In a country where unemployment rates are already dismal, the unemployment rate for military spouses is alarming: 26%, or 3x the national average. Here on Military Spouse Magazine, we explored the unemployment problem last year.
Many MilSpouses have taken matters into their own hands, trading PCS for profits by starting their own portable businesses. From web design to online tutoring, the women and men behind our soldiers are selling their skills and finding their own freedom.
But running a business that’s not just a pipe dream takes more than moxie- it requires serious knowhow. So if you’re a milspouse entrepreneur, or you plan to be, here are 5 things you must know and do to make your business a success:
- Get serious about your business: One of the biggest roadblocks for all entrepreneurs is shifting their business from “side venture” to full-time hustle. Ironically, the only way you’ll ever get others to take your business seriously is to stop treating it as a hobby. Whether you’re a photographer or mom blogger, set office hours, enlist the troops for support, and go public with your commitment to a big-time business.
- Be smart about the legal stuff: In addition to taxes, bank accounts, and LLC, military spouse businesses come with a special set of considerations. If you’re running your business from military housing, ask the housing office if there are any special rules or regulations. And if you’re overseas, your business may be subject to the laws that govern business in that country. It’s best to consult a professional to avoid any unpleasant surprises.
- Take advantage of resources: To say there are tons of resources available to military spouse entrepreneurs is a gross understatement. Join the Military Spouse Business Association and get access to free mentorship and networking resources. Or attend the Inc. Military Entrepreneur Mentor Fair. Hosted annually, this event helps veterans and spouses start, run, and grow their businesses. Other non-military-related organizations, such as SCORE, provide free mentorship opportunities.
- Network, network, network: Military spouse Facebook groups are a great place to meet like-minded entrepreneurs and get support for your growing business- but they’re not always the best place to find potential clients and customers. Step outside your comfort zone and explore opportunities on LinkedIn, marketplaces like Etsy or Elance, or face-to-face networking events in your industry.
- Invest in your growing business: Throwing money at your business will not make you successful. However, smart entrepreneurs know that it takes money to make money. Consider taking business and marketing courses, and invest in a web designer and copywriter to create a professional site for your business.