Being the spouse of an active military member comes with a certain lifestyle. This lifestyle requires flexibility. This is why more and more military spouses are entering the world of entrepreneurship. With the right idea, plan and business model a successful business can be built. It is a great way to bring more income into the home and build something of your own. There are several successful military spouse owned businesses and yours can be one of them. If this sounds like something you may want to work towards, there are things to think about before taking the plunge. Here are things to consider before starting a military spouse owned business.
First, you have to decide whether or not you think people are going to buy what you plan to sell. Your product has to be something that will do well on the market and capture of the attention of customers. To determine the potential of what you plan to sell, do your research. Start by researching the market as well as pricing and take a look at your competition. No matter what you are offering, there will always to competition, that is how business is, which is why you must exceed the competition.
Next, and very importantly, you want to determine how you can affordably offer the product before jumping into starting a business. This is a crucial step for military spouse owned businesses because you likely have a family to take care of and cannot afford to gamble on a business venture without some reassurance. You have to know if people will buy before investing in the start up.
After the testing period, consider finances. Do you have the money to start this business and can you afford not to make money for some time while building the business? If the answer is yes, you are one step closer to becoming a business owner. For those who are not in the position to do so, there is the option to start your business while keeping your day job.
Once you think about your finances, focus on the time that you have to devote to the business. Endless hours are required when running a business. Everything from accounting to packaging and shipment will be up to you. Talk to your spouse about the changes that will occur when you start the business and make sure everyone is on board.
Choose a Business Model
When everyone is on board and all of the above has been considered, it is time to decide on a business model. As a military spouse, flexibility is important in all aspects including scheduling and location. This is why the business model you choose is extremely important. Selling remotely such as online is the best choice because you never know when you are going to have to move.
Lastly, be prepared to take care of the legal aspects of starting a business. Consider hiring a lawyer, get any and all licensing/permits, open a business checking account and select a business structure. Lawyers are extremely helpful in terms of writing up policies and contractual agreements. They are also there to give advice and help to avoid common legal mistakes of starting a new business.
Overall, there are several things to consider before starting a military spouse owned business. Doing so requires a lot of time, dedication and passion but it can result in great success. First, you have decide on what you will sell then work towards establishing your place in the market while holding down the fort at home. Military spouses can run successful businesses and help support their families.