By James Pruitt, Senior Staff Writer

Small business opportunities are endless. You may have your own idea, but depending on your circumstances, there are so many potential opportunities. There is no limit to them. Some small business ideas require little overhead or almost no startup costs. Others do require a strong emotional commitment. 

Remember, many of these fields require licensure. In some cases, such as accountants or lawyers, jurisdictions mandate these licenses to practice your profession. In others, the state or jurisdiction may offer a license that could step up your game as a small businessperson. 

1. Home Organizer

Working in this field takes a special kind of expertise. Home organizing is an art form. As with many artists, home organizers should create a portfolio to demonstrate their skills. There are even companies that specialize in training home organizers as independent contractors. At the same time, sprucing up a messy house is in a field all its own. Professional organizers need to know what they’re doing before asking someone else to pay for their services.

2. Landscaper

Again, landscaping is an art. A portfolio might get you far. It helps to have experience or a special interest in the field. A green thumb can net you income on many fronts. A landscaping business may keep you busy with both residences and businesses. Also, growing your own plants can supply you with the stock for your own produce market! A talent for plants and landscaping can launch you on any of a series of trajectories as a small businessperson.  With current water shortages, there are opportunities for creative, cost-effective low-water landscaping.

3. Moving Service

Management skills and a good means of transportation can suffice for a decent small-scale moving company. A local operator can employ two or three individuals part-time and serve their clients well.   Perhaps contact a few furniture or appliance outlets to offer your services to their clients.

4. Music Teacher

Who said you can’t make a living off your musical talents? If you can play an instrument well, you can make over $50 an hour sharing your talents. To get started, you can connect with local music schools to find leads and get started. Again, music is a risky business to get into. For any artist, your heart needs to be in it.

5. Notary Public

A notary public verifies the legality of certain documents and bears witness to their signing. Once a notary has met certain licensing requirements, they can work from their own home or affiliate with a small business.  There is a big demand for mobile notaries too.

6. Opening a Repair Shop

Whether computers, cars, bicycles, or electronics, the market for repairers is inexhaustible. Depending on your talents and interests, any of a range of endeavors can make a successful living for a talented repairperson.

7. Photographer

Weddings, headshots, family photos, and event photography can provide a skillful photographer with a steady income. However, the field is competitive, so a background in the field may help you stand out from the crowd.

8. Ride-Share Driver

Uber and Lyft have both provided opportunities for independent contractors. However, the status of these contractors is still up in the air. Cleaning up your car and creating a Lyft or Uber account may very well suit you well. However, a little creativity can get you further.

9. Personal Trainer

Fitness enthusiasts can have fun and make money at the same time by helping others on their fitness journey. Personal trainers can help their clients to avoid injury as well as get the right results in a reasonable time frame. Just consider any licensure requirements, depending on the jurisdiction. Certification in this field may increase your employment prospects.

Conclusion

Once you’ve made the decision to go out on your own, look to your own interests and talents. People who start small businesses may do so for many reasons. Small business opportunities may come naturally to you, or you may look to any of several ideas that might help you hang out a shingle. 

In some cases, you may not be able to imagine doing anything else. In others, you may have obligations that restrict your ability to commit to a career where you don’t have flexibility.  You may have your own idea for a small business. In other cases, you may need to start a small business because of your personal circumstances. In any case, the above leads can place you on a path and allow you to take your first steps toward an independent work life.

VAMBOA, the Veterans and Military Business Owners Association hope that this first article of this two-part series has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

By James Pruitt, Senior Staff Writer

While every new enterprise is the brainchild of its founder, certain industries are especially amenable to smaller businesses. Many of us find ourselves stranded and find the best option to be our own boss and entrepreneur. Many of us have our own unique talents and skills that might allow us to hang out a shingle and open our own shop.

