Thinking of Starting a Small Business

Discussion in 'The Pub' started by AZChilicat, May 6, 2016.

  1. AZChilicat

    AZChilicat Member

    Messages:
    31,901
    Joined:
    Sep 4, 2013
    Location:
    Under The Microscope
    I've been kicking around the idea of starting my own small business but it's quite confusing. I had no idea all the paperwork involved, writing a business plan, getting insurance...

    Has anyone here opened a business? Suggestions?
     
  2. mikesjam

    mikesjam Member

    Messages:
    279
    Joined:
    Sep 15, 2015
    Location:
    Philadelphia
  3. Rick Lee

    Rick Lee Member

    Messages:
    10,478
    Joined:
    Sep 3, 2012
    Location:
    The Desert
    I've looked into it. I was sort of scared off by having to rent commercial space and not being allowed to sublet or share it with someone else in order to get the license I needed. Add to that the surety bond, business license, association dues and mortgage-payment size rent, and I'd need to be making a fat profit from day one in order to not get way in the hole. I still may do it, but I'd have to start it off the books and from my own garage (technically illegal and definitely not cool with the HOA) before I knew if I could swing it as a legitimate, registered business.
     
    morlll likes this.
  4. swiveltung

    swiveltung Member

    Messages:
    14,550
    Joined:
    Feb 5, 2011
    Location:
    PNW
    Cash flow, it's all about cash flow. Be sure to have enough start up cash. Some businesses fail with the biggest backlog they ever had.
     
  5. Scafeets

    Scafeets Silver Supporting Member

    Messages:
    1,740
    Joined:
    Oct 16, 2005
    Location:
    The Wayward State of North Carolina
    Depends on the business, your level of expertise and your finances. Don't do it if your unprepared in any of those areas.
     
  6. AZChilicat

    AZChilicat Member

    Messages:
    31,901
    Joined:
    Sep 4, 2013
    Location:
    Under The Microscope
    Can't you get small business loans? Maybe bring in a woman or minority to get special financing?
     
    Rimbaud, Jamalot and EricPeterson like this.
  7. EricPeterson

    EricPeterson Member

    Messages:
    49,102
    Joined:
    Jul 21, 2006
    Location:
    Under the Big Sky
    I am in a band, it has stayed pretty small. :dunno
     
    71strat and AZChilicat like this.
  8. Rick Lee

    Rick Lee Member

    Messages:
    10,478
    Joined:
    Sep 3, 2012
    Location:
    The Desert
    To get an SBA loan you will definitely need a business plan. And, well, you'd be taking on debt from day one. There are "consultants" out there who can "lend" their disabled vet, minority, woman, etc. status to your business in order to help.
     
    Jamalot likes this.
  9. phoenix 7

    phoenix 7 Silver Supporting Member

    Messages:
    25,219
    Joined:
    Jun 6, 2005
    Location:
    Ohio
    [​IMG]
     
    Peteyvee, morlll, A-Bone and 2 others like this.
  10. Blues Power

    Blues Power Member

    Messages:
    4,780
    Joined:
    Feb 3, 2010
    Location:
    Finchville KY
    what kind of SB??. can you run it out the house or in the garage until it gets off the ground.??

    if you do that you will need to add a rider to your home inn-surance for a home office

    how much space to do you need. can you piggy back some desk space in town and split the rents.

    do you need vans.??

    hiring employees right off the bat??
     
    lefort_1 likes this.
  11. AZChilicat

    AZChilicat Member

    Messages:
    31,901
    Joined:
    Sep 4, 2013
    Location:
    Under The Microscope
    I'll need employees but no inventory or vehicles off the bat. Isn't there some fancy thing where they can work for you but not be a real employee?
     
  12. Blues Power

    Blues Power Member

    Messages:
    4,780
    Joined:
    Feb 3, 2010
    Location:
    Finchville KY
    yeah its called 1099's or sub contractor. but you still can be liable for any workers comp injuries or any damages they cause while out on the job. if theyre working under your control and direction it came come back and bite you.
     
    derekd likes this.
  13. fetishfrog

    fetishfrog Member

    Messages:
    8,633
    Joined:
    Nov 1, 2007
    Location:
    Leaky basement
    I'm more curious about which thread/post you're taking the piss from than what your small business idea is.
     
    pbmw, Rimbaud, loudboy and 3 others like this.
  14. worxforme

    worxforme Supporting Member

    Messages:
    320
    Joined:
    May 13, 2010
    Location:
    The Frozen Mitten
    I have one I started 30 years ago and now it's a medium to large business, I highly recommend working for your own dream rather than someone else's.

    PM me if you'd like any information on starting and more importantly running a small business.
     
    burner, BMX and AZChilicat like this.
  15. Tom CT

    Tom CT Old Supporting Member Gold Supporting Member

    Messages:
    17,066
    Joined:
    Feb 7, 2004
    Location:
    Connecticut
    id be worried about foreigners working in the house or a garage all the time
     
    TwangAddict, pbmw, Rimbaud and 5 others like this.
  16. Slackerprince

    Slackerprince Member

    Messages:
    5,762
    Joined:
    Nov 21, 2008
    Location:
    Tampa, FL via PDX
    Perhaps, take a small business class at the local community college, or at least, read this:



    Good luck.


    S
     
    AZChilicat likes this.
  17. S1Player

    S1Player Member

    Messages:
    3,472
    Joined:
    May 15, 2012
    Your state makes a big difference - especially with respect to reporting and legal requirements. So, in what state are you located?
     
  18. wstsidela

    wstsidela I'm bonafied Gold Supporting Member

    Messages:
    9,322
    Joined:
    May 11, 2005
    Location:
    Temecula, CA
    What kind of business are we talking about?
     
    marktweedy and Peteyvee like this.
  19. 335guy

    335guy Member

    Messages:
    5,230
    Joined:
    Dec 26, 2008
    I had worked as a foreman for a construction company for 10 yrs. I had hit the ceiling in terms of pay, plus, I didn't like some of the things my employer was asking me to do ( lie to customers, provide inferior work/materials, stuff like that ). So I decided to go to work for myself. I had to get a contractor's license, get bonded, get liability insurance, obtain the tools and vehicles needed, line up employees, get setup with an employer ID #, get worker's comp insurance and get setup to pay quarterly taxes. All that stuff was a bit of a PITA, but I got all those things done and in a couple of yrs, was making quite a bit more money than I did working for someone else, and felt better about providing better service and a superior product.

    As far as employees vs sub contractors, in my state, there are very strict guidelines to determine who is a sub contractor and who is an employee. Before deciding someone is a sub contractor, be sure to check your state's labor board and employment rules.

    I'm retired now, but I had no regrets running my own SB. I chose to run my biz out of my home, which was large enough to do that. But before you decide to do that, check the zoning restrictions with your city. Many will prohibit some businesses from being operated out of a home in residential zoned areas, depends on the business.
     
    lefort_1, clamflatslim and AZChilicat like this.
  20. Blues Power

    Blues Power Member

    Messages:
    4,780
    Joined:
    Feb 3, 2010
    Location:
    Finchville KY
    I may be wrong but id bet a dime to a dollar the OP is not a foreign national
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice