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Invisiblewildernessjunkie
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Im going into business
    #14309653 - 04/17/11 11:21 PM (12 years, 10 months ago)

Im making the leap of faith. Going into business for myself. Ive never done this before and would like to hear any tips from people that have done it or are currently doing it.

Tips on: Marketing, Tax write offs, general business practices...etc.

Anything you might think is important for a new kid to know.

BTW this is a legit, over the counter, and above board business. Working on registering it and everything.

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Invisiblethescientist
Registered: 03/09/02
Posts: 807
Loc: Dade County
Re: Im going into business [Re: wildernessjunkie]
    #14310231 - 04/18/11 02:11 AM (12 years, 10 months ago)

what is your business idea....generally?

TS

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Invisiblewildernessjunkie
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Re: Im going into business [Re: thescientist]
    #14310249 - 04/18/11 02:20 AM (12 years, 10 months ago)

Im a one on one private instructor. With the ability to do small classes. This is something that I already do at a more advanced level than most in my profession. Im wanting to do some instruction on the side at a more basic level.

Edited by wildernessjunkie (04/18/11 02:24 AM)

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OfflineWunderlandSpice
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Re: Im going into business [Re: wildernessjunkie]
    #14310933 - 04/18/11 08:41 AM (12 years, 10 months ago)

Register a DBA with the state which you live withen.  You must then publish that in a local paper to be a legal working identitiy within that state.  Total cost like $60, but assures the state you are attempting to be as legit as possible.  It will also make it easy for tax deductions at the end of the year. Save receipts.


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Invisiblewildernessjunkie
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Re: Im going into business [Re: WunderlandSpice]
    #14311988 - 04/18/11 01:19 PM (12 years, 10 months ago)

The DBA is already in the works. Didnt know about the newspaper bit, but will do. Also will be getting business cards.

Thanks for the feedback.

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Invisiblewildernessjunkie
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Re: Im going into business [Re: wildernessjunkie]
    #14317459 - 04/19/11 01:28 PM (12 years, 10 months ago)

Any idea if the DBA is good in other states too? If I move or do out of state business will I have to register in each state?

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Offlinenice1
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Re: Im going into business [Re: wildernessjunkie]
    #14318006 - 04/19/11 03:08 PM (12 years, 10 months ago)

Number 1 thing is getting customers - for you word of mouth with friends and family and local freeads will be best to get going.

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Invisiblewildernessjunkie
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Re: Im going into business [Re: nice1]
    #14318077 - 04/19/11 03:22 PM (12 years, 10 months ago)

I should only need a few customers to get me going. This is just a side gig to help supplement my income. If I can teach 2-3 customers consistently per month, Ill be making money. And if those customers are serious about learning, each one would be with me for anywhere from 6 months to a year and a half.

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InvisiblePassiveAgressive
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Re: Im going into business [Re: wildernessjunkie]
    #14323886 - 04/20/11 04:31 PM (12 years, 10 months ago)

Quote:

wildernessjunkie said:
Im making the leap of faith. Going into business for myself. Ive never done this before and would like to hear any tips from people that have done it or are currently doing it.

Tips on: Marketing, Tax write offs, general business practices...etc.

Anything you might think is important for a new kid to know.

BTW this is a legit, over the counter, and above board business. Working on registering it and everything.





An accurate understanding of human psychology is nice, also check out the enneagram. Being able to understand people's feelings and personalties well enough to manage them in an effective way is a plus.

Get an accountant/banker if you can, the sooner the better; touching your money will kill your business, plus they deal with other people like you everyday and understand where you are and what you aspire to do. If they help build your business they get a cut from keeping you organised in the ways that they can.

If you come to the table able to run you should find a good secretary, they will save your career from yourself, don't be your own worst enemy, there are plenty of those to come.

Keep asking relevant questions. Surround yourself with people who are doing the same and aspire to what you want.
:popcorn::2cents:


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Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared. - Prince Gautama Siddharta, the founder of Buddhism, 563-483 B.C.

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Invisiblewildernessjunkie
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Re: Im going into business [Re: PassiveAgressive]
    #14325901 - 04/21/11 12:32 AM (12 years, 10 months ago)

Accountant: Check! Shes also helping me register my DBA.

Secretary: Shouldnt need one for now. Maybe if I hit it big, Ill need one later.

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InvisiblePassiveAgressive
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Re: Im going into business [Re: wildernessjunkie]
    #14325965 - 04/21/11 12:53 AM (12 years, 10 months ago)

Learn to draw up a valid business plan. If you should ever need a legitimate loan you'll need to convince the lender that you're idea is either proven/worthy.


