If you started a business after retirement, how far in advance did you begin preparing (business plan, loans, etc) and any advice for others?

SFC Private RallyPoint Member — Fri, 01 Jul 2016 11:40:07 -0400

I am only at 16 years but I plan to open a gym after retirement at 20(+ possibly). I know others are in the same boat and want to open their own business from the ground up after retirement and have many questions. From the prospective of others that made that transition, how far in advance did you start planning? What hurdles did you encounter? What advice do you wish you could have had?

Response by SFC Andrew Miller made Jul 1 at 2016 11:45 AM

SFC Andrew Miller — Fri, 01 Jul 2016 11:45:45 -0400

While I didn't throw my own hat into the entrepreneurial ring, there are several different veterans I've assisted who have. Look into the Boots2Business program first and through them, you can get connected to numerous other agencies and organizations to help get you started.

http://boots2business.org/boots-to-business/

Boots to Business | Boots to Business

Boots to Business is an entrepreneurial education and training program offered by the U.S. Small Business Administration (SBA) as a training track within the Department of Defense’s Transition Assistance Program (TAP). The curriculum provides valuable assistance to transitioning Service members exploring business ownership or other self-employment opportunities by leading them through the key steps for evaluating business concepts and...

Response by SGM Mikel Dawson made Jul 1 at 2016 12:05 PM

SGM Mikel Dawson — Fri, 01 Jul 2016 12:05:14 -0400

Being Army Reserve, maybe a little different, but some the same. It took me about 3 to 5 years to get my business really going. If it is service focused, treat the people and your business like you are receiving the service. It takes long hours, and dedication.

Response by SGM Erik Marquez made Jul 1 at 2016 12:11 PM

SGM Erik Marquez — Fri, 01 Jul 2016 12:11:53 -0400

Find a mentor, someone that has walked the path in a like buisness before you. You do not know what you don't know. And you can only self educate to some extent.
I had big plans of opening a powder coating shop..researched, did some training with a well known big buisness supplier, had a location, equipment set to be delivered...and at the last moment discovered something I did not know, something I would have learned about had I spoken to a like business owner in my area.
Fire regulations are not just state or national, they are written by the local fire chief. And his word is final. I was good to go with my plan on state and national code... but my chosen location had a fire chief that viewed things differently and was unconvinced that what had worked well in other jurisdictions would work in his as well. His demand that I install $750,000 in fire safety , monitoring and extinguish equipment was not a viable option for me.

Response by SPC Carlos R. made Jul 1 at 2016 12:14 PM

SPC Carlos R. — Fri, 01 Jul 2016 12:14:19 -0400

Business plan help you build a road map but it is important that you figure out what it takes to be profitable.

How many monthly users it takes to pay all the bills. Lease, lights, equipment etc.

Next figure out what you want to earn and if you will need partners.

Send me a PM. All the best.

Response by PO1 Michael Fullmer made Jul 1 at 2016 12:29 PM

PO1 Michael Fullmer — Fri, 01 Jul 2016 12:29:54 -0400

I started 2 different businesses, 1 - a genealogy research business, the other a advertising/publishing one. The both did fairly well, for the first few years, then the economy took a hit, and so did mine and so many other small businesses. I still from time to time do projects (genealogy) for friends, but I was forced to close them both down. Both were planned starting about 2 mos after I left service, and were ran out of my home, so the overhead was pretty low. Time, money, interest in the job, and ability to actually perform the job, organizational memberships, etc., are all tings to consider when starting a new business. Hope this makes sense.

Response by Sgt Tom Cunnally made Jul 1 at 2016 12:44 PM

Sgt Tom Cunnally — Fri, 01 Jul 2016 12:44:09 -0400

I started a home business in 1994 & began thinking about it two years earlier

Response by PO1 John Y. made Jul 1 at 2016 12:48 PM

PO1 John Y. — Fri, 01 Jul 2016 12:48:46 -0400

Two words for you SFC, "Business Plan". I owned a successful business that I sold after 4 years (my CO's decision). One of the things I observed of other small business owners is they started a business based on their interests or area of expertise, but they didn't have a clue about the business side of their business (i.e. accounting, taxes, marketing, target market, etc). If you don't know where you want to go then you'll never where you'll end up or fail to plan, plan to fail, or whatever cliché you want to insert. Two things about your business plan, 1) it's never too soon to start; 2) it is a breathing document, always changing, so keep it updated.
One other word I have for you, "Networking". Do it! It help me grow my business by 40%. If you don't have a bachelors degree, get it. It will help with loans and investors.

Response by MAJ Rene De La Rosa made Jul 1 at 2016 1:28 PM

MAJ Rene De La Rosa — Fri, 01 Jul 2016 13:28:59 -0400

Suggest a book called Strategy 360 by Randall Bell. He was given an assignment in business school and has come up with a life plan as well as a business strategic plan in the back of the book. Covers all the basics such as mission statement(s), business concept & research, corporate structure, target market, products & services, facilities, financial overview, short & long term goals, systems & operations, and finally rewards to the workers. This is a brief synopsis, but highly recommend the book. I have used it numerous times to update aspects of my life.

Response by SSgt GG-15 RET Jim Lint made Jul 1 at 2016 1:33 PM

SSgt GG-15 RET Jim Lint — Fri, 01 Jul 2016 13:33:19 -0400

What are your strengths for running a gym. (Notice I did not say run a PT formation.) Do you have a building? What is the competition in that area? My suggestion would be to take or get a business degree. An MBA is good for most businesses. GOOD LUCK!

