Opening your own business?

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Bubba

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Do any of you guys own your own small business? I'm just kinda pondering, and both jobs i've had of the 4 years i've been out of tech school i've not really been happy at all. 1yr working in the design dept of a mobile home manufacturer, and 3yrs now working for a local building supply designing trusses. Granted the pay has sucked for both of these, but i'm just tired of being miserable at work everyday. Anyways, I've always thought about how awesome it would be to own your own business. I realize there would still be headaches involved as with any job, but the freedom of being your own boss would be a big weight lifted off compared to dealing with my previous "managers" and co-workers. For the moment this is just a thought, as I know at the moment wouldn't really be the best time to open a new business, but maybe in the future. I'm thinking along the lines of a tackle shop. What i've got in my mind would be a fuel station(for fishermen) located close to a local lake, with a tackle shop inside. This is probably just a pipe dream, but I think this is something I could really enjoy if the right steps were taken and plenty of thought put into it. Anyways, just wondering if any of you guys have ever attempted anything like this, wether it a tackle shop or anything else.
 
I used to own my own business.I was in the auto and boat upholstery line.The reason I give it up was my kids.I needed steady income.I couldn't go a month or two without money while I completely redone a couple boats or vehicles.The best advice I can give is to find a local privately owned tax office,not HR Block or those types,and talk to them about your plans.My tax preparer filed for my business license for me and set me up.I had a Limited Liability Company AKA LLC.This gave me protection as a company but also allowed me to claim all the profits.Another place to start is a tax attorney or a business law attorney.Be ware these guys charge as soon as you open the door,and become very expensive quick.
 
ben2go said:
I used to own my own business.I was in the auto and boat upholstery line.The reason I give it up was my kids.I needed steady income.I couldn't go a month or two without money while I completely redone a couple boats or vehicles.The best advice I can give is to find a local privately owned tax office,not HR Block or those types,and talk to them about your plans.My tax preparer filed for my business license for me and set me up.I had a Limited Liability Company AKA LLC.This gave me protection as a company but also allowed me to claim all the profits.Another place to start is a tax attorney or a business law attorney.Be ware these guys charge as soon as you open the door,and become very expensive quick.

I was thinking of forming a small company LLC, but MA wants $500 for the fee every year. I guess it costs $$$ to start a business.
 
Jim said:
ben2go said:
I used to own my own business.I was in the auto and boat upholstery line.The reason I give it up was my kids.I needed steady income.I couldn't go a month or two without money while I completely redone a couple boats or vehicles.The best advice I can give is to find a local privately owned tax office,not HR Block or those types,and talk to them about your plans.My tax preparer filed for my business license for me and set me up.I had a Limited Liability Company AKA LLC.This gave me protection as a company but also allowed me to claim all the profits.Another place to start is a tax attorney or a business law attorney.Be ware these guys charge as soon as you open the door,and become very expensive quick.

I was thinking of forming a small company LLC, but MA wants $500 for the fee every year. I guess it costs $$$ to start a business.


You do not have to make is a MA LLC

#-o
 
Jim said:
come again? :D


You can form an LLC in many states - you do not have to have your business in that state to take advantage of perhaps more favorable corporate laws. I am sure you have heard about Delaware the corporate capitol of the US becuase of the more favorable corporate laws there.
 
Bubba,
that sure sound like fun but just remember when your store would do the most business on weekends and during the summer.
you would need to have someone to run the shop while you went fishing.
most gas stations only make a few cents on each gallon of gas they sell.
I have been wanting to open a tackle shop for years. but the time and money stops me cant give up the big bucks i make maybe after i retire i will start the store i want

good luck
Wayne
 
Jim said:
ben2go said:
I used to own my own business.I was in the auto and boat upholstery line.The reason I give it up was my kids.I needed steady income.I couldn't go a month or two without money while I completely redone a couple boats or vehicles.The best advice I can give is to find a local privately owned tax office,not HR Block or those types,and talk to them about your plans.My tax preparer filed for my business license for me and set me up.I had a Limited Liability Company AKA LLC.This gave me protection as a company but also allowed me to claim all the profits.Another place to start is a tax attorney or a business law attorney.Be ware these guys charge as soon as you open the door,and become very expensive quick.

I was thinking of forming a small company LLC, but MA wants $500 for the fee every year. I guess it costs $$$ to start a business.

Jersey gets $125 to set up an LLC and then $50/yr to register your LLC with the state. You also have to file seperate income tax forms, both federal & state, for an LLC. More $$$ but often worth it to shield your personal assets from a lawsuit against the LLC.
 
Captain Ahab said:
Jim said:
come again? :D


You can form an LLC in many states - you do not have to have your business in that state to take advantage of perhaps more favorable corporate laws. I am sure you have heard about Delaware the corporate capitol of the US becuase of the more favorable corporate laws there.


