Originally Posted by toyotadude5
Im looking for some help or info from anyne that has experience with business ownership.
My friend and i are looking to start up a very small airdoft business out of a enclosed trailer just to start out. We would eventually like to move to a building and bigger and better business.
I need to know what we need to get the ball rolling. How are taxes done? What and where do i get a business license? What kind of insurance do i need? And a ton of other stuff.
If anyone has any help or info i appreciate it. We are trying to just start out really slow, so we dont get in over our heads with rent and property taxes and everything.
I once owned a small internet company and was once in the same boat as you with a bunch of questions.
What I did was get on Google and I started doing a lot of research on the questions I didn't know.
I'm not sure how it would work with selling things out of a trailer if it's moving from one location to the other. But if it's stationary, I'm sure it wouldn't be a problem.
It depends on the state, because every state has different laws.
You will need to get set up through the department of commerce for your state or city.
Here go here: http://www.business.gov/states/arizona/start.html
1.) This should be the place where you will get a license and possible Employer Identification Number.
2.) You don't need insurance if you own all your own stuff. However, if you want to expand and apply for a small business loan, the bank will require that you insure your products and business property. Insurance is not required for a business license.
3.) Taxes are done differently per state. But in Arizona they will probably due it quarterly, or 4 times a year. They will send out a piece of paper to put down all your sells for each month, and put down how much you received in 'sales tax'. This amount you will not
put back into the business, but save and send to the county or state every quarter.
At the end of the year they will send out a different paper where you can put down all your tax write offs. And if you have employees, they will send out information for that too, and send it back.
Sounds like a plan to start out slow and small. Just remember that your life will change, you will be working many hours.
One tip I will give is that you have got to keep on your toes, in other words, you have got to keep the business moving. Keep trying to make the business better and more efficient for your customers and yourselves.
Why? Because if you don't, they'll just go somewhere else.........
Anyways good luck!