| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Dec | ||||||
| 1 | 2 | 3 | 4 | |||
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 30 | 31 | |
- Mr BizPlan Says (44)
- December 31, 2008: It Was The Best Of Times, It Was The Worst Of Times
- December 24, 2008: A 2008 Christmas Poem
- November 23, 2008: The Next Great Depression...In High Definition
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
Is absentee ownership an option?
MTong asks:
I am an Army National Guard soldier who would like to start a business while currently enlisted. Is this even an option?
Mr. BizPlan Answers:
First of all, Thank You for serving our country. We appreciate your sacrifice.
You certainly can start and manage your own business while enlisted in the military. Many business owners are “absentee owners” and with today’s technology it is easier than ever. Even soldiers in most parts of Iraq have periodic access to the internet which is why I would recommend a web based business.
You can set up and run a web based business from any internet enabled computer in the world. Setting up a website is easy with ecommerce solutions from Yahoo! Hosting, eBay ProStores, and others. You can use instant messenger, voice over ip (like Skype), and standard email to stay in touch with potential clients, suppliers and vendors. Here is an excellent guide for starting an online buisness from www.ecommerce-guide.com or you can find other opportunities at SmallBizBooks.com .
If it is not a web based business I would suggest creating a partnership with someone you trust. Before you go this route make sure that you register your business with the correct organizations and create a partnership agreement to protect yourself. Partnership agreements spell out the terms of the relationship such as; minimum hours of work, salary structure, rules for decision making (such as requiring both signatures before making purchases over a specific dollar amount or taking on a loan), and many other issues that most new business partners don’t think about.
A final option is a franchise. Some franchises require the owner to be on site or at least require a multiweek training but this can be done when you are on “leave” or between deployments. So, make sure you check the franchise agreement first to see if they allow absentee ownership. Another good resources is the franchise registry which lists SBA approved franchises.
Good Luck!
Mr BizPlan
www.diybizplan.com