When you leave the military, you don’t always have a full military pension to rely upon. It depends on the years of service as to what benefits you might receive. For disabled veterans, there is some monetary support there, but most feel the need to bring in additional income to help themselves or their family.
For veterans much respect is bestowed upon them by people who have never served. Many businesses owned by veterans proudly state on their website and at the premises that they’re veteran-owned. Doing so gives new and existing customers a greater sense of comfort when trusting them with their trade. For new entrepreneurs, this provides a small leg up that doesn’t exist for other people starting a business for the first time.
Here are five business ideas for military veterans.
Tactical Patches
Americans love to show their support. That can be for the fire brigade, the military, or another worthy cause. Patches are great sellers for a veteran that wants to start something in their own home to sell on a website of their own. They take up little space to keep a box or two stashed in the basement and are easy to mail out when the orders come in. Putting up a free website on WordPress.org or using another free website provider makes this a small business on a shoestring budget.
Patches4Less tactical patches are some of the most popular embroidered patches you can find. There are some iron-on versions too. They sell military, tactical, and a host of other types to suit different tastes. For a simple, easy to replicate business, it’s hard to beat.
Buy a Franchise
Franchises are a huge business in the states. They are trusted because what you’re buying is a dependable business model that’s proven, with a system that works. For veterans used to organized systems and following orders, the systematized nature of the franchise world has a lot of appeal. Indeed, from 2011 to 2014, the Franchise Business Review reports that over 5,500 veterans chose this route to starting a business, rather than beginning from scratch.
To get into a franchise, there is a one-off fee which varies from business to business (fees are sometimes lowered for veterans). Once you have a franchise, there are also royalty payments to make. The idea here is that a percentage of the business revenue or profits are paid over to the owner of the franchise operation. The details of this are known before entering the deal and can be incorporated into a business plan to determine the breakeven point. Veterans looking for a veteran-friendly franchise operation should check out VetFran, which is geared towards people who have previously served.
Retailing
Owning a retail store is something that appeals to many veterans. People who have previous experience with managing supply chains, handling sales or promotion do well in retail. However, it’s also possible for a veteran to handle the back office and hire experienced sales staff to deal with the customers. In this instance, the veteran can ensure that customers are dealt with honorably and that there’s a dependable refund or exchange policy that shoppers can trust. This often leads to repeat customers who like giving back to small businesses over gigantic ones like Walmart.
With retailing, quite often a veteran focuses on a product or brand that is aligned with their previous working experience. There are enough niches and industries to start with, this website dealing in fast helmet is a fine example. Whether that’s just with the name of the store or the type of products that are stocked along, with the way the premises are adorned, it can help with branding.
Third-party Seller
Selling as a third-party on websites like Amazon and eBay is a good sideline for veterans who don’t wish to run a retail store but still enjoy the process of sales and marketing. Hunting around in antique stores, flea markets, and flash sales to find items that are undervalued is often enjoyable for vets who like the people interaction and not knowing what each day holds.
Selling for a higher price as a third-party seller is a profitable side business that can often turn into a full-time one as the inventory grows. Popular resellers like Resale Rabbit and Craigslist Hoarder on YouTube travel around picking up bargains one city at a time. A love of the open road, not being tied down to one location or premises, and always seeking a bargain are good attributes to have for this small business.
Jeep Tour Guide
Becoming a personal tour guide in a Jeep taking people around interesting sites is a small business that costs between $50,000 to $80,000 to start. There are franchises available with this business idea. Companies like the Six Sedona Jeep Tours up in Sedona, Arizona have been operating tours for six decades. Several Jeep operators run in the Sedona area, indicating how popular it is. There’s also a busy vehicle renting business for off-road vehicles, which are always in demand for vets with deeper pockets.
Anyone who loves staying outdoors and meeting new people is a perfect fit for being a driver and tour guide in a popular tourist spot.
A Quick Last Word about Veteran Owned Business
Creating a business from scratch is never easy. It takes a self-belief that’s uncommon or the ability to go ahead without all the facts or complete certainty that things will work out right. Throwing caution to the wind and pushing ahead with a business venture takes gumption. However, veterans that want to have some independence and to never take orders again will enjoy the freedom and pride that comes from owning a business. They get to create something new, develop it over time, and watch it grow.
For veterans that run into difficulties early on, there are often other vets that have operated a similar business and can help with useful suggestions. Besides that, other business owners, when learning it’s a vet asking for help, usually set aside their competitive nature to give useful advice. As such, running a business as a veteran has some advantages that aren’t present for regular civilians. This should provide some encouragement if you’re considering starting a business yourself.
Start slowly and avoid creating a business that’s too much for you. Bear in mind that most people spend too much at the beginning and overestimate when the revenue will come in during the first few months. Don’t make that mistake.
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