Nope, Thats why your here! :beer:
 
redbug said:
Bubba,
that sure sound like fun but just remember when your store would do the most business on weekends and during the summer.
you would need to have someone to run the shop while you went fishing.
most gas stations only make a few cents on each gallon of gas they sell.
I have been wanting to open a tackle shop for years. but the time and money stops me cant give up the big bucks i make maybe after i retire i will start the store i want

good luck
Wayne


Yeah, I know the fuel wouldn't be the money maker, it would just be "draw" type thing. I figure if you could get in the right place, guys would stop of the mornings....fuel up, get their snacks, and grab those last minute tackle supplies before they hit the lake. I figure keep a good selection of baits and supplies, ensure good customer service, and keep the prices competitive and you could do fairly well. The thing with me is that i'm not making "the big bucks" anyways, so if I could do that and be happier than what i'm doing now I would be ok.

Which like I said, this is just a pipe dream for now. I'm just thinking how cool it would be. Money would certainly be the issue for me as well. That would really be the only major factor for me at the moment. I'm 23yrs old, single, no kids or anything....so I figure now would be as good of time as any for me to do something like that rather than wait til I do have a family and such to support.
 
I'm halfway there my wife is a country girl that loves to fish, she just isnt rich :( But hey we cant have everything. I'd rather her be fun and easygoing than a rich bit*h. Good luck man I'd look into some state programs, I know PA has a few different programs for small business. They really help you out until you get big then slam you with tons of taxes and fees but hopefully by then you could handle em. I had the oppurtunity to take over the pizza shop I worked at when I was 17 and was afraid to do it. I kick myself in the butt every time I get fed up with my job now. Wish I would have took the leap. We're in a small town and it was a very successful shop. The owners husband got full time driving job for UPS and wanted to start a family so they shut down but offered it to me for just the stock + utilities until I got on my feet. It was the deal of a lifetime but too interested in having fun than being responsible and I didnt do it. Wish I had the oppurtunity now but I'm good at what I do now and really cant leave. Good LUck!!
 
Have you ever thought about buying a on the water marina??

if you can find one on a good lake you could host some fishing events have your tackle shop on the water that would be the way to go!!

Wayne
 
Bubba, There is alot of excitment in thinking about owning your own business. I currently own two, The Software Shoppe and Paragon Computing Solutions. We publish business accounting software. I salute you for looking into the future and considering the possiblilites of starting your own business. I would like to offer a few seeds of thought from my 23 years of this rat race.

Make a business plan FIRST. Put your emotions to one side and calculate every possible expense that you can think of right down to the cost of toilet paper.

As you write your business plan do so with an eye to selling your company in 5 years. Don't start it unless you know how you want to end it. (Build it up and sell it, keep it forever, retire off of it, leave to children)

Get a line a credit. You may be successful doing it on a shoestring but whatever profits you gain will be spent in Maalox. If you are married and Mrs. Bubba works outside of the home in the corporate world then her income will help to carry the household.

Forget about a salary for yourself for the first 6-8 months unless you have strong line of credit.

Be your own boss and have more free time to do what you want! Yea, right. No matter how many times they say that on the infomercials at 2:00 a.m. it just isn't so. In the beginning you will work harder and longer hours than your employees.

Captain Ahab is correct regarding Delaware Corporation. Regardless, if you incorporate in another state you will have to register it in your state as a foreign corporation. Don't forget to consider the option of a Trust as this will offer you the maxium protection and the IRS is usually very recepective to them.

Do not hire the first prospective employee you interview. Write out your company goal and state exactly what you expect from each employee. How are they going to help you reach your financial goals? When you are interviewing prospective employees keep that paper in front of you.

Don't hire on the first interview, bring them back in for a second talk. It is amazing what you can discover during a second interview.

While the prospective employee is in your office, excuse yourself for a moment and walk outside to look in their car. If the inside of their car looks like a mobile landfill and there a wrappers and bags from the local fast food establishment and other assorted collections that's not a good sign.
Do you really think that he will treat your business any different?

Don't worry about the employee stealing, worry about how well he/she treats each and every customer. One bad word, one foul look or one slight inconsideration can cost you that client. And unless you have invented some special magnet, when the customer walks out of your shop so does the customer's money.

Remember, every customer is your boss!!!

Go visit two or three businesses in an area far from your area that are like what you want do.
Tell them that you would like to hear their opinions and any suggestions they may have; take them to lunch. Most good business man are willing to share their experience. It will probably be the best $20 bucks you spend during your business planning stage.

If you then go forward with your business then the main thing to do is have fun doing it. If you are having fun then the job isn't work.

I did not do any of the above when I started out on my own. I did not know any better and therefore, it took me almost 8 years to get the knots out of the line. Owning your own business can be very fulfilling. I encourage you to continue in this endeavor. Who knows maybe all of us on the Tinboat site can come visit you for your grand opening! You will have door prizes won't you?

The best of luck to you.
 
BassAddict said:
Bubba if you do go for a bait/tackle shop idea can I get a good price on some shelf space to sell some baits?

i can get you some shelf space real cheap!!!! i have an entire shelf just waiting to be filled...
:mrgreen:
 
Redbug - you are fibbing - I know that every square inch of your space is already filled with fishing stuff.

And as far as you opening a tackle shop - you should, you already have more inventory then Bass Pro


I am not kidding -he does!
 

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