Things To Think About

Self-employment and entrepreneurship can be the solution for many military spouses looking to achieve a rewarding career that works around military life.

Starting your own business can be very rewarding, but it will need your time and dedication, and to succeed you will need to be organised and focussed.

Here are a few pointers and ideas to help you get started:

 

Do your research

  • Make sure the market is strong in your area and that you are not duplicating other similar businesses too close to your own.
  • Look at the competition to carry out market benchmarking, see if you can spot weaknesses in their service or product, and aim to offer something better with a unique selling point of your own.

 

Make a plan

  • Write down ideas in a structured format, revisit them and seek the opinion of others (especially those with business experience) to develop a sound business plan. This will help you focus on the business and develop priorities and goals; it can also help you to get finance.
  • Consider what happens if you get posted? Will you need to find new clients or rebuild your business in your new location?
  • Do you have space in your home, or will you need to find premises in the local area?

 

Understand your responsibilities

Setting up your own business comes with responsibilities.

  • What type of business will it be? A franchise, sole trader, CiC or limited company? Understand the differences between them and what they mean for you.
  • You may need to get a licence from your local council to trade or operate. If you run a business from your SFA, you will need to get permission from Pinnacle and the local commander.
  • HMRC have guidance on setting up your business, filing tax returns and claiming expenses.
  • If you are planning to run your business while you are on an overseas posting, make sure you check out the visa requirements and tax in your host country; and remember that you can’t use the BFPO system for business.

 

Your budget

  • However great your idea, you cannot expect to make a profit straight away. Ensure that you factor in enough funds for contingencies and leaner times.
  • Think about what your overheads will be – such as insurance and utility bills.
  • Have a personal survival budget - try and save money to keep you going through the early stages.
  • Think about your funding options, whether this is savings, reinvesting your profits or getting a business loan to help you get started.

 

Get support and advice

Deciding to use your skills and expertise to set up your own business is the first step, but you don’t have to do the rest of the journey on your own.

Get professional advice from an accountant, a solicitor and a business advisor.

Remember to look at the support organisations who are there to help you along the way to becoming a successful entrepreneur.

Use social media to connect to useful networks - these could be for support or advertising.