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Author: Poppy Williams, poppy@techbizguide.com

As a veteran, you possess unique traits, such as being self-disciplined and courageous, that make you an ideal person to open a small business. You’re also used to working as part of a team and being a leader, which means you can easily manage your employees and work with them. However, before you begin the process, it’s important to know what it takes to open a business. That’s why Keystone Business Brokers is proud to share the following tips and resources. 

Choose Your Business Type 

You must first choose the type of business you want to operate. Think about your passions and interests. Do you love pets? You can open a lifestyle store for dog owners or an e-commerce dog supply store. Perhaps you’re passionate about the army and want to help those who are continuing to serve. Consider opening a fitness center. You can help individuals who are in training to get in shape as well as assist the community as a whole to stay active. 

If you can’t think of ideas based on your interests, create a list of your strengths. Add skills you developed while training in the army. Some business ideas that work well for first-time entrepreneurs include a cleaning service or home care service for the aging. Typically, these businesses require little money to start and are always in demand. Alternatively, remember that you don’t necessarily have to start from scratch. For instance, if you’re interested in purchasing a business that’s already been established, Keystone Business Brokers can help!

Create a Detailed Business Plan 

Once you decide on a business type, create a comprehensive business plan. Not only does drafting this document help you plan, but you need to present it when you apply for loans or grants. Moreover, you may be interested in attracting investors, and they’re likely to want to look at your business plan first. 

In your business plan, write about your products or services. Dedicate one section to specifying your target audience and their demographics. Also include information about the marketing tactics you plan to use.

Examine Your Target Market

You need an accurate view of who your target market is, so you can focus your marketing efforts in the correct direction. For instance, are you focused on local individuals, or is this an online business that ships products around the country? Are your products or services mainly for women, men, or both? If you had to make an educated guess, what age bracket is likely to be more interested in what you offer? 

Find Funding  

Both state and local grants are available, which is money you don’t have to pay back. You can also take out small business loans at low-interest rates through the government. 

In addition, you can look for private investors by asking your current social circle, family, and acquaintances if they want to invest or know anyone who may be interested. 

Improve Your Business Skills

Consider returning to school and earning your MBA degree. You can develop a comprehensive understanding of business and give yourself a distinct edge over the competition, as well as gain leadership skills and understand the importance of self-assessment when monitoring your progress. 

Reap the Reward of Entrepreneurship With the Right Steps

When you know how to proceed as a veteran opening a business, you can build a solid foundation for your business and reap the fruits of your hard work. 

Keystone Business Brokers is the most selective inventory of Businesses in the South Jersey area. Call (866) 744-0720.

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This article is written by a guest blogger Joyce Wilson of TeacherSpark.org. 

Side Gigs Offer Opportunities to Teachers Whether Supplementing Income or Pursuing a Passion

Are you looking for ways to add to your income without giving up your teaching career? Or, maybe you have a hobby you would like to further explore? Side gigs can be the answer! Need some ideas? Read on for some suggestions on side gigs and for a quick tip on how you can make bookkeeping easier for your business.

Starting an LLC Is As Easy as 1-2-3!

Putting together an LLC is a smart move for the up and coming sole proprietorship or startup. Not only do you gain corporate level protection, but you will also have the flexibility to choose the best tax adjustments to fit your situation. An LLC can be taxed as a sole proprietorship, s corp, c corp, and even a multi-owner partnership. The added flexibility means that an LLC is often the best route for small companies of 1 up to 100 people. The best part is, most LLC’s can be set up in about 5 steps.

Coach or Tutor

You already have expertise in sharing knowledge and helping people grow, so one suggestion is to turn that ability into a side hustle. For example, you can coach people with job hunting, offering advice on how to better interview or to capitalize on their experiences and talents. Or, perhaps you can focus on a subject you enjoy and help others polish it. Some experts note you can make more with advanced and specialized subjects; for instance, if you’re savvy with physics or calculus, you can bring in a tidy sum.  

Consultant

Instead of working one-on-one with someone, working as a consultant allows you to provide expertise to a broader group of people. Consider your experience and specialized knowledge and look for how you can offer those abilities on a corporate scale.

Selling Crafts

Do you have a hobby doing something creative? Maybe it’s time to make money with it. Whether you love woodworking, making soaps from goat milk, or creating felted wool slippers, there is a market for it. 

