The Dude Posted January 20, 2009 Report Share Posted January 20, 2009 Is there somewhere to get info on the logistics of starting up your business? I'm looking for how to start it up, getting your tax id and all that happy stuff!! Quote Link to comment Share on other sites More sharing options...
GOONSDAD Posted January 20, 2009 Report Share Posted January 20, 2009 I'm Sure That There Are People On Here That Can Help, But The Best Thing If You Are Going To Go Full Bore Into Business Would Be Talk To Your Tax Person. I'm Think Of Doing The Same. Best Of Success To Ya. Quote Link to comment Share on other sites More sharing options...
PAVABill Posted January 20, 2009 Report Share Posted January 20, 2009 Dude, There is alot of leg work that goes into starting up a business. That leg work begins with the following: 1. The willingness to work alot of long hours. 2. Do some basic market research and establish who/what would be your local competition. 3. Depending on the size and complexity of the business you want to start you will need varying amounts of start up capital. Most banks, especially with todays economy, will require you to have matching funds in your personal account for any loan amount you ask for. 4. You will need to decide what type of entity you want your business. Example. Corportation, Limited Liability Corp or Sole propriety. This decision is best based on the size of the business and the size of the financial risk to your personal assessts. FYI - It is easier to get a business loan as a Sole Proprietor than it is as a Copr or LLC. 5. You will need to find a Registered Agent (Basically an attourney who will handle the legal filings such as business name, fictitous name any D.B.A.s and so on. Basically an moderately expensive mail man). RA can run from $200.00 - $500.00 just to register your business. 6. You will need to contact your state and local governments for your Tax ID/exemptions and E.I.N and also file for any permits and additional licesnes (example Hazardous material and litter tax and so on) My recommendation for you would be to contact your local S.B.A. (Small Business Admin. Office) office. They are a wealth of knowledge for your local area. They can guide you through the process and the even offer S.B.A. garuntees on loans (they dont grant the loan they offer the lender a a promise). And lastly, I would strongly recommend that you get out and meet some potential clients/customers and introduce yourself and your business. Get feed back from them in order to establish your business plan. Hope this helps and good luck! Bill Quote Link to comment Share on other sites More sharing options...
The Dude Posted January 20, 2009 Author Report Share Posted January 20, 2009 Bill, Thanks for input---the SBA sounds like the place that I will need for guidance. In my research, I did see the same list of "leg work" that you have. I have just started on that list!!! Quote Link to comment Share on other sites More sharing options...
PAVABill Posted January 20, 2009 Report Share Posted January 20, 2009 Dude, No problem. I have been there, its a fun but at times a frustrating process. Just be patient, ask questions and question everything. Use family and friends as sounding boards to bounce ideas off of them. Keeps tabs on local competition, Be prepared to hand out tons of free samples and keep an open mind when it is time to make changes. Lastly, make a reasonable business plan and stick to it. Set realistic goals and dates as to when you want to achieve them and stick to it. When you have reached those goals write another business plan. This should be an on going process throughout the life of the business. The key is to stay motivated. Without motivation and foresight and realistic planning every business fails!! Bill Quote Link to comment Share on other sites More sharing options...
GOONSDAD Posted January 20, 2009 Report Share Posted January 20, 2009 Dude and Bill, Here is a link to templates for business plans from S.C.O.R.E. that deals with small businesses. Thanks Bill for the "smack in the head" I had forgotten about these guys. We live in the land of opportunity, grasp the ring. ???????????? Quote Link to comment Share on other sites More sharing options...
GOONSDAD Posted January 20, 2009 Report Share Posted January 20, 2009 I'm not sure why it shows up in question marks but you can google S.C.O.R.E. and small business and it should take you there. Quote Link to comment Share on other sites More sharing options...
keith combs Posted January 20, 2009 Report Share Posted January 20, 2009 When you start don't forget about the Wallop/Breaux Act and Dingall/Johnson Act, officially known as Federal Aid in Sport Fish Restoration Fund. what this is, a 10% excise tax on most fishing tackle. good luck, i to dream of being able to make a go at it Quote Link to comment Share on other sites More sharing options...
