Anyone ever started there own business?

[tkyes]

DH and I have talked about getting a computer for me so I can do graphic design jobs from home on the side.

We would have to take out some sort of loan to buy all of the equiptment I would need.

How do you get started with something like this? Talk to the bank, a financial advisor, or talk to our tax guy to find out the logistics of what we need to do for taxes?

It seems like such a daunting task and I don't know where to start.



tamie

 

[Desiree]

We're interested in this too. Chris is wanting to open and run his own video store/game shop. We have no idea where to begin. He's starting by selling things on Ebay right now. And has gotten information from a distributor. But we are curiuos as to what loans/grants if any are out there.

I'm thinking about opening my own movie theater in a few years myself as well.

 

[disneyfan551]

I've had 2 businesses in the past, and now we own rental cabins, in addition to our "real" jobs. Don't worry! It really isn't difficult to set up! And, it can be so much fun to plan. I would suggest making a business plan, to really think everything out. Even though I have an accounting degree, I still use an accountant to handle our monthly tax information. It is easier to let them deal with the government! A bookkeeper, or acct., can assist you with applying for a federal tax #, and a business license within your town. The rest is up to you!

If you have the time, do research on the internet!

HTH...best of luck to you! Owning your own business is wonderful! (and you'll love all of the tax write-offs!!! )

 

[CEDmom]

Tamie,

I don't have my own business but I do work from home. My computer equipment belongs to my company but I had to buy the office furniture (desk, car, phone etc). I started this work arrangement last year. When we did our taxes I was able to deduct these costs along with some intangibles (electricity, usuage of home space). I would talk to your tax guy since he be most familiar with your situation and getting the best deductions. A home equity loan would work for the equipment or you could look into a small business loan.

 

[Rajah]

Add me to the list of people interested in how this works. I'm trying to put together my own cross stitch (and more) design company and am getting lost in the paperwork. My mom's now "signed on" to help me out to get started, but we're still both lost at the moment. I'm really hoping that we will have enough figured out to get started at the beginning of the year, or at least have everything up and organized to join in an online needlework wholesale show in April.

 

[tkyes]

bump

 

[Lanshark]

DH and I just started our own consulting firm. We went to a lawyer to have everything drawn. We could have done it over the net but I wanted a person to talk to about certain things. The lawyer we used is also a CPA. Our tax person that we've used for 20 years advised us to talk to a corporate CPA before setting up the business to decide whether to set it up as an LLC or a S Corporation. I talked to two different corporate CPA's and got two different opinions. The lawyer/cpa we used helped us decide that an S corporation was best for us. We filled out the paperwork and the lawyer sent it in. The process takes about 20 days. I just got a call last week telling us everything went through and we were officially in business on 11/4/03. Every CPA I spoke with advised me to use QuickBooks Pro to keep the books and do the accounting on a cash basis. I have a person to help me configure everything. I am an analyst who has worked on many accounting packages but that doesn't make me a CPA. Know your limitations. The lawyers total cost is about $1000. The accounting package cost is about $250.

Right now we're running out of our home. On customer 5 we will find office space.

The process was easy but be prepared to do some legwork and research. One of the first things we did was a business plan. It forces you to think through many different situations. We also talked to numerous experts in the area to see if they thought the idea feasible. All agreed it was a nitch. I'm still trying to figure out the insurance situation.

 

[dennis99ss]

You first need to have a plan, and think big. Just dipping your big toe into the water is not good enough. If you are going to do it, you need to do it, fully, and not just half way.

draft a business plan, with everything in it, including the service, your potential customers, your expenses and the charges for your service/product. Check to see who your competition is, and who their customers are. Learn as much as you can about your competition and their customers. Can you compete? Can you handle the jobs they do, and beat the price? Can you beat their service. Are your customers ready to use you? Will the price you charge cover your expenses, overhead, and time(profit margin).

Determine a corporate structure, from a liability and a tax standpoint, that is best for you, in your location. I am in Texas, and because of Homestead laws, I would never take a loan out on my home for a business. If you do place your business up as collateral, if the business fails, the home could be gone. Of course, if you are in a non homestead state, a personnal guarantee would do just about the same, but you may be able to protect the home through mortgage, etc.

 

[tkyes]

I'm not talking quite as big as some of you are thinking - you're all scareing me actually.

I'm just talking about getting a computer and taking side jobs for logos, business cards, birth announcements, etc.

I still have a full time job.

I'm only talking about at the very most a $10,000 loan. It's not a risk to me actually, I still want a computer at home to work on, so whether or not I get any business is not a huge deal.


Oh, I'm confused!


tamie

 

[annemariec]

Hi Tami,

I don't post here all that often anymore. Mostly just check in from time to time.

Check out this site. You may find it helpful.

www.bizymoms.com

The site is a wealth of information. Great info. on stay at home type jobs from people that have made a go of it. Lots of stuff on using the computer. They have e-books, classes, message boards, articles, newsletters and chats. I've been to their chats and it's hosted by the expert on the topic of the night. (Very well done.) Check out their expert section!

Hope this helps! It sounds exciting!

Annemarie