At present, nearly one in every ten small businesses in the USA is owned by veterans. Veterans also are also 45% more likely than civilians to start their own small business according to the U.S. Small Business Administration. There are various reasons why veterans and their families choose to take an entrepreneurial leap. While some do it as a means to earn a living without having to work for someone else, others are simply putting their exceptional skill sets, which includes important leadership qualities and discipline, to good work. Here are a few small business ideas that ex-military families may want to consider.
Open An Army Surplus Retail Outlet
The knowledge and skills ex-military personnel possess makes them great candidates for running an army surplus business. Although a considerable initial investment may be required in order to obtain stock from government auctions etc, selling hunting, camping, and adventuring equipment can be both extremely profitable and exhilarating for a military-oriented family. When considering any type of retail or rental business, location is of the utmost importance. To maximize your B2B profitability, consider the top business travel locations. It is also a good idea to check whether special licensing is required for the sale of certain gear. In addition to selling different types of gear, you can also add a service element to your business where other members of the family can get involved in. Possible service offerings include rifle cleaning classes, camping workshops, and survival technique seminars.
Security Consultancy Or Training May Be A Perfect Fit
Due to the exceptional skill sets already mentioned, someone with a military background may be perfect for a career in security. Security consultancy or training can make for a very lucrative family business as there are various roles that need to be fulfilled. Apart from requiring someone to conduct the training or serve as a consultant, there may also be a need for sales agents and admin personnel. This type of business can easily be run from home if you have enough space. If you are in the market for a new house anyway and have the funding available, be on the lookout for one with enough space to set up your business. Alternatively, you can consider financing a larger home with a loan. As long as you know how VA loan works and have weighed up all your options, it may very well turn out to be a very worthy investment.
Put Your Experiences Down On Paper
Blogging can turn out to be an extremely profitable business if you can consistently produce quality, engaging content. Your blog can focus on a single aspect of military life such as personal security or starting a business as a veteran or can cover a wide range of related topics. There are a number of ways in which you can monetize a blog. Some of the avenues worth exploring include affiliate marketing, advertisements, securing sponsorships, and adding an online store to your blog. Keep blog online store platform marketing awareness in mind if using an online store. A blog can also quite easily involve the entire family as well, especially once it starts growing and a larger volume of content is required with more admin work happening behind the scenes.
Leverage Franchising Opportunities
Many veterans also turn to franchise opportunities when starting their own small businesses. Franchises come with systems, processes, and procedures already established. Franchisors also offer training and support as necessary. This saves a significant amount of time and effort. Additionally, most franchises are structured similarly to the military. You will be given a plan, checklist, and guidelines to follow, that you must execute on. While initial startup costs may be high, many franchises actively recruit veterans and offer discounts on various fees. These discounts are typically significant at up to 20% off the franchise fee.
There are countless small business opportunities that ex-military families can take advantage of. Even if you only start a business to supplement an existing income, you can make additional profits investment planning small business owners. This way, chances are good your business may flourish beyond your greatest expectations.