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Starting my own business - how do I do it?

Discussion in 'The Lounge' started by Blaze, Aug 12, 2003.

  1. Blaze

    Blaze 1/2 ton status

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    I am in the process of expanding my on-the-side Trans Am restoration parts business (read: not making enough to claim) into an official business that I can sell performance parts at a discounted price. I am also planning on buying a machine shop in a few years and building crate motors offered with a warranty. I have no idea how to even begin. My dad is looking into it, but any advice from an actual business owner would be excellent. /forums/images/graemlins/1zhelp.gif /forums/images/graemlins/1zhelp.gif /forums/images/graemlins/thinking.gif
     
  2. Hardcore

    Hardcore 1/2 ton status

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    See your local Chamber of Commerce and Better Business Bureau. THey'll tell you the steps to follow as well as show you the easiest way to get tax benefits and any kind of government help for new businesses.

    Good Luck
     
  3. Z3PR

    Z3PR Banned

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    Contact the SBA about grants and or loans too get it started.
     
  4. k20

    k20 3/4 ton status

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    [ QUOTE ]
    I am also planning on buying a machine shop in a few years and building crate motors offered with a warranty. I have no idea how to even begin.

    [/ QUOTE ]
    When ya get that done, wanna give me a job? /forums/images/graemlins/cool.gif Thats basically what I wanna do, but I dont know about the initial costs involved. Least as a start off thing. Movin to greensboro wouldnt be too big of a deal, only a couple miles up the road.
     
  5. Blaze

    Blaze 1/2 ton status

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    Seriously, keep in touch with me. I'll remember ya when the time comes. /forums/images/graemlins/thumb.gif
     
  6. k20

    k20 3/4 ton status

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    /forums/images/graemlins/thumb.gif will do........now i just gotta finish that last pesky yr of highschool.
     
  7. MudNurI

    MudNurI 1/2 ton status

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    Before you head to the Chamber or BBB- contact an accountant- they will help you set up a business plan, which you will need for any sort of funding etc.... and also to fill you in on what type of corp you want to be, an LLC, a Sole Propiertership- INC, etc...there are BIG differences in these in many ways- including your personal liability should anything happen and you end up defaulting on any liabilities etc....
    The accountant should be able to walk you through the entire proess- and recommened a lawyer to draw up your papers, file with the state the feds etc... check local zoning laws, if you live in a residential district, can you or cant you use your home etc....

    selling performane parts or any -parts, at a discount is not as easy as it sounds...you have to find a middle man- (distributor) many of them require a minimum purchase, or you'll end up with a drop ship, which is actually what Steve has here with CK5, when I bought my brake lines- they put the a copy of the invoice in the box, which means I know what Steve paid for them compared to what I paid for them...do you want your customers to know this???

    Most products are only available from distributors until you have enough $$$$$ to purchase large amounts directly from the manufacturer- this could work against you...you will have to pay a middle man, and instead of you getting that extra 10% that he gets- he pockets it, leaving you with the choice of either raising your prices, or only making 5-7% on stuff.

    We have owned a number of businesses- if you have any other questions- let me know...

    Brandy
     
  8. Leadfoot

    Leadfoot 1/2 ton status Premium Member

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    Sorry to Hi-jack, but the answer to my question(s) might help as well.

    I am thinking of becoming a "service" business. I will not be selling "goods", just my services. I have been doing lawncare on the side for 14 years. I have two trucks which I use, two trailers (one needs some work), two commercial mowers, and tons of peripherals. My father is retiring next Spring and I wanted to make my business official. I would supply the work and equipment and I would pay for his labor. I would do some work and pay him and others to work for me.

    I have done some checking into liability insurance $$$, and seeing what it takes to register. I would be taking out a loan (for some additional equipment), but I did not know if I could do that before I became a registered business.

    I would like to talk to an accountant and lawyer, but what am I looking at as far as cost (I'm assuming most would charge, at least minimally, for their time/effort).

    I have a business plan and mission statement, the equipment/means to start, a strong customer base, and manpower, what else is needed?
     

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