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Anyone own a small business?

Discussion in 'Jobs & Careers' started by toyotadude5, Nov 5, 2010.

  1. Nov 5, 2010 at 11:56 PM
    #1
    toyotadude5

    toyotadude5 [OP] Breazeale- Pronounced Brazil

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    chris
    Flagstaff, az
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    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.
     
  2. Nov 6, 2010 at 12:43 AM
    #2
    BakoTruck

    BakoTruck Well-Known Member

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    Herbie Hancock
    Bakersfield, CA
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    Mostly stock for now, I have added a cb radio, various cheap mods and I plan on adding aftermarket wheels and other items in the future.
    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!
     
  3. Nov 6, 2010 at 4:24 PM
    #3
    snoope

    snoope Well-Known Member

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    toyotadude5,

    Find an accountant you can TRUST,then ask these questions....If they know their stuff..everything should fall into place...from local permits to IRS and all things in between.

    My wife is self employed and through the years we BOTH have been...our accountant has always been a GREAT a$$ett.....plus it frees your time up to GROW your business...
     
  4. Nov 6, 2010 at 7:10 PM
    #4
    toyotadude5

    toyotadude5 [OP] Breazeale- Pronounced Brazil

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    cool. Where do i find a good accountant? Im not sure if this is the way for me to go because our business is going to be so small, we wont be making a ton of money right off the bat.
     
  5. Nov 7, 2010 at 6:49 AM
    #5
    snoope

    snoope Well-Known Member

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    If your town has a small business chamber,a chamber of commerce or any organization to assist..turn to them.
    The way most towns and cities survive is to help the "little guy" jump through the "hoops"...
    Most accountants ( the GOOD ones) have either a set-rate or work out a yearly plan for your business ( they want you to survive too, they do not get paid if you can't make a living)...
    Make a set of questions when interviewing them;
    1) do they understand what your business is?? does??
    2) do they have experience in filing quarterly's for this type of business?? 3) can they assist in the licensing process for ALL agencies,local ,state and federal??
    4)can they help you with payroll ??,insurance ideas??...

    Once you find one who "Understands" you & your business,everything falls into place;Connie and I have used two accountants since 1987..one in NH and the other in Florida ;).....I think some would call that a "strong relationship";):cool:....

    Good luck and again keep ASKING QUESTIONS till the answers fit YOUR needs....
     
  6. Nov 7, 2010 at 6:51 AM
    #6
    paintdiddy

    paintdiddy Machine gun shits

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    what he said.i let my accountant handle everything.
     
  7. Nov 7, 2010 at 7:06 AM
    #7
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    Marcelasaurus
    AB, Canada
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    Check Build Thread!!
    just outta curiousity, whats airdoft?
     
  8. Nov 7, 2010 at 7:10 AM
    #8
    paintdiddy

    paintdiddy Machine gun shits

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  9. Nov 7, 2010 at 7:15 AM
    #9
    kinetik873

    kinetik873 Well-Known Member

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    OME 3" lift, ARB bumper,DTRL, CB radio in console, 5lb fire extinguisher in bed. SockMonkey decals, Allpro rear bumper, UWS 42" bed box, Wet Okoles all around, snorkel, Pioneer Av3200, ..yadda yadda yadda
    check out S.C.O.R.E (service corps of Retired Executives) its a gov't program to help business startups, they'll got ober everything with you from taxes to liscensing, etc, and its free.
     
  10. Nov 7, 2010 at 12:22 PM
    #10
    toyotadude5

    toyotadude5 [OP] Breazeale- Pronounced Brazil

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    Yes i meant airsoft haha. Thanks for the help guys.
     
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