After Divorce: Is it time to start your own small business?
If you have just singed your divorce decree or you have a pending military divorce, you might think it’s outrageous that we suggest you might begin making a list of military small business ideas.
But — this might be the time to do it.
Consider life’s major turning points where we tend to refocus and set up new goals:
New Years Eve
Children off to College
If you’ve had an entrepreneurship desire inside you, divorce might be just the motivator you need to get your small business started. Most likely, your income and financial savings have just been split. If you are the military spouse, it’s possible you have NO income.
By starting your own business, you can take advantage of some tax benefits which can immediately set off some of your expenses.
Here’s an example:
If you have no home business, you living expense (rent or mortgage) is 100% expense. Suppose your rent is $2,000 per month. Suppose you begin a home business and set up that extra room in your house as a home office. Let’s say that room is 10% of the square footage of your entire house so the business expense is $200 per month. Now your rent is essentially $1,800 because of the tax write off. That’s $2,400 a year ($200 x12) in your pocket.
How Military members Start their Own Small Business
We’ve already talked about a Veteran Owned Business and there’s no reason to stop there. Spouses can own businesses too.
The first decision to make would be the type of business you wish to own.
Do you want a retail store? Corporation? Sell on the Internet? Do you have a great idea for a new product or invention?
If you don’t already have a dream, try making a list of your passions, your experiences, your knowledge skills, things that frustrate you, and your fears. Look for a common thread in all of them. Look for solutions. The Military Spouse Business Association is another place to browse for ideas and tips.
For 2013, we’re going to share some stories of military servicemembers and spouses in business to give all our readers ideas and inspirations to paths you might take after divorce. These ideas can apply to both parties: servicemembers and military spouses; anyone who might be interested in some extra cash.
The initial focus will be on Internet home business opportunities because of their advantages:
Set Your Own Schedule: With an Internet business you can set your own schedule
Tax Write-offs: Owning your own business opens the opportunities for more deductions on your tax returns (which results in more money in your own pocket).
Social Media Marketing: Using the Internet, you can quickly take advantage of social media networking
Low Start-up Costs: You won’t need a loan to begin which is critical to divorcees looking to start anew
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