Thinking about Self Employment? Write a Plan

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Happy Veterans Day! Thank you to those who have served and are serving! We appreciate your service!

Just recently I had mentioned that 7.5 percent of the veterans accounted for self-employment. If you are a veteran who has just recently retired from service – again, we thank you for your service – and you’re thinking about going into business for yourself, there are some things to consider.

Ask yourself if you need more education in preparation for your self-employment. Be honest with yourself – what are your strengths and weaknesses. Are there some things you can outsource and some things that you can develop within?

You need a business plan – taking a course in business plan writing may not be a bad idea. Look into your local SBA – see what they offer to veterans, they may have some programs for you for business plan writing, marketing plan development and other business related courses.  There may be some people there that could “mentor” you along the way as well.

Take a look at your local community college as well – they may have some programs and courses as well for business courses to assist you with your future business ideas.

The more education you can get and with a properly outlined business plan, you can be assured a better success rate than those that do not. Sometimes while you’re doing research for your business plan, you may find out that your idea is not a viable one after all – it would be better to find out then before you actually spend the money into a business that is likely to fail. That is not to say that you may find another viable business idea during your research while working on your business plan.

That is why I encourage a business plan course or research during business plan development to determine viability of a business idea or concept to someone who is thinking about going into self-employment. Lack of business plan is number one reasons why businesses fail.

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