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Marcus Thomas posted a new Starting A Business thread on 1/27/2012

Advanced advice

ok I'm going to the military and was wondering is it possible to start and run a business while in...and what could I do if it is possible?
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Mark Kelley Responded on 1/30/2012


Hi Marcus,

Thank you in advance for your military service.

I'm sure what you are asking is possible, but your options appear very limited from my judgement since you likely won't have easy and predictable access to the internet and telecom to communicate with and satisfy customers.

Any ideas what life will be like and what free time you have when you are in the military? How long are you planning to be in the military? And what are your goals for having a business as you describe? Answers to these questions may help you recognize some feasible options.

I AM NOT a financial adviser, but if your answer to my final questions is to make money for a few years while you are in the military, then a good option for you may be as simple as a consistent savings and investment strategy. If you plan to spend, say, 5 or so years in the military, then setting up some sort of monthly automatic withdrawal (maybe $250/month)into a low-cost, high growth mutual fund over that five year period may provide a good return on your money as well as provide you with a nice entrepreneurial nest egg when you leave the military. Based on some quick math if you invested $250/mo for 5 years at 8% annual growth rate you'd have about $18,500 at the end of the fifth year. Of course, you could lose money also, but that comes with investing as in business, so choose wisely.

I'm NOT talking about day trading here, but a consistent savings and investment strategy over a relatively extended timeline. There are several low-cost mutual fund brokers out there, but as military personnel I bet you get access to some really low-cost, exclusive investment opportunities.

Just a thought...not investment advice.
 
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South Pak Responded on 1/31/2012


hey marcus this is good idea...go on mate :)
 
346

Hilary Cable Responded on 1/31/2012


Hi Marcus:

First, I would check with your CO: is it OK to run a business on the side? I don't know what the rules are in your branch of the service. Next, I would contact Veteran Fast Launch and get connected with a SCORE mentor. They can help you understand how to create and launch a business and it's FREE.

You can also find a SCORE mentor here on PartnerUp. Go to the home page and click on the SCORE button in the upper right hand side of the page.

Best of luck!
 
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