Some fields stand out as especially good fits for small Veteran Owned Businesses. For example, professional services such as accounting, medicine, and law allow a licensed individual to work with a high degree of independence. It is possible to earn revenues in the six digits and side income. Other suitable fields for an independent worker might include some of the following listed below.

Others may require just a special talent or set of experiences. Opportunities for small businesses are unlimited. However, these ideas especially may suit a variety of people, from college or even high school professionals to late-stage professionals.

1. Animal Caregiver

This kind of gig may not pay well but obviously may suit many people looking for a side gig. Dogs need walking, cats need their litter changed. Dog-walking and pet-sitting businesses can provide a fun supplement to the income of anyone with the time, training, and experience. Additionally, there are opportunities to pet sit when owners have to travel which can be lucrative.  Animal lovers may jump on this in-demand opportunity for a low-stress way to make money.

2. Cleaning service

A cleaning service can focus on houses, businesses, or vehicles. This type of business could well suit an entrepreneur with especially good management skills or interpersonal connections.

3. Consultant

This option might suit a mid-career professional who chooses to go their own route. Consultants should have their own career paths mapped out so they can advise their colleagues in the same direction.   They can reach the point where they are able to choose and be selective about the consulting projects they take on.

4. Craft making

Jewelry making especially could be a good side business for creative types. Other hobbies like pottery and knitting can translate into an effective side business. Many craft makers can earn good money through E-bay or Amazon simply through their own hobbies. 

5. Editing and writing services

This job might be a good fit if you’re the quiet type. The world needs an endless supply of proofreaders, copy editors, copywriters, and content creators. Often, several of these job descriptions can be combined into the same practice.

6. Event planner

Whether at children’s parties, weddings, or business conventions, an independent worker with a flair for the festive can turn their magnetism into an enterprise all their own.

7. Home daycare

A private childcare business will need special licensure and must submit to routine visits. Given these caveats, a well-modified space in a private home can often provide a good space for a preschool/daycare center. Home daycares do require ongoing contact with licensing authorities, even when run from your own household.  There is a real shortage of good childcare options for parents so your services may be in high demand.

8. Farm stand, landscaper, or local nursery

Anyone with a green thumb can sell their produce on the open market. You could even start with a roadside stand. In some cases, that stand may even grow into a little shop. In others, you may have a unique gardening “recipe” that could produce a vegetable or ornamental plant that could fill its own niche.

9. Food truck

You may have a perfect, unique recipe to feed members of your local business or community. Food trucks may be a challenge to maintain, but with the right niche can be a lucrative enterprise. Entrepreneurs should try to locate an underserved office park with hungry workers to market their creations. Sometimes, good cooks with especially unique ideas could even become famous. Use caution, however. Startup costs for food trucks may surprise you.

10. Beauty Industry

 Working in the beauty industry may require special training or experience.  The beauty field may be one field where licensure or certification may benefit you, even when not required.  You can work the days and hours you wish.              

Conclusion:

The next installment of this two-part series runs through the second part of the alphabet. Again, opportunities for small businesses are endless. For some, a small business could make a lifelong dream come true. For others, the right leads can help even those who even just need a side gig to keep the cash flow alive. 

VAMBOA, the Veterans and Military Business Owners Association hope that this first article of this two-part series has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

By James Pruitt, Senior Staff Writer

The Secure Act 2.0 called RISE and Shine passed in June of 2022 in the Senate. The bill had already passed in March of 2022 in the House of Representatives and introduces new responsibilities on employers for providing for their workers’ retirement. 

Legislation already exists that establishes standards for employer-funded retirement programs. ERISA regulates existing pension, benefit, and retirement plans. ERISA does recognize the increased burden of retirement plans on small businesses. 

The law imposes certain requirements for businesses with 1 – 99 employees, and additional requirements for employers with 100 or more employees. Among other responsibilities, under ERISA employers need to provide a “summary plan document” for each benefit and notify employees regularly of their rights and responsibilities. In other words, ERISA requires that employers keep employees informed about the status of their pension and benefits while setting out the responsibilities of plan administrators.

