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Old 12-05-2012, 02:13 PM   #1
BeachLove
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Considering helping parents open a business

Let me first say I would expect zero of any money given for start up funds to ever come back to me. They are wanting to open either a home cleaning/ general cleaning company and/or a handyman company that could also do small concrete work (Patio / sidewalks / driveways). Has anyone opened this sort of business? What kind of start up costs would I be looking at? This is just an idea for right now! They do have backgrounds in this sort of thing. Just not with running a business themselves. They mentioned that this is something they've tried saving for and planning for years. Just things come up and use up savings or they feel like they just don't have enough.
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Old 12-05-2012, 04:07 PM   #2
bettymae1121
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From what I understand, most small businesses fail not because the people don't understand their trade, but because they can't figure out how to do the book keeping. If they have zero experiance running a business, they really should see if there are some local classes they can take or some other resource in their area to learn more about running a business.

For example, my local community college offers this: http://elgin.edu/business.aspx?id=1252 . You should see if a community college in your parent's area offers something similar and suggest they take it (maybe pay for their courses even!).

Anyway, if you consider helping them out a gift rather than a loan or an investment, then go for it!
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Old 12-05-2012, 04:55 PM   #3
eliza61

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Quote:
Originally Posted by bettymae1121 View Post
From what I understand, most small businesses fail not because the people don't understand their trade, but because they can't figure out how to do the book keeping. If they have zero experiance running a business, they really should see if there are some local classes they can take or some other resource in their area to learn more about running a business.

For example, my local community college offers this: http://elgin.edu/business.aspx?id=1252 . You should see if a community college in your parent's area offers something similar and suggest they take it (maybe pay for their courses even!).

Anyway, if you consider helping them out a gift rather than a loan or an investment, then go for it!
Not suggest, make it a condition of any money. seriously. You are absolutely right betty. also op contact the BBB in your area and the Small business Association. both are excellent resources.
See if their town has a rotary club. go to a meeting. It's usually made up of local small business owners and they can give you tips about local ordinances.
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Old 12-05-2012, 05:19 PM   #4
Cheshire Figment
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I would also suggest going to www.irs.gov and order the following publications which will probably help a lot.

334 - Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ)
463 - Travel, Entertainment, Gift, and Car Expenses
535 - Business Expenses
551 - Basis of Assets
552 - Recordkeeping for Individuals
560 - Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans)
583 - Starting a Business and Keeping Records
587 - Business Use of Your Home
946 - How to Depreciate Property

And also, if the time can be spared and at and minimal cost take a first semester Principles of Accounting course at a local Community College. Not necessarily to keep the books, but to get an understanding of what the business is doing.

Note that most small business fail within the first few years not because the owner did not know his subject but because they did not understand the accounting.

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