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  #1  
Old 09-18-2013, 09:31 PM
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Have some question about opening a business...

I know there are a few seasoned business owners on here - anyone have a few minutes to answer some questions I have....?

If so, PM me.

Thanks!

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  #2  
Old 09-18-2013, 10:58 PM
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You should specify a bit. Getting in to manufacturing would be very different than opening a retail store. I own a retail store so if you need info on that you can email me at Lorainfurniture at yahoo. Com
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  #3  
Old 09-18-2013, 11:34 PM
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Why not ask your questions in this thread? The more people you reach the better advice you are going to get.

I'd throw my 2 cents in by saying open up a business as an "LLC" or "Incorporation" to minimize your personal exposure to liability. Doing a DBA can come back and bite you in the A$$.
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  #4  
Old 09-18-2013, 11:43 PM
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I found the SBA and SCORE extremely helpful. They will team you with a retired advisor from a similar if not the same industry you are looking to start a business in.

Write a business plan. Useful way to look at the big picture. Such and such date I should be making such, ect. Easy to start a business, harder to succeed at it. Lots of businesses fail for lack of planning
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  #5  
Old 09-18-2013, 11:54 PM
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Retail business.

I've written a business plan, but keep making changes to it.
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  #6  
Old 09-19-2013, 12:05 AM
Home appliance genius
 
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What's a business plan? Things change too quickly in business.

Hgr

Hit ground running.

Email me if you need anything.
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  #7  
Old 09-19-2013, 12:28 AM
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Quote:
Originally Posted by iwrock View Post
I know there are a few seasoned business owners on here - anyone have a few minutes to answer some questions I have....?

If so, PM me.

Thanks!
Give the customer a little bit more that they pay for and you will be in business for as long as you want. I have been in business for 23 years.
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  #8  
Old 09-19-2013, 01:33 AM
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Retail? Retail?

Say bye bye your nights and weekends and days off.

How about develop some software and sell it for a million bagillion dollars?
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  #9  
Old 09-19-2013, 08:36 AM
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What are you selling? Location has a lot to do with it. Sometimes outside perspectives see if a location is better or worse than you can. (Just sayin).

My parents owned a gas station/retail shop in a very remote Colorado mountain town. 76 residents, 10,000 + visitors during the summer for off-roading. Had a monopoly on all of it. They made a fortune before the divorce.

I just started my own LLC last week. Started my own mechanic shop. Although service oriented, customer relations are priority number 1. I've been doing work on the side for four years and building a customer base. I finally took the plunge an love it.

But what's your situation? Everyone here is to help...
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  #10  
Old 09-19-2013, 09:52 AM
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  #11  
Old 09-19-2013, 09:57 AM
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Quote:
Originally Posted by lorainfurniture View Post
What's a business plan? Things change too quickly in business.

Hgr

Hit ground running.

Email me if you need anything.
depends on the business. I can say that my first attempt at owning a business had resulted in a semi-failure, and part of it was poor planning on how we were going to market some industrial products, and when we intended to see some results from our efforts. We didn't have a cast iron plan of attack for a start up business, and we were a 3 person partnership.

My second business is doing much better and is actually profitable for once . I didn't write a plan for this one either, but this time Im sole owner, formed an LLC, and hit the ground running knowing what I was doing from minute one.
My plan for this one has been- "Make Money"
Sounds funny, but that wasn't the plan for the last one, which was more about designing and producing industrial products of our own, and "Make Money" was not the driving motivation. Result=failure.
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  #12  
Old 09-19-2013, 10:43 AM
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I can offer only that useTurbo Tax rather than a CPA,or HR Block.You will save several hundred dollars.
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  #13  
Old 09-19-2013, 11:01 AM
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Quote:
Originally Posted by iwrock View Post
I know there are a few seasoned business owners on here - anyone have a few minutes to answer some questions I have....?

If so, PM me.

Thanks!


Business formation is a state matter: type of entity, tax collection responsibilities, employer obligations, WORKERS COMPENSATION INS., Unemployment registration.,etc.

Income taxation generally starts as a federal matter. filing form SS-4 starts the ball rolling with the feds. SS-4 is app. for federal employer identification number. All entities, employers or not, need a FEIN.
Starting, Operating, or Closing a Business


My 2 cents is to strongly consider an LLC. single member or multiple members if needed or desired ( wife, parent, other partners). Should you want to, you can elect to be taxed as a corporation (including an S corp) while formed as an LLC. Single member LLC's are disregarded for federal tax purposes. Individuals who ooperate a busienss file Schedule C (Sole Proprietor). If you own real property in a SM LLC, you file a Schedule E. Both pass thru your 1040.
Multiple member LLC's need to file either a partnership tazx return (Form 1065) or if they have elected to be taxed as a corporation,, they would file form 1120 or 1120S, if they want to be taxed as an S-Corp.

Retail is fickle. Especially clothing. Lots of factors to weigh.
Good luck
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  #14  
Old 09-19-2013, 11:04 AM
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Quote:
Originally Posted by oldsinner111 View Post
I can offer only that useTurbo Tax rather than a CPA,or HR Block.You will save several hundred dollars.
I recently got involved in retail for the first time with the winery I'm associated with.
Ditto give up your free time.
Ditto Turbo Tax. Although we have an accountant who rectifies daily receipts and does the taxes, as an experiment I ran it through TT Home and Business that I already use for the ranch. The difference was pretty interesting. Next time it's Turbo Tax.
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  #15  
Old 09-19-2013, 11:58 AM
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Quote:
Originally Posted by elchivito View Post
I recently got involved in retail for the first time with the winery I'm associated with.
Ditto give up your free time.
Ditto Turbo Tax. Although we have an accountant who rectifies daily receipts and does the taxes, as an experiment I ran it through TT Home and Business that I already use for the ranch. The difference was pretty interesting. Next time it's Turbo Tax.
Ok, No one in their right mind uses a CPA to do bookkeeping. Unless money is no object, or their CPA happens to be charming. Ditto for most small biz tax returns. But for planning and heavier lifting? Where you going to go?

Does TT or HR Block tell you, in a timely manner, that, for instance, the IRS last week issued final regs on repairs of personal property? Rules become effective Jan 1, 2014. Carryback opportunites also may be in play for certain taxpayers.
T.D. 9636. 9/13/13


i.e.
"A significant change for small taxpayers is that taxpayers with gross receipts of $10 million or less can elect to deduct, for buildings that initially cost $1 million or less, the lesser of $10,000 or 2% of the adjusted basis of the property for repairs, etc. each year. "


" Friday’s proposed regulations contain those revisions, but taxpayers can continue to apply the rules in Temp. Regs. Secs. 1.168(i)-1T and 1.168(i)-8T for tax years beginning on or after Jan. 1, 2012, and before Jan. 1, 2014"

AICPA - Repair Regulations Are Finally Issued

You pay your money...you take your chance.

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