Response by Cpl Kevin Osborne made Jul 1 at 2016 1:54 PM

Cpl Kevin Osborne — Fri, 01 Jul 2016 13:54:23 -0400

I would agree with the previous comments about the value of a business plan, mentor and degree in business. However, I would also recommend project management. Take a course in Microsoft Project and actually build in the steps necessary for your business to take off. Include milestones such as, design concepts formalized, request for; then acceptance of a small business loan, procurement of long lead items like marketing materials ect. Conduct market research to identify the best location for your business, a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats) of other gyms and comparative workout organizations. As you can see there are many things to consider before you start creating your project plan, you can never start too early.

Response by COL Vincent Stoneking made Jul 1 at 2016 2:59 PM

COL Vincent Stoneking — Fri, 01 Jul 2016 14:59:48 -0400

My Muay Thai gym has been open for just a few days shy of 2 months as I type this. Realistically, you could go from idea to execution in a matter of weeks, depending on your exact setup (BJJ gym almost no time, lots of equipment, lots more time).

In my case, it was about seven months (Business partner & two head coaches went to Thailand to train for several months) from idea to doors open.

Biggest hurdle is tactical patience. You need to make a (business) plan and execute it. You will feel pressure to "make things happen" once you commit. But you only want the make the RIGHT things happen. In our case, despite the fact that we wanted an April opening, we ended up getting our space in Feb, and then stressing the move needlessly.

Be wary of handshake deals. Don't write them off, but go in with eyes wide open. Our landlord (who is a longtime supporter and friend) agreed to fund a lot of tenant improvements to our space. And they all got done, and very well. However, he was cutting deals with friends, etc. To make a long story short, about 40 hours of construction work got crammed into 6 weeks. All the while with my partner freaking out.

Make sure, if you have a partner, that there is clear definition of roles and responsibilities. I've known and trained with my partner for over a decade on and off. In the last two months we have had some very strained emotions and heated words because of differing expectations.

Make a good estimate of your needed cash for the first six months (or whenever your projected break even is). Triple it. Just like with a house, you will find all kinds of unexpected surprise costs.

Get your signage up FAST. If people can't find you, they won't come. We waited way too long for this. Once our signs finally went up, there was an immediate uptick in business.

Get your website done professionally and up FAST. Ensure that SEO happens. We really half-assed this and are only now fixing it. Just with the tweaks we've made in the last two weeks, there is a clear uptick in prospects and new clients.

Response by MSG Pat Colby made Jul 1 at 2016 5:19 PM

MSG Pat Colby — Fri, 01 Jul 2016 17:19:17 -0400

Had a buddy with an idea. I should call him up to see if he followed through with it. A Laundromat W/attached Bar. What better place to meet people than over their dirty laundry? You can tell a lot from someone the way they treat their clothes...

Plus in urban and suburban areas, not a lot of people have the luxury of owning their own washer and dryer. There's a BIG need.

Just throwing that out there...

Business plan? YES!

Response by CPT Therese Belardi, RN, MS made Jul 1 at 2016 5:50 PM

CPT Therese Belardi, RN, MS — Fri, 01 Jul 2016 17:50:43 -0400

Hey Joshua. Congratulations on being aware of the importance of planning ahead. It's never too early to start planning. Create a vision board of where you see your gym, it's equipment, the environment, its programs, etc. Some fitness clubs offer organic juice bars and cafes as part of the set up and ambience for a healthy lifestyle, for example. Proper hydration is a key part of health, fitness, and working out. If you want to get started now with something you can incorporate later, check out the fitness and sports experts on Kangen Water video on the "Usage" page of http://www.bhniwater.com. Multiple streams of income that are related to a core theme is a good strategy. Hope this helps.

But not all water is created equal.

What you put into your body should be as pure and unblemished as possible - which is why we at Enagic believe in producing only the best water on the planet.

Response by SP5 Private RallyPoint Member made Jul 1 at 2016 7:17 PM

SP5 Private RallyPoint Member — Fri, 01 Jul 2016 19:17:48 -0400

SFC Private RallyPoint Member For some great and free help, try SCORE (Service Corps Of Retired Executives). Take your plan to them for input based on their varied experiences. SCORE.org SCORE is sponsored by the SBA. Good luck and hard work to follow.

Response by CPT Private RallyPoint Member made Jul 1 at 2016 8:19 PM

CPT Private RallyPoint Member — Fri, 01 Jul 2016 20:19:51 -0400

Starting a business as early as possible is the best option. You should reach out to others in future business. You should complete business plan. You should start building helpful relationships with Chamber of Commerce, B2B and other networks. Finally, look into trends with local and state government policies and ideology with taxes, unemployment, minimum wage and debt. There are certain states that are pounding small business. The earlier you are engaged the betterror prepared you and the business will be to succeed.

Response by SGT Larry Prentice made Jul 1 at 2016 11:50 PM

SGT Larry Prentice — Fri, 01 Jul 2016 23:50:01 -0400

Are you looking to start from scratch...building, machines etc? Franchise gym? Location? these are all things to consider. I know a few others have said this but BUSINESS PLAN!!

Response by PO3 Sherry Thornburg made Jul 2 at 2016 5:48 PM

PO3 Sherry Thornburg — Sat, 02 Jul 2016 17:48:51 -0400

I started doing private jobs for people before I left the service and then did it on a small scale at different bases and base communities after. When we settled down I set up a legit business name and registered it got the tax number with our state and ran it for ten years. I didn't take out any loans. It was all self funded.

The part-time practice was good. I built up skills and learned some of what to expect. A business, especially a service industry business, is mostly about reputation, so it takes 3 to 5 years before you can expect to turn a real profit In that time you don't get a salary, you do owner's draws off the income.

Be prepared to pour your heart and soul into a sole proprietorship, and most of your time, networking, meeting with other business owners and working as much as you can until you make that first year's profit. Enjoy too, it is very rewarding.