Handyman

Any homeowner can tell you there is always something breaking, so if you have a knack for putting things back together or making new installations, consider doing it as a side gig. It’s a lucrative option that made Time’s list of the highest paying side hustles.

Dog Walker

Do you love man’s best friend? Put that pleasure to work and get a little exercise while you’re at it. Some professionals suggest engaging through an online platform to help develop a customer base quickly, and as a bonus, some platforms provide liability insurance.

Rent a Room

Many people have an extra bedroom going to waste, or maybe you no longer need a home office thanks to electronic recordkeeping and smaller personal computers. Turn that spare room into a moneymaker! Offering it to paying guests is an easy way to pad your pockets.  

Personal Shopper

If selecting the best gifts and making smart spending choices is your thing, you could get paid to do the shopping for those who either hate doing it or are just too busy. It’s an opportunity to make money and engage in retail therapy!

Disc Jockey

If you’re great with a microphone and have a talent for putting together terrific music combinations, consider being a disc jockey. You can hit the wedding and party season full force while entertaining people and watching them have a great time!

Freelancing

Whether you can organize a schedule like nobody’s business, have a knack for numbers, or can throw together great graphic designs, Inc. notes that freelancing is a top option. There is a cornucopia of job boards and websites to help you find the perfect fit.

Caregiver

Do you love little ones or enjoy the wisdom of older folks? Becoming a nanny or caregiver could be a great match for your interests. According to Balance Careers, you can either fly solo or engage clients through a service.  

Driver

Whether you provide wheels for people’s morning commute or make deliveries of goods, driving can be a great side gig. You need a reliable vehicle and will do best if you know your way around the local area. It’s a great way to have your car earn its keep!  

Easy Bookkeeping

While working a side gig, it’s crucial that you manage your finances. Instead of buying expensive software or working with an accountant, you could consider using a free invoice app to help you manage your business finances, alleviating any bookkeeping headaches while keeping you abreast of sales, invoicing, inventory, and communication with customers.

Many side gigs are easy to get, offer great flexibility, and help you financially while feeding an interest or passion. You can take advantage of your off time and then maintaining your gig throughout the school year. Chances are you have skills and abilities you’ll not only enjoy using, but they will also help you to prosper!  

What does it take to start your own business? Many people may think that starting your own business may be too daunting and give up before
they even start. Let’s analyze what a typical start-up needs:

Start-up Capital

There is no secret that money talks the loudest of all. As a future entrepreneur,
you may well know the fact that capital is perhaps the most essential
part of setting up a business, both online and offline. Lack of start-up
capital not only puts your business at a disadvantage, it also makes cash
flow a serious issue. Over time, it also makes it difficult for you to
expand your business.

The good side is that start-up capital in the form of small business
loans are readily available at most commercial banks around your country.
As long as you have a good credit rating, getting small loans should not
be much of a problem. One important thing to remember here is to never
borrow more than what you need to get started.

You loan amount need only cover for the basic necessities of business.
Start your business small and control your finances daily, monitoring
everything you spend on and trying to cut costs where ever possible. When
your business cash flow starts working in your favor, you are ready to
safely take out another business loan for expansion of business activities.

Business Experience

Most people are afraid to start their own business, simply because they
have “no experience”. Therefore, they never get started at all,
and never end up gaining that experience in the first place.

Most people are afraid to enter into a business venture because they
fear failure due to lack of experience. It’s a Chicken-and-Egg story,
or a Catch 22, or whatever else you can call it.

A Solid Business Plan

Any business is more likely to succeed if they have a definite plan of
action to follow. Unfortunately, in reality most small business and home
based businesses have no idea on developing a business plan that drives
them to success. That is the reason why 70% of businesses fail within
the first year. A solid plan needs to state exactly WHEN and HOW you will
make money.

Before you get into business, make sure your business plan is laid out
right to the very minor details. You need to know:

– Your target market

– The average cost of one product

– Your profit margin on each product

– Your expected break-even point

– Cash flow projections

Seek out a Mentor

A mentor is someone who you admire, someone in your line of work or business
that is already having the success you dream of, and can teach you exactly
how to achieve the same success yourself when you start your own
business. In reality however, it is difficult to find a mentor in your exact line of work. You may want to find a mentor that has a successful business but isn’t a direct competitor.

All these factors and many others need to be considered when starting your own business. By being diligent, working hard and seeking guidance from a mentor will set you on the right path.