Elf Posted November 15, 2018 Report Share Posted November 15, 2018 14 minutes ago, Baitjunkys said: I dont mean to sound condescending. And I apologize if I do. That being said, Cant and wont are two different terms, I can promise you, It takes a whole lot of put in, before you can ever take anything out. You got to go into business planning to spend money or it just don't work out. Not just on the website purchase but in general. As a good friend told me one time, You can not sell out of a empty wagon. And that wagon does not magically fill up. Initially, I'm going to sell on Facebook. I've already joined groups for buying/selling with a combined membership of over 400,000 people. (Cole, if you need group names in order to get started let me know.) I'm going to have to help make a house payment before I can put money back into the business, just the way that cookie is crumbling. That said, anything beyond the house payment goes into molds and other supplies. Oh, and a real frigging work bench, right now I'm working on a headboard for a bed. I also got extremely lucky and I should have a tournament fisherman onboard as a Pro Staffer. (He qualified, and is going to, the KBF National Championship in Shreveport this coming March.) He already has a temporary logo of mine on his jersey and 'yak plus he got some sample baits last week. I have thousands of dollars worth of molds on wish lists (sorry, only one is from your company, Talon 2.0 20 cavity with laminate plate) and I'll likely be buying them one at a time in the beginning. My goal is to make custom baits but I understand that in order to get my name out there I'm going to have to offer standard colors like Green Pumpkin, Watermelon, Junebug, etc etc. Interestingly enough, I can't actually make Junebug yet because I don't have any green glitter. Next week on that. This week, I ordered Yorker caps for Dead On Plastics colorants, squeeze bottles with yorker caps (for worm oil and scents) a second small fan, and a bottle brush for cleaning injectors. I know it doesn't seem like much but every week I take another small step. Since I'm no longer allowed to drive (Dr.'s orders) due to seizures we're going to sell our second vehicle and my bicycle w/ trailer and put that coin into the business. Quote Link to comment Share on other sites More sharing options...
Elf Posted November 15, 2018 Report Share Posted November 15, 2018 54 minutes ago, Cole's Customs said: Wow nice baits elf! But I 100% agree with you on the first post! I'm 18, about to have to pay for college, but I budget all my money I get while working. Most of it goes to saving (college) while a small portion goes to blow which I can spend on whatever. I will not dip into my savings to start up my business that might fail, so I don't have the capabilities of $29.99 a month either, but I'm still going to do the best I can! I hate to hear about your situation though, if I can ever help you out in any way let me know and I will be glad to do the best I can for you! Thanks for the compliment. You too can make fine looking baits. I learned by watching a crap ton of youtube videos (World's Worst Fishing channel rocks. Chris Jones does a fantastic job explaining things and showing you how to avoid mistakes.) I think you're wise to NOT dip into college funds to start a business. I would keep them separate. I'd sell on Facebook at least initially and check into the USPS flat rate containers for shipping. I'm going to see how many bait bags I can stuff into each size envelope/box and then post shipping rates accordingly. Right now I don't even have printed bait bags, mine are plain but they will work until I can get a permanent logo and bags printed. (Check Ali Baba if you don't mind buying Chinese) Until then, I paid .15 a bag with shipping. You have to look at something like that as if it's temporary and work to make it so. A friend of mine has offered to build/maintain/host an e-commerce site for me but she hasn't gotten back to me with a price just yet. All in due time I suppose. I've run my own construction business before so I kinda know what I'm getting myself into over here. Although I must admit, this is turning out to be a completely different beast. Don't let the size of this project stop you from continuing. It will likely discourage you from time to time but when it does, make a list of things to do, prioritize them and then work your way down the list. By the time you get to the bottom you will probably have made a new list and things won't seem so insurmountable. It's worth it, all the effort you're going to put in, it's all worth it. For me it's about controlling my own destiny each day instead of being told what to do and how to do it by a boss. Here's my "workbench". Lmao I'll get there and so will you as long as you never give up. Quote Link to comment Share on other sites More sharing options...
Elf Posted November 15, 2018 Report Share Posted November 15, 2018 Oh...don't buy any Do It ES molds. That's an ES ribbontail mold laying on my "bench". It works but it doesn't produce pretty baits like a milled mold will. Imo, the finish on the ES molds is substandard for retail sales. Quote Link to comment Share on other sites More sharing options...