MTfishingrods Posted January 20, 2009 Report Share Posted January 20, 2009 Also dont forget to plan for things that can and will go wrong. You cant start a buisiness painting hard baits if you only have one airbrush or compressor. If it breaks and you have orders to fill what are you going to do. Same I would believe with plastics. I havnt added any to my line yet, but I wouldnt want to untill I had back up pots and whatever else could break. You will find whatever can break eventually will at the most inconvenient time. Rod drying motors will always go out as soon as you load the rod into them and when you cant find your spares. I could go on and on. Electricians wont show up when you have orders piling up and need to get moved back into your shop. Quote Link to comment Share on other sites More sharing options...
Spike-A-Pike Posted January 20, 2009 Report Share Posted January 20, 2009 Any one actually thinking of starting a business should go through the drill of drafting a business plan. You can find countless examples on-line. If are looking for investors or bank loans, you're going to need to complete one. It will force you to answer a few questions realistically and see if there is potential long term opportunity. Quote Link to comment Share on other sites More sharing options...
WannabeeFishing Posted January 21, 2009 Report Share Posted January 21, 2009 I'm not sure why it shows up in question marks but you can google S.C.O.R.E. and small business and it should take you there. The link works and that looks like a great resource. Thanks for this thread. I'm working to develop an 'after retirement' income stream and this is valuable information. Gary Quote Link to comment Share on other sites More sharing options...
GOONSDAD Posted January 21, 2009 Report Share Posted January 21, 2009 Wow 10% excise tax.. ouch thats comes out to about 30% of the material costs on my spinner bait that I was going to charge. thanks for that heads up... will definitely adjust the sell price. Being from Illinois and all, who knows where that money ends up going. Blago's attourney fee's? Quote Link to comment Share on other sites More sharing options...
The Dude Posted January 21, 2009 Author Report Share Posted January 21, 2009 Thanks for all your input on this. I have gone to the S.C.O.R.E website and have started on my business plan. On a side note----I would also like to add that I have put in a few questions on this forum about a couple different things and not one of them has gone unanswered and the info has been dead-on!! This website alone is a very valuable tool:yay: Quote Link to comment Share on other sites More sharing options...
Bountiful Waters Posted January 22, 2009 Report Share Posted January 22, 2009 Most things have been covered, but I want to add a few for brain food. 1. We are all on the same team. No need for ugly competition issues on bass fishing forum's, etc.. There are alot of fisherman out there to go around. 2. Try to start with all cash. Borrowing in the beginning is a recipe for failure in many cases. 3. Don't set your expectations too high. Start slow and don't burn out. 4. At all costs, do not get into the free sample craze. Those people asking for free samples don't buy. I know there are exceptions, but for the most part, you are giving away money. Nothing wrong with a few samples to prospective shops, but don't expect everyone to jump on and order big. 5. Make baits you use. Let me say that again....Make baits you use. If you like them, then market them. I hope these little tidbits help. Quote Link to comment Share on other sites More sharing options...
alsworms Posted January 23, 2009 Report Share Posted January 23, 2009 Great post Bountiful, and dead on with all points! Quote Link to comment Share on other sites More sharing options...
GOONSDAD Posted January 23, 2009 Report Share Posted January 23, 2009 There is also the book " Small Business for Dummies" out there... not much for pictures... thats a joke. If only I could stay awake for more than a paragraph at the end of the day.zzzzz. God gave us all a creative mind... there are many designs and shapes that haven't been thought of yet. Plenty o' fishermen to be... I mean fish to be caught Bountiful is right on about starting out small... unless of course you already did and the lures are selling like hotcakes and you are ready to take the next step and go into true "mass production" dozens or hundreds per day where you may need to buy what it takes to do that. Borrow small.. use profits after that to grow. Does Tackle Underground offer "BAILOUTS"? Quote Link to comment Share on other sites More sharing options...