--------------------
 
(\___/)
(= ‘.’=)
(”)__(”)
:amanitajar:


Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared. - Prince Gautama Siddharta, the founder of Buddhism, 563-483 B.C.

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Invisiblewildernessjunkie
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Re: Im going into business [Re: PassiveAgressive]
    #14326013 - 04/21/11 01:18 AM (12 years, 10 months ago)

Know any good sources or links on how to draw up a business plan?

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Offlinenice1
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Re: Im going into business [Re: wildernessjunkie]
    #14326495 - 04/21/11 06:02 AM (12 years, 10 months ago)

http://www.princes-trust.org.uk/PDF/BP_Business_Plan_Workbook_apr10.pdf

I got my first business loan from these guys ^^^  they also do advice.

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InvisiblePassiveAgressive
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Re: Im going into business [Re: wildernessjunkie]
    #14326632 - 04/21/11 07:13 AM (12 years, 10 months ago)

Quote:

wildernessjunkie said:
Know any good sources or links on how to draw up a business plan?




I would scour for info on the net, in reality it isn't that hard to do if it's legit. A business plan isn't hard to do if you do your homework first.


--------------------
 
(\___/)
(= ‘.’=)
(”)__(”)
:amanitajar:


Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared. - Prince Gautama Siddharta, the founder of Buddhism, 563-483 B.C.

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InvisiblePassiveAgressive
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Re: Im going into business [Re: PassiveAgressive]
    #14327155 - 04/21/11 10:41 AM (12 years, 10 months ago)

I guess I have one more thing to add. It may well be worth your time to consider something new vs. old. That is to say to begin considering buisness paths and tactics which weren't in use only 5 years ago. It makes sense to me that if you follow the guidance of those who came before (buisness wise) it may well lead you to the same pools of failure which they have drank from. Check this video out, maybe you can get some inspiration from it?

It's about open source blueprints... from TED.COM out of Berkley Ca., highly credible group. The subject is a physicist turned farmer. Apparently, using all his brain power, farming was the logical outcome.
http://www.ted.com/talks/marcin_jakubowski.html

Makes sense to me.

|

|


--------------------
 
(\___/)
(= ‘.’=)
(”)__(”)
:amanitajar:


Thousands of candles can be lit from a single candle, and the life of the candle will not be shortened.
Happiness never decreases by being shared. - Prince Gautama Siddharta, the founder of Buddhism, 563-483 B.C.

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OfflineWunderlandSpice
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Re: Im going into business [Re: PassiveAgressive]
    #14327782 - 04/21/11 01:37 PM (12 years, 10 months ago)

The DBA will be have to registered in each state that you are working in.  Here is a quick page that shows the simple steps Click Here


--------------------
$15+ in Freebies with every single order!  Plus use the coupon code, 'Mush10' for 10% off your entire order at our Wunderland Herbal Store  We sell herbal blends infused with JWH-250 and JWH-122.

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OfflineFollowTheMusic
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Re: Im going into business [Re: wildernessjunkie]
    #14333150 - 04/22/11 12:38 PM (12 years, 10 months ago)

Just to note, a sole proprietor operating under their legal name usually doesn't need a DBA. Also be aware a DBA offers very minimal protection; in particular your personal assets are still exposed to lawsuits and such. You'd need something like an LLC or S-Corp to isolate them. Obviously this rarely comes up for private lessons :-) But good to know.

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Invisiblewildernessjunkie
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Re: Im going into business [Re: FollowTheMusic]
    #14333208 - 04/22/11 12:51 PM (12 years, 10 months ago)

Funny you should bring that up. My accountant, who is helping me register my DBA, just said the exact same thing. So an LLC it will be.

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OfflineCherk
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Re: Im going into business [Re: wildernessjunkie]
    #14348205 - 04/25/11 09:41 AM (12 years, 10 months ago)

look into local ordinances and zoning laws and weigh the risks before you pimp this out of your home


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I have considered such matters.

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OfflineWunderlandSpice
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Re: Im going into business [Re: FollowTheMusic]
    #14348441 - 04/25/11 10:50 AM (12 years, 10 months ago)

Quote:

FollowTheMusic said:
Just to note, a sole proprietor operating under their legal name usually doesn't need a DBA. Also be aware a DBA offers very minimal protection; in particular your personal assets are still exposed to lawsuits and such. You'd need something like an LLC or S-Corp to isolate them. Obviously this rarely comes up for private lessons :-) But good to know.




This is correct but I was under the impression they would be filling working under their own name and not LLCing.  LLC ftw though


--------------------
$15+ in Freebies with every single order!  Plus use the coupon code, 'Mush10' for 10% off your entire order at our Wunderland Herbal Store  We sell herbal blends infused with JWH-250 and JWH-122.

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