Posted on Jul 18, 2014
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This is what I help Vets do so I would like to know your thoughts.
Posted in these groups: 
Entrepreneurship Degree
Entrepreneurship Degree
Posted 10 y ago
Responses: 5
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I do. I've started two businesses. One is a start-up, the other a franchise. Like my children, I love them both, but they are very different even though both cleaning companies. Had I to do it all over again, I would have just started the franchise--much easier to jumpstart than building a company from the ground up with no information or support. A good franchise system is worth every penny! Do due diligence though, because not all opportunities are created equal.
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Capt Rod Whedbee
I think there are still opportunities out there. After retirement I started 4 different companies and worked in the corporate world as an engineer. I finally found the perfect company that offered working for myself and long term residual income without the MLM models.
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SGT Brian Richardson
Kudo's Capt Julie McAdoo ! it can be fun but also stressful starting a business. Hope things continue to work well for you. What's up for the 3rd business!?
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Capt Julie McAdoo
Brian, property! The third business will be to start acquiring rental properties and finding good tenants. ;). I think I have a touch of the serial entrepreneur disease...
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Considering that my wife is a vet and has started two of her own businesses, I'd say the opportunities are pretty good as long as you are passionate about what you actually want to be doing. A start-up business may seem like a way to "be your own boss," which may be appealing to some who have been workign in a hierarchical system like the military, but you have to REALLY want it to succeed, because it's tough doing it on your own, especially when it comes to the things that you don't think about when you build your dream job as a LLC. The admin, the taxes, the payroll, etc. Those are the mundane tasks of every business that will sink you if you aren't careful. If someone wants to start a business in marketing, great...they will probably be good at it. What people need is the eye opener that talks about and supports all the other stuff that comes along with starting your own business.
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SGT Brian Richardson
Amen brother. You need to be passionate about your business...but you also have to be passionate about RUNNING a business. As you eluded to, the mundane tasks can get you down if you don't have the drive to see them thru.
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COL (Join to see)
SFC Doug Lee, even a one person business has to have a payroll. You have to pay yourself. If you are an LLC or a Corporationor a partnership. It is a stand alone entity to my knowledge. The CEO...even if they are the only person operating the business has to be "on the payroll."
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SGT Brian Richardson
Most LLC's and S-Corporations are pass thru entities. That basically means that any and all profit/loss "passes thru" to the individual.
One of the benefits of incorporating is the protection from liability. You would have better protection from someone suing you with a form of incorporation than if you were a sole proprietor.
A C-Corporation is a whole other beast. It can be costly for a small operation to set up and any income is taxed twice (once on the corporation and once to any income paid to an owner). But there are benefits too.
I am not a tax accountant and would suggest talking with one. But these are some general comments that may help from my experience.
One of the benefits of incorporating is the protection from liability. You would have better protection from someone suing you with a form of incorporation than if you were a sole proprietor.
A C-Corporation is a whole other beast. It can be costly for a small operation to set up and any income is taxed twice (once on the corporation and once to any income paid to an owner). But there are benefits too.
I am not a tax accountant and would suggest talking with one. But these are some general comments that may help from my experience.
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There are a lot of opportunities out there that are a great fit for vets. For good or for ill, the business ownership discussion that takes place on most military bases is almost exclusively franchise-centric. That wasn't a good fit for me, so it took a little more digging to find something that did fit for me.
A few years and a few million in closed business later, what at the time seemed a move of desperation ended up being life-changing. Like you, my focus now is on helping other vets duplicate what I've done.
Good post. Thanks for getting the conversation going!
A few years and a few million in closed business later, what at the time seemed a move of desperation ended up being life-changing. Like you, my focus now is on helping other vets duplicate what I've done.
Good post. Thanks for getting the conversation going!
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