What is your take on having a business on the side before you get out?

2014-07-04T18:28:06-04:00

I am coming up on my EAOS, and i was introduced to an opportunity to make some money on the side and create financial freedom for when i get out. does anyone have any input or if your in a situation where you might be interested just let me know.

Response by LTC Yinon Weiss made Jul 4 at 2014 7:37 PM

2014-07-04T19:37:58-04:00

Great question. I think that starting something entrepreneurial while still transitioning is very wise. It will teach you a lot about business, about managing expectations, and hopefully also about what you do and don't like in the private sector. All points that will either lead to direct success, or at least help you get there.

Just be careful that this opportunity is legitimate, and not a scheme. If it seems too good to be true, it probably is.

Response by CPT Lance Cutsforth made Jul 4 at 2014 10:42 PM

2014-07-04T22:42:41-04:00

Current statistics show over 1 million unemployed veterans and hundreds of thousands of service members will be joining the economy over the next two years due to downsizing of our military force. Taking the initiative to start building an additional income stream is prudent for all, instead of hoping you will 'find something' and relying on a system that yields over 90% of our population retiring into poverty...

Response by MAJ Robert (Bob) Petrarca made Jul 5 at 2014 2:47 PM

2014-07-05T14:47:14-04:00

Very wise! So long as its not interfering with your duties you're should be fine. Our esteemed colleagues have already made some terrific points so rather than regurgitating them here in my own words, please read the other posts. Thanks for your service and best wishes in your venture.

Response by MAJ Private RallyPoint Member made Jul 5 at 2014 10:47 PM

2014-07-05T22:47:37-04:00

Way back I was involved with an affiliate program selling good or recruiting people to sell goods for a commission. That kind of business opportunity is a lot of work for little reward. A little later I did some web design for myself while still in and it was a bust- so I'm glad I started before I got out as ultimately I decided to stay in-- that I wasn't ready to fly on my own.

Within the last 3 years I started mobile phone programming on the side. This has been a slow and steady growth. I expect my side biz will make me self sufficient by the time I'm ready to retire from active service.

Yinnon says it pretty good up top, make sure it's legit. Also along with 'make sure it don't interfere with your military duties' there is some financial law type stuff to consider. If you are selling a good or service it can't be done on duty time; you can't use your rank or uniform to promote your product; and you can't use specialized experience from your position to sell to the public... In all that I actually got a legal opinion memo from my brigade JAG clearing me to do what I do and to help set my boundaries (as I make apps for Soldiers).

Response by MAJ Private RallyPoint Member made Jul 6 at 2014 8:33 PM

2014-07-06T20:33:30-04:00

Good thing to do. Business is complicated so starting while you are still in is good so as to learn as much as you can before you get out.

Response by SSgt Donnie West made Jul 8 at 2014 1:14 AM

2014-07-08T01:14:08-04:00

Mr. Kilpactrick, owning your own business before you get out is very wise, I did and I am loving life. if you enjoy helping people; then the business side is were you want to be. Use those skills you have to build your own dreams and create wealth for you and your family. I am prior Marine of 15 years and I Started my business while I was still in and thank god I did. if you are looking to change your life in a big way just text: donniec to: 55469 listen to the message, check out the overview and most of all watch the presentation. if this makes sense to you, my contact info. is on my mobile site so call me directly for any questions you may have. looking forward to speaking with you.

Response by SGT Private RallyPoint Member made Jan 29 at 2015 12:57 PM

2015-01-29T12:57:39-05:00

What type of business are you talking about ?

Response by SGT(P) Michael H. made Feb 4 at 2015 11:20 AM

2015-02-04T11:20:12-05:00

I am currently building a Self Defense and Basic Wilderness Survival Instruction business, Frontline Combatives. I know I'm done in 2016, and since I love doing both I might as well do something worthwhile with them. Just to see an example check out the sites: http://www.defensesurvival.com and http://www.facebook.com/DefenseSurvival
Always have a plan!!

Response by SGT Robert Williger made Feb 11 at 2015 7:07 PM

2015-02-11T19:07:39-05:00

I am all for having a business on the side, I didn't have anything formal but did try some things online. Of course, it can't interfere with your duties but for me business stuff was part of a hobby as some may work on cars or do other activities I liked to try to make money so it really is no different.

Response by Capt Private RallyPoint Member made Mar 26 at 2015 1:35 PM

2015-03-26T13:35:38-04:00

I'm a big advocate of entrepreneurship (I'm self-employed, and in the Air National Guard). I'd say give entrepreneurship a shot if you are interested in going that route. But also be realistic in your expectations. It's not easy to replace a full time income and benefits right away. In fact, some people never do it.

So take some time to look at the business plan, determine realistic expectations, and plan for contingencies. Not everything will go as planned. Some things will go better, and some far worse. Just have that in mind when you go into the venture.

Also, when I read the words "introduced to an opportunity to create financial freedom" that sounds like Multi-Level Marketing talk. I'm not a fan of MLMs at all, as they aren't usually good business opportunities except for a very few people who either get in early, or are seriously good at it (in both cases is is far fewer people than you would think). In the end, most MLM "opportunities" result in many more people spending way too much on overpriced products, and never earning more than they put in.

If you are "buying" into a company or paying for the opportunity to earn money, then do a lot of research before you jump in with both feet. Research the company online, and with consumer complaint companies. Make sure you know who owns the company making the review, as some companies own their own review sites.

And bottom line, if it doesn't feel right, smell right, or sound right, it isn't.

Good luck in your future business ventures!

Response by SCPO Joshua I made Mar 30 at 2015 1:19 AM

2015-03-30T01:19:46-04:00

Amway, linxx, or karatbars? Just a guess from the way you presented it, but I would urge you to do your research on mlm schemes. You'll sink a lot of money into them, but the only way you make money is scamming your shipmates the way you were scammed.

To your real question, you generally need side employment approved by your chain of command, and it must be on a not to interfere basis. That means no selling at work, ever.