Anyone own their own small buisness?

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Anyone own their own small buisness?

March 03, 2008, 08:43:52 PM

I have been looking into starting a little full service shop would like some pointers from someone with experiance in the area of starting a small buisness.

Anyone own their own small buisness?

Reply #1 – March 03, 2008, 09:10:16 PM

location, location, location. OK, it's not real estate, but where do you plan on doing the service? out of your garage, or renting a shop?

Anyone own their own small buisness?

Reply #2 – March 03, 2008, 09:21:21 PM

Quote from: HAVI;207539

location, location, location. OK, it's not real estate, but where do you plan on doing the service? out of your garage, or renting a shop?

renting

Anyone own their own small buisness?

Reply #3 – March 03, 2008, 09:25:39 PM

If you're doing on-site retail work you pretty much have to incorporate. Depends on the state, but it averages about $250 just to file the paperwork on a private LLC. You'll also need a State Tax ID/License (UBI number), a City/County license, and register with the IRS and whatever state agency you'll be paying taxes too. It's not a bad idea to hire a small-time business lawyer to help with all of the paperwork stuff, well worth the money IMHO. An accountant is also advisable to setup the books. On-site business's are *MUCH* harder/more controlled then mail-order retail. You'll need insurance as well.

Anyone own their own small buisness?

Reply #4 – March 03, 2008, 10:51:51 PM

Small businesses always take more money to get started than you think. Since you're asking here, my one-size-fits-all suggestion would be to start it as something on the side while you have a regular source of income. Once you think it's making enough money for a full-time job, take your business plan to a bank/SBA and get enough financing to ensure success.

Anyone own their own small buisness?

Reply #5 – March 03, 2008, 11:00:11 PM

Quote from: t3skidoo;207558

Small businesses always take more money to get started than you think. Since you're asking here, my one-size-fits-all suggestion would be to start it as something on the side while you have a regular source of income. Once you think it's making enough money for a full-time job, take your business plan to a bank/SBA and get enough financing to ensure success.

yeah i figured that, just throwing some ideas around, counting my pennies etc.

Anyone own their own small buisness?

Reply #6 – March 03, 2008, 11:04:59 PM

Check out the SBA. They can help you. They have small business people who volunteer to provide some guidance. they also have useful literature.

I was in business for myself but now just work a regular job. I owned /managed commercial real estate, and before that a retail business but the headaches were one huge PITA.

Anyone own their own small buisness?

Reply #7 – March 03, 2008, 11:05:19 PM

yes unless you have some money tucked away.just dont dive in head head first..when i sarted my towing company i worked for my budies repair shop and towed for him untill eventually i started building acount's now i tow for most repair shops and car lots here in jax.it takes a lot of cash and the will to want independence. trust me it's realy hard work .expectialy when you have no credit.or money..good luck with your decition ...and remember life is what you make it.

Anyone own their own small buisness?

Reply #8 – March 04, 2008, 07:17:32 AM

I do, but I imagine setting up a business is very different in TN. Insure yourself before you pick up a wrench. We live in a world driven by Court Culture. If a client sees an opportunity, they'll take it, and won't stop for a second to think of right or wrong.

Remember, the first year is hard and the second is even worse. Just keep working your arse off and use smart advertising, and you should be alright. :)

Anyone own their own small buisness?

Reply #9 – March 04, 2008, 07:33:03 AM

Been sub-contracting and general contracting home building and remodeling/renovations for 24 years. different buss. need different things. onsite work needs liability insurance while shop work doesn't
depending on what your doing is always different from the next person.
My job for example, needs vehicles and about $200,000 worth of tools I've accumulated. not to mention storage and a shop to work in.
While my computer shop was retail and just needed a place of business. but more $ to keep stock on the shelves
My wife's web business just needed a computer and an outlet to plug it in
Both mine needed liability
The computer shop needed to pay sales tax
and of course uncle sam has to be paid no matter what you do
you have to pay your own health ins. unless you get it from your wife.
you never have time to do what you want to do.
and lastly, you can make some good money in the long run. It doesn't happen over night
remember, location, availability and attitude will make or break a business fast.

Jerry

Anyone own their own small buisness?

Reply #10 – March 04, 2008, 11:42:34 AM

Quote from: mjbtbrd;207565

Check out the SBA. They can help you. .

Only "IF" the SBA finds your buisness a worth while endoevor. If they dont think "they" want a mechanic shop or another mechanic shop around, they will be more than happy to talk to you but the loan will just be a fantasy.

The SBA has its own agenda so its best to talk with the SBA in advance and just learn what they do and what they are funding at this time. Make no mention of your shop just incase its not on thier list of things they feel like funding at the time.

Anyone own their own small buisness?

Reply #11 – March 04, 2008, 05:48:49 PM

The only thing I can ad right now for someone like you who does this for fun is stay away from the favors if possible. Remember you have to pay the bills; if your friends come by don’t be afraid to take a few dollars from them for using you equipment. (Think what you would offer)(fair is fair) and a 6pack don’t cut it. Unless I drive by from NY