Enter the Secure Act 2.0, which covers employers who offer 401k and 403b plans. The Secure Act changes the game by incentivizing the wider use of retirement programs, especially by small businesses. Currently, relatively few smaller companies offer these plans. Hence, the difference between ERISA and the Secure Act is the following: while ERISA predominantly imposes additional requirements on companies that administer these programs, the Secure Act compensates by reducing the burden on smaller companies. 

The original Secure Act became law in 2019. This legislation streamlined the duties of benefits administrators while incentivizing wider enrollment in retirement programs. The second version seems due for enactment at the end of 2022.  

The new Secure Act will impose some additional responsibilities. One new rule may require businesses to automatically enroll employees. Exceptions might include:

• Small businesses with 10 employees or fewer,
• New businesses that have been in business for less than three years,
• Religious organizations,
• Governmental bodies.

On a positive note, the legislation also provides incentives to offer a healthy benefits package. These incentives may include: 

• Tax incentives for establishing retirement programs,
• Significant among these tax incentives, businesses with 50 or fewer employees will be eligible to claim 100% of the benefits paid. This added benefit enhances the existing benefit, which allows companies with 100 or fewer employees a credit of 50% of expenses. Hence, the existing tax benefits for small businesses will include even greater benefits for still smaller companies
• Increased starting age for distributions, up from the current 72 years for relevant plans. The minimum starting age would increase yearly to 73 in 2022, 74 in 2029, and 75 in 2032. These increases in the minimum age would make retirement plans viable for a larger group of businesses.

Remember the difference between an IRA and a 401k. The prospective retiree opens an IRA on their own, although employers can sometimes contribute. 401K programs, however, are employee sponsored. The new Secure Act legislation affects both. Veteran Business Owners who choose to provide benefits or pension plans need to verse themselves in the relevant legislation in order to take advantage of these valuable new opportunities.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

In our last article, we emphasized the need to engrain an innovative mindset into the core values of any new company. Moving forward, Veteran Business Owners should apply certain strategies to create a more dynamic operation. Some of these strategies are the following:

1. Use creativity to define your objectives

In other words, Veteran Small Business Owners need to ask the right questions. Asking the right questions is necessary to get to know your client base. We need to understand our client base in order to develop effective marketing strategies. Perhaps the entrepreneurs’ own perspectives can inform initial marketing efforts.  However, subsequently, we need to diversify our lines of inquiry.

2. Take the Bull by the Horns. In other words, be proactive and involve yourself in all stages of your business process

In many cases, this involvement may include moving into the trenches so you can understand what is going on, even at the production and customer service levels. Small businesses give owners this advantage. A Vice President of Microsoft performing data entry to show he’s “part of the team” might come off as awkward or disingenuous, or even a poor use of resources. 

Small businesses can transcend this awkwardness since they tend to be more vertically integrated. In a smaller company in its growth phase, the boss likely understands processes from the floor to the C-Suite. Remember involvement in each level of operations can educate the higher-ups about the company’s everyday challenges.  

When plausible, business owners should take any opportunity to perform even the most menial tasks. Putting yourself on the front lines is the best way to engage with every challenge your company may face as well as earn the respect of employees.

3. Market yourself, and know your talents

You know yourself better than anyone else. Innovation requires self-knowledge and understanding your own capacities. Consider any untapped abilities you may have. Also, consider any directions you can take these secret wells of knowledge. Even better, the more you find your passion, the more you find yourself absorbed in the work you do. Once you find the tasks that put you in the “zone,” everyone can benefit when you develop your business in that direction.

4. Acknowledge and utilize talent in others as well

It takes a certain maturity to recognize talent in others. More to the point, any effective organization requires collaboration to succeed. Effective business leaders have an eye for recognizing effective partnerships. Whether in the hiring process or while networking, Veteran Business Owners should develop effective team-building skills, and know how to launch their endeavors with an eye toward finding teammates with contradictory styles and talents.

