After serving in the army, you might be looking forward to your new life post-retirement. In recent years, many veterans have gone on to become highly successful in their chosen careers. So, why not go for it?
If you are a disabled veteran, starting a business can be a lucrative source of income. Especially with business loan interest rates touching a record low these days.
So, let us explore how you can start your own business and enjoy your post-retirement years.
Make a business plan
First, select a business idea. You can pick something you are already skilled at, such as providing mentorship or public speaking. Or, you can consider online businesses like digital marketing and virtual assistant services.
Next, make a business plan. Include your business objectives, revenue model, short-term goals, and other salient points.
Once you have all this on paper, you can move on to the next step, which is arranging funds.
Finance your business
There are numerous ways to finance your business, such as:
- Government schemes for veterans: You can avail the benefits of the self-employment schemes offered by the Department of Ex-Servicemen Welfare, the Government of India. These schemes come under SEMFEX and can be obtained via the Zila Sainik Board or the Rajya Sainik Board.
- National equity fund scheme: The National Equity Fund Scheme (NEFS) is covered by the Small Industries Development Bank of India (SIDBI). It gives equity funding to small businesses, up to Rs. 50 lakhs.
- Lenders who offer special business loan interest rates to former army personnel.
- Crowdfunding and investment groups that support small businesses.
Find a location
Figure out where you will set up your office and get a permit. Make sure the location you choose is accessible for you. If you plan to rent an office, you will need to add your rent amount to your monthly expenditure.
If you plan to avail of a loan, use a business loan EMI calculator and estimate an affordable EMI that you can manage with rent expenses.
Legalisation and tax registration
Working companies must register with the Ministry of Corporate Affairs. Visit their official website and complete the application form to get a government license for your small business.
You will also have to apply for a PAN and a TIN (Taxpayers Identification Number) at your local PAN and TIN service centre.
Take it online
Finally, to make the most of your business, start a website or build social media pages. Having an online presence will do wonders for promoting your business. If you want to hire a digital marketing team and expand your business, you can also obtain a collateral-free business loan.
To sum up
When it comes to playing life’s second innings, sky’s the limit for an army man!
So, start your small business today. Choose an idea that appeals to you, then work on your business plan. No matter how you finance your business, be wise and use a business loan calculator to plan your loan repayments. With proper planning and execution, your business will be up and running in no time!