passion, capital, and determination to see things through. You may not know how to go about securing an investor, so consider your pension as the very first investor in your business.
Step 2: Set Your Goals
What is it you’re trying to accomplish? Where do you want your new business to take you? Set a number of customers or gross sales you would like to have and a deadline. The goal is to have a good framework in place and create milestones that are specific, measurable, achievable, relevant and time-driven.
Step 3: Be Prepared for Long Days
When starting out, you will work every position your new business requires. From the receptionist to the assembly line operator, your success will be up to you. You've worked long hours before. You will again. It will take sacrifice and dedication to get things done.
Step 4: Create an Exit Plan
Once you have proven that your business can generate the income you need to meet the demand, and support your lifestyle, it’s time to consider setting up shop for the long haul. Have a concrete plan in place that will keep your business sustainable. You should always start your business with an endgame in mind. That way, you can assess how well you are doing, and what else needs to be done to make your dreams become a reality.
Step 5: Always Think Like a Boss
Once you start your business, you are a boss (whether you believe it or not). The best thing you can do for yourself is to start seeing, feeling and thinking this way. Go all out – network, set up your business documentation, marketing, and all the other elements you need to become successful. Carefully monitor everything. One of the best things you can do is to consider your business as a business, not your hobby.
You can achieve your dreams if you put in the work. Starting as a new business can be challenging, but it is also rewarding. If ready, put things in motion and expect the unexpected on the road to success.
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This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.