Focus, focus, focus!

5. Your business should engage you, your workers, and especially your customers. A good fit between an entrepreneur and their business venture can ensure maximum engagement. Consider those tasks where you excel and plan your schedule around them. More mundane, less interesting tasks “flow” more easily when you make your standout talents the centerpiece of your schedule.

These strategies can weave innovation into the fabric of your business. Innovation always requires collaboration and self-understanding, as well as good team-building and management skills. Veteran Business Owners should consider these factors while priming their organization to move forward.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

The race to innovate has propelled itself to center stage as technology has advanced. Companies need to constantly rebuild themselves to stay competitive. In other words, companies should deeply integrate forward-thinking mindsets into their cultures. So, what does this mean? 

Twenty-five years ago, a fleet of internet-capable computers could cost several thousand dollars each. Now, a small company can buy these computers in bulk for hundreds per workstation. But in today’s economy, Veteran Business Owners need to consider the cost-effectiveness of such an investment.

Consider the industry. These days, many tech-centered businesses may really need fast, up-to-date computers to simply get the day’s work done. Other companies may need to keep closer track of innovations in their own fields. Such companies may include restaurants, clothing manufacturers, and machine shops. Depending on their needs, such companies may even benefit from saving money on expensive computer equipment, while concentrating on the latest innovations in their own fields.

As a bottom line, companies in these times need to keep track of industry trends. In fact, to stay competitive, most companies need to integrate forward-looking mindsets into their company culture. Veteran Business Owners can implement the following mindsets in order to take their companies down this path:

1. Get Ready for Cross-Industry Partnerships

Vastly different companies sometimes have operations that complement each other. In many cases, one business may have discovered a new methodology that might benefit a separate one. Consider, for example, delivery methods. Maybe a business in one field has begun to use drones or self-driving cars. One company could even act as a supplier for the other, and hence vertically or horizontally integrate the operations of each. Finally, consider that businesses in different fields might not be in competition.  As a bottom line, remember the importance of networking for reaching the best outcomes for each party.

2. On a Similar Note, Never Forget the Power of Collaboration and Partnership

Competition can provide us with the drive to press forward. However, sometimes extreme rivalries between companies might prevent the spread of new ideas. Extreme competition may be toxic. It is true that the legal system enforces noncompete covenants and antitrust laws, and for good reason. However, Veteran Business Owners should trust themselves and each other to join forces in many cases where partnerships might benefit each. Your own method may work for you, but in some cases, teamwork with others in your industry may yield the best fruit.

3. Some Industries May Completely Disappear Or Even Morph to the Point Where They Are No Longer Recognizable

Remember the metaphor of the frog boiling so slowly in a pot that it doesn’t understand it’s being cooked? Business owners should keep in touch with trends in their field and understand when and why they need to innovate. Time flies, especially for busy people. Your field could gradually disappear absent a willingness to innovate. Even within many of our own lifetimes, at one point we had telegrams, then we had FedEx, then email. 

Successful companies see trends and innovations as they arise and adapt accordingly. Those who stick their heads in the ground may find themselves boiled alive as advancing new technologies eat away at their core business.

4. Remember the Importance of Social Responsibility for Public Image

These days, companies need to stay aligned with changing ethical sensibilities. Businesses that fail on this front risk finding themselves in a two-front war. Customers may abandon their products even as governments start regulating them. The combined social forces could spell doom for a small business, regardless of what short-term opportunities may come their way. For example, don’t expect many new tobacco companies any time soon. 

In conclusion, any business owner needs to stay “in touch” with the business environment surrounding them. New Veteran Business Owners most of all need to remain self-aware. The need for innovation can arise at any moment, so all of us need to contribute to company cultures that seep these forward-thinking concepts as deeply as possible into the souls of any new business.

Stay tuned for part two of this mini-series.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/