If you Plan to Start a Business, when do you plan to do it?

1SG Henry Yates — Tue, 31 Mar 2015 14:13:46 -0400

Some of us have had entrepreneurs in our Family and have a nudge deep inside to start a business some day. Others have learned the value of control and the benefits of creating an assett. Imagine it, no need to apply or risk a period of transition. The only people demanding something of you is your client base whom you have a passion to work for. When would you start, when would you register, when would you...

Response by LTC David S. Chang, ChFC®, CLU® made Mar 31 at 2015 2:16 PM

LTC David S. Chang, ChFC®, CLU® — Tue, 31 Mar 2015 14:16:17 -0400

Should do it when you have done the necessary research and built your minimum viable product, or MVP. In the past the big ate the small, but now it is the fast that eat the slow, no matter the size. Just look at Borders and Blockbuster!

Getting your MVP out is important in order to get feedback from the market, then iterate. You don't want to spend too much time or money investing in something that people may not like. And often times, what you as the business owner want is not what the market wants.

By doing this, you may be able to bootstrap, which means you don't need to borrow or invest considerable amount of money upfront and can reinvest the profits back into the company. I would also suggest that you keep your current job if you can until you know your business model will work. If it doesn't, no harm done, but if it does, then you know it is the right time to leave.

here are some business ideas that you can start with under 5k!

http://artofthinkingsmart.com/need-business-idea-55-less-5000/

Need a Business Idea or Want to Start A Home Business?

Need a Business Idea? Here are some that cost less than $5,000!

Response by SSG Lawrence Crow made Mar 31 at 2015 5:31 PM

SSG Lawrence Crow — Tue, 31 Mar 2015 17:31:20 -0400

All you have is NOW... No one is promised tomorrow. Read Denis Waitley's "Someday Isle."

Response by SSgt Randy Saulsberry made Mar 31 at 2015 8:15 PM

SSgt Randy Saulsberry — Tue, 31 Mar 2015 20:15:42 -0400

If u know that upon completion of military service you are going to start a business u should start planning years in advance. get comprehensive knowledge of marketing, advertising, demographics, profit, material mark-up all while determining what and where u wanto to do it. Once u have that then u can specify research like demographic analysis, competitive analysis, work force laws and so on. The time it takes Is different from person to person and depends on how much free time u have. I started back in 2006 and finally decided what and where 2 years ago. So now I transition out of the Corps this year and jump into that lake of entrepreneurship. So hopefully it all pays off

Response by MAJ Chris Ballard made Apr 1 at 2015 9:36 AM

MAJ Chris Ballard — Wed, 01 Apr 2015 09:36:42 -0400

There's an old saying: "the best time to plant a tree is 20 years ago. The second best time in now." The same applies to business.

Response by SPC Nicholas Cureton made Apr 8 at 2015 8:35 PM

SPC Nicholas Cureton — Wed, 08 Apr 2015 20:35:23 -0400

Starting a new business has been something I think everybody has considered multiple times in their life. But the psychological and emotional stresses that can accompany such a venture for not only you but your family can be great. The easiest or would be now, but just like a mission in the military you need to research and plan and fill up your warchest so to speak of the tools and challenges that you are about to face. Make educated decisions. Seek financing from repeatable lenders ask family friends neighbors anybody about their takes on your business idea to see if it's something that will stand up and stand against your competitors. If all of that's done and I'm waiting for is just the greenlight go in the time is now the day run into my plan have caught and sit yourself up for failure. This is coming from someone who is never owned their own business I have been around several people who have been exposed to it, but I would hardly call myself a subject matter expert. So take my thoughts as A grain of salt.

Response by SPC Private RallyPoint Member made Apr 10 at 2015 5:53 PM

SPC Private RallyPoint Member — Fri, 10 Apr 2015 17:53:24 -0400

Hey contact me

Response by CPT Michael L.F. Slavin made Dec 8 at 2016 3:47 PM

CPT Michael L.F. Slavin — Thu, 08 Dec 2016 15:47:58 -0500

I was broke with no money and bankrupt. I wrote a business plan, raised $203,000 in 2 weeks from strangers and was a millionaire 3 1/2 years later.I tell you how to do it in my book, One Million in the Bank: How To Make $1,000,000 With Your Own Business, Even If You Have No Money Or Experience (On Amazon). You really, really should read it. I have also written a Veterans' Guide To One Million in the Bank. It does have good original material, but you must get the main book.

You can do it. If you plan right. All of the 12 stories in my book, people were millionaires in 3-7 years from starting with nothing. Feel free to contact me with questions after or before you get the book, http://www.onemillioninthebank.com.
God bless! Good Luck!

Response by MAJ Ken Landgren made Jan 26 at 2024 4:59 PM

MAJ Ken Landgren — Fri, 26 Jan 2024 16:59:34 -0500

College football season. I found a wonderful model for winning against Vegas on college football games. A facet I like is compounding the gains over 12 weeks. For example, if invest $1000 and can make 25% consistently over 12 weekends. The multiple after 12 weeks is 1.30 to the 12th power or 23.30. The $1,000 will grow to $23,300. If I can replicate the performance the following season, then $23,300 will grow into $535,8560. Then my wife would love me again. lol