Posted on Jul 1, 2016
SFC Executive Officer
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I am only at 16 years but I plan to open a gym after retirement at 20(+ possibly). I know others are in the same boat and want to open their own business from the ground up after retirement and have many questions. From the prospective of others that made that transition, how far in advance did you start planning? What hurdles did you encounter? What advice do you wish you could have had?
Edited >1 y ago
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PO1 John Y.
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Two words for you SFC, "Business Plan". I owned a successful business that I sold after 4 years (my CO's decision). One of the things I observed of other small business owners is they started a business based on their interests or area of expertise, but they didn't have a clue about the business side of their business (i.e. accounting, taxes, marketing, target market, etc). If you don't know where you want to go then you'll never where you'll end up or fail to plan, plan to fail, or whatever cliché you want to insert. Two things about your business plan, 1) it's never too soon to start; 2) it is a breathing document, always changing, so keep it updated.
One other word I have for you, "Networking". Do it! It help me grow my business by 40%. If you don't have a bachelors degree, get it. It will help with loans and investors.
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SGT S2 Intelligence Nco
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That's the hardest part for myself right now is getting my business out there to the masses. I'm trying to start an online clothing company, its still in the working phases but I have products already up and ready to be sold. the part I'm having a hard time with is just getting my name out there
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PO1 Michael Fullmer
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I started 2 different businesses, 1 - a genealogy research business, the other a advertising/publishing one. The both did fairly well, for the first few years, then the economy took a hit, and so did mine and so many other small businesses. I still from time to time do projects (genealogy) for friends, but I was forced to close them both down. Both were planned starting about 2 mos after I left service, and were ran out of my home, so the overhead was pretty low. Time, money, interest in the job, and ability to actually perform the job, organizational memberships, etc., are all tings to consider when starting a new business. Hope this makes sense.
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SPC Carlos R.
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Business plan help you build a road map but it is important that you figure out what it takes to be profitable.

How many monthly users it takes to pay all the bills. Lease, lights, equipment etc.

Next figure out what you want to earn and if you will need partners.

Send me a PM. All the best.
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