So, I've got a question to those of you who have started your own small business.. Any help, suggestions or oppinions would be a great help. I met with CPA about our family tax situation last week, and he thought that starting my own small business might not be a bad idea. I'm getting more and more side work and he suggested that it would be a good idea to make sure that I don't get into any "situations". In the fall, I winterize sprinkler systems for some extra money, and will do some car work for friends here and there, as wel las some some other odds and ends stuff. I don't make enough money to put me on the radar, but I guess it's fairly close and growing little by little. I'm just wondering how much work is involved with starting it, and keeping books? Is it worth it, or should I not worry about it? Thanks,
You looking to do this as a full time or a part time gig? Remember part time, you still keep all your health and dental insurance from your full time employer. That could be very important. Also the part time deal will let you bring in money on top of what you already make. Or you could be like me and struggling to keep everything with the money your making A new Full Time job may be in my near future aside from my graphics business with the slow season coming. You can pm me if you have any other technical info you have questions on. Dave
always worth it.. do it right, do it smart.. then you wont be one of the guys pissing and moaning in here about selling your car tp pay bills etc.. working hard and doing it for yourself will al ways be way more rewarding... yes even coming from a guy who own a Franchise and failed ha ha ha I hate working for the man now... so ma looking to how I can get back under my own thing...
Yeah what he said to lol /\ I am trying really hard and im still pissing and moaning to pay my bills. Rule number 2 dont get in over your head with things you own.
^^ keep the overhead minimal till you are making ching ching... thats what killed us.. we went into it with 1.7M overhead... bought land, built a really nice building... yep.. we could have started with less and maybe still be in there...
It would just be a weekend "extra income" deal, and more to cover my a$$ incase I get audited. I'm smart about it now - not depositing the extra couple of bucks, but I don't need to get into any situations. It definatley wouldn't be a full time deal, I do well enough at my 9-5 job that it would take a friggin miracle to even come close to making it worth while to work for myself. My CPA said that it is fairly cheap and easy to get an LLC from the state. What is that process like and what does it involve?
Damn little. You fill out a form and file it with the state and pay a fee (under $150 iirc). There are a few other steps that are a good idea. I've done it. Give me a ring sometime.
