business talk...

[DB_DRAG_SPL 10+ year member]

Thanks guys, both of ya'll really helped me out. I've been working two shift jobs for the last two years, hence I bought my toys used, so their paid off. I've set some goals and have some aspects on what I want to do with my life. First building my house which is also a top priority of my girlfriend. (She graduated last year, and is working at a local bank making decent money.) I have about 14,000.00 in the bank, also have a 4,000.00 motorcycle I'm about to sell to a buddy of mine. I thought about tradiing my bike for one of these http://austin.craigslist.org/car/470224779.html
and spending a couple thousand on rolls of tint. I've already got the tools needed. Then I wouldnt have to use much of my savings, and I wont have much in it if it fails, all it could do is make money?

There you go, when you build your house, build on a section w/ a garage bay or two and a room for an office/restroom, just for your business to operate out of, this will cost you less than a year rent for a shop and you will have sooo much less overhead by doing it this way. Which means more money in your pocket! Not to mention having to deal with a landlord and paying his mortgage for the shop when you can pay your own and have your shop on site and have complete control.

Pick up a van like you mentioned and you have rolling advertisement/installment right there for a fraction of the price you're going to pay yearly for other advertising costs, and it's a tax writeoff. Plus if you decide to do vinyl also, you can do the graphics on the van for 1/3 of what some graphic shop is going to charge you.

 

[eli07 10+ year member]

Wow that working out of someone elses audio shop is a good idea if I could find the right shop. How much should I offer them? Or would the getting a van be a better idea?

And no it doesn't cost ten thousand dollars for tint supplies. I already have all the tools needed. It's just the tint thats expensive. It cost about $100. for a huge roll of good quality stuff. But the more you buy the cheaper you can get it. I was over exagerating. $3500.00 in tint would probally last a whole year.

 

[eli07 10+ year member]

Suppose I was working out of a van, would I have to pay taxes? How would this job be classified under the goverment or to the IRS?

 

[DB_DRAG_SPL 10+ year member]

Wow that working out of someone elses audio shop is a good idea if I could find the right shop. How much should I offer them? Or would the getting a van be a better idea?

Why would you want someone else to have any say over what you do or take a cut of your profits?

 

[DB_DRAG_SPL 10+ year member]

Suppose I was working out of a van, would I have to pay taxes? How would this job be classified under the goverment or to the IRS?

If you are legit and have a valid business license, you will be accountable for all of your revenue and taxes accrued.

 

[Pimpdaddyq 10+ year member]

Call your state department of revenue.. let them know exactly what you'll be doing, where at, with who, etc.. and they will let you know what you are gonna have to have for a business, and what taxes etc..

At first I was told I had to have all this shit that was gonna cost me a shitload of cash to get to start out to be a "true" business.. but I called the IA Dept. Of Revenue and they got me my sales tax ID number free and thats all I had to get..

Worth a try..

Andrew

PS: Also.. I would buy like a grand in supplies and if your business does start working out, buy more instead of investing in thousands of supplies, not knowing if your gonna have anyone come in the door or not..

 

[Pimpdaddyq 10+ year member]

If you are legit and have a valid business license, you will be accountable for all of your revenue and taxes accrued.

See.. I was told I needed a business license, federal tax id, and sales tax id number.. and since I am the only owner, and live in iowa, Iowa doesn't require an actual license, and i can use my SS# instead since I am a sole prop.

I did need the sales tax ID number, but O well.. now im considered legit..

 

[DB_DRAG_SPL 10+ year member]

See.. I was told I needed a business license, federal tax id, and sales tax id number.. and since I am the only owner, and live in iowa, Iowa doesn't require an actual license, and i can use my SS# instead since I am a sole prop.
I did need the sales tax ID number, but O well.. now im considered legit..

Here in WV we have to have a business license, **** legislators!!!

 

[crunktimes.com 5,000+ posts]

Here in MA all you need is a DBA you can get at your local town hall (about 30-40/yr) or form an LLC (a few hundred). Personally I would start out with a DBA and then go to a LLC if you are doing good after 6 months or so.

 

[bigbangtheory 5,000+ posts]

I suggest what DB drag has mentioned. A lot of good info that he has told you. I don't know much being I have never invested time in my own business and what not, but have a few friends I help out from time to time in theirs. One guy owns his own car audio shop and another guy tints windows out of his van. So I like the van idea, but if you are building your own house, I say do that and build an extra bay and once you get some people under your belt and you do good work, word will spread. You could also do some local advertising and see how that goes. I am sure the jobs will become overwhelming and you will be cursing up a storm why you went this direction and then you will think about the money. I wish you best of luck with your future endeavor.

 

[Beerdrnkr 5,000+ posts]

First, start off with a feasibility analysis than work on a business plan of atleast 3 years. Find out about the competition around you, cost of supplies, and if you can find out how much an average tinter in your area is making that'd be helpful. Are you going to have a special niche? What's going to differentiate you from the other tinters around your neighborhood? Maybe you should see about portable window tinting for the convenience of your customers. In your loan you have to include salary for you to live for atleast 6 months as well.

 

[DB_DRAG_SPL 10+ year member]

First, start off with a feasibility analysis than work on a business plan of atleast 3 years. Find out about the competition around you, cost of supplies, and if you can find out how much an average tinter in your area is making that'd be helpful. Are you going to have a special niche? What's going to differentiate you from the other tinters around your neighborhood? Maybe you should see about portable window tinting for the convenience of your customers. In your loan you have to include salary for you to live for atleast 6 months as well.

I think he realized he doesn't NEED a loan. Everything he wants to do can easily be done within his current financial situation. No need to go that deep in the hole straight out of school. But you are correct in one aspect, he DOES need to do some market research and figure out his target demographic.

 

[Beerdrnkr 5,000+ posts]

I think he realized he doesn't NEED a loan. Everything he wants to do can easily be done within his current financial situation. No need to go that deep in the hole straight out of school. But you are correct in one aspect, he DOES need to do some market research and figure out his target demographic.

What's his current financial situation? I think he does need a loan.

 

[DB_DRAG_SPL 10+ year member]

What's his current financial situation? I think he does need a loan.

In no way does he need a loan, if he eliminates the option of renting a shop, even temporarily, and adding a secion to the house he is planning on building he has no need for a loan. He doesn't need 10,000 worth of materials, no need for 10,000 worth of advertising. He can EASILY start this business up for $5-7,000. Why owe someone money when he has the startup capital in the bank?

 

[Beerdrnkr 5,000+ posts]

In no way does he need a loan, if he eliminates the option of renting a shop, even temporarily, and adding a secion to the house he is planning on building he has no need for a loan. He doesn't need 10,000 worth of materials, no need for 10,000 worth of advertising. He can EASILY start this business up for $5-7,000. Why owe someone money when he has the startup capital in the bank?

Sorry, I didn't see that he owned his own house or how much money he had in the bank. Either way, it's always riskier having a home based business and making it a business type environment. Would his shed or garage include plumbing and all the amenities needed including a lounge area, I don't think he'd like everyone walking around his house and might make clients uncomfortable. How will neighbors feel about the traffic the business brings? You need to do a lot more research.