Elf Posted November 15, 2018 Report Share Posted November 15, 2018 I finished my samples. I had to open the door to the garage and set up a fan blowing warm air in before it got warm enough to work but the stuff is done. No heater parts today. Quote Link to comment Share on other sites More sharing options...
Cole's Customs Posted November 16, 2018 Author Report Share Posted November 16, 2018 Thanks for all the tips! sounds a lot like what I am planning on doing. I have already made the Essensial Series mistake lol! They were cheap and at the time (about 3 years ago) I didnt know any better. The baits work great but from now on I will be buying CNC. As you said, they just aren't pretty.What facebook groups are you on? All I know of is "Bass Baits Buy and Barter" and "Fishing Flea Market" Quote Link to comment Share on other sites More sharing options...
Elf Posted November 16, 2018 Report Share Posted November 16, 2018 Big Bass Tackle, Fishing Tackle Buying and Selling, Anything Crappie and Bass Fishing buying and selling, Bass Fishing Yard Sale, the two you listed and I think I have a couple outstanding requests still. Watch the "suggested groups" box on the right side of your page for more. Quote Link to comment Share on other sites More sharing options...
Cole's Customs Posted November 16, 2018 Author Report Share Posted November 16, 2018 Thank you!I never even noticed the suggested groups box lol, I'm VERY new to Facebook and not tech savvy. Quote Link to comment Share on other sites More sharing options...
Marker54 Posted November 16, 2018 Report Share Posted November 16, 2018 Get a volusion website ..it costs 13 dollars for the very basic plan and they have a template based design. the free templates are very nice - you just plug in pictures. However if As for the federal excise tax that’s trickier but generally it’s only something you should worry about if you get a federal EIN and create a LLC .. legal zoom can help set that all up for about 99 -199 . . however I would strongly recommend against that route at first.. make the Lures and try to sell a few before you go dropping $ on a perfect legal framework .. there are tons of hobby biz that function freely, if you start getting big or some local store wants your product then you can create a LLC. Quote Link to comment Share on other sites More sharing options...
Cole's Customs Posted November 16, 2018 Author Report Share Posted November 16, 2018 what if I am planning on getting an EIN, but I will be a sole proprietor and not an LLC? Quote Link to comment Share on other sites More sharing options...
Marker54 Posted November 16, 2018 Report Share Posted November 16, 2018 As I understand it a LLC can bring on partners / investors etc without re-doing the paperwork :. A sole can't. I don't know of any differences other than that Quote Link to comment Share on other sites More sharing options...
Elf Posted November 16, 2018 Report Share Posted November 16, 2018 3 hours ago, Marker54 said: Get a volusion website ..it costs 13 dollars for the very basic plan and they have a template based design. the free templates are very nice - you just plug in pictures. However if As for the federal excise tax that’s trickier but generally it’s only something you should worry about if you get a federal EIN and create a LLC .. legal zoom can help set that all up for about 99 -199 . . however I would strongly recommend against that route at first.. make the Lures and try to sell a few before you go dropping $ on a perfect legal framework .. there are tons of hobby biz that function freely, if you start getting big or some local store wants your product then you can create a LLC. Good info. Legal Zoom, bookmarked them for future use. Volusion isn't the only website you can set up cheaply, here's more. If my friend doesn't come up with some numbers soon I'll probably go with BigCommerce. @Baitjunkys I guess I'm a lying bastard, there are two of your molds I want. Add in the Crypto Ned mold. Quote Link to comment Share on other sites More sharing options...
Cole's Customs Posted November 16, 2018 Author Report Share Posted November 16, 2018 Ok so I would still need to set up the excise, and sales taxes right? Quote Link to comment Share on other sites More sharing options...
Marker54 Posted November 16, 2018 Report Share Posted November 16, 2018 Volusion collects its for you if you enable that .. but I best all the ecommerce sites do .. if you are in Texas make sure to file your franchise tax report .. even if you don't qualify for the tax you still need to file the report as Not Applicable .. Quote Link to comment Share on other sites More sharing options...
Cole's Customs Posted November 16, 2018 Author Report Share Posted November 16, 2018 Is the franchise tax report the same as the annual report that Ive heard of? Quote Link to comment Share on other sites More sharing options...
Driftwood Posted November 16, 2018 Report Share Posted November 16, 2018 The bottom line is to do your own due diligence with a tax professional. The government WILL get his. Good luck to you all. Quote Link to comment Share on other sites More sharing options...
