For those that have been here before welcome back. We are your hosts, BJ 'n Cindy. We own and operate this site as well as the sister sites. Military spouses are all too familiar with unemployment challenges. Moving all the time makes it difficult to find steady work and pursue a career, which can hurt your quality of life and sense of identity. This is why many military spouses run home-based businesses. According to CNBC, 48% of American military spouses are self-employed or aspire to launch a business in the near future. Entrepreneurship can be a great path for military spouses! When you run your own business, you get complete and total control over when, how, and where you work. Still, juggling a side gig, family, and the stress of military life isn't easy. Here's how you can get your business off the ground without losing your sanity!
Choose a Business Structure
One of the first things you should think about doing is forming a legalbusiness entity. Although most small businesses start as sole proprietorships, there are benefits that come with registering your business as an LLC. Operating as a sole proprietor does not create a distinction between you and your business, meaning you will personally be liable for any debts or legal issues related to your business. Forming an LLC, on the other hand, limits your personal liability and protects your assets. This can offer some valuable peace of mind, so you have one less thing to stress about! Forming an LLC will also allow you to open dedicated business bank accounts. This makes it much easier to separate your business and personal assets. After separating your finances, it will be much easier to track your cash flow, claim business expenses on your taxes, and obtain business loans.
Use Tools to Streamline Your Daily Workflow
Tech tools will go a long way towards simplifying your work life. Automating and streamlining your daily tasks will free up more time for the other important things in your life, like your family. Try different tools until you find a system that works for you. Some great business apps to check out include Trello, Asana, Dubsado, and Canva. Make sure your arsenal of apps includes good accounting software and customer relationship management (CRM) tools as well.
Take Advantage of Resources
Even with the help of digital tools, starting a business can be challenging. Thankfully, military spouses have access to many valuable resources that can help you access funding, learn about business management, and even compete in the federal sector. For example, MilitarySpouse.com recommends business training programs specifically designed for veterans and military families, like Boots to Business, Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE), and Entrepreneurship Bootcamp for Veterans Families (EBV-F).
Hire Professional Help
Professional service providers can also help you get your business off the ground and establish systems that will put you on track to meet your business goals. Since most small businesses fail due to cash flow issues, hiring a professional accountant is a great move. Your accountant will ensure you're doing everything properly. They can even help you learn your way around popular accounting tools, so you feel confident managing the financial side of your business going forward.
Practice Self-Care
Self-care is essential for anyone leading a stressful life. This includes parents, military spouses, and entrepreneurs. Since many military spouses assume all three of these roles, they cannot afford to overlook the importance of regular self-care. Taking care of yourself will improve your overall health, reduce stress, boost confidence, and remind you of your self-worth. Practicing self-care can be as simple as going to bed early or getting outside for a quick walk. If you feel a sense of guilt when you take time for yourself, you're not alone. Redefining how you think about self-care is key to getting the most out of your "me" time. Launching a home-based business is a great way to bring in some income and support your family while your spouse is deployed. While entrepreneurship is popular among military spouses, this doesn't mean it's easy. Plan ahead, set up your business properly from the start, and take advantage of all the tools and resources that are available to you. And most importantly, remember to make time for yourself!
Have a great day and thank you for your time,
Carleen Moore