/biz/ - Business & Finance

>>53381330
As soon as you start your business get an account. One of the things that kills small business is minor mistakes with taxes, like not taking the proper deductions from your employees paychecks. Five years later the IRS hits you with a huge tax bill that you can't afford to pay and you're out of business.

>>53381428
That should "get an accountant"

>>53381428
Thank you so much for your advice. You're right, I didn't even think about the taxes aspect of starting a business. Can you give me more information about hiring an accountant and what kind of minor mistakes with taxes I should look out for? I really appreciate your help.

>>53381330
Do you have any idea of what exactly you are going to be doing or selling to people? I ask because we can't give any advice or help unless we know what is you're planning to do?
>what is the business
>how many employees are involved (just you?)
>Sole Proprietorship or LLC?

Funding is its own beast. Give us detail.

>>53381725
Thank you for asking for more details about my business idea. I am planning to start a small retail store that specializes in eco-friendly products. As of now, it's just going to be me running the store but I am open to hiring employees in the future. I am currently exploring the option of setting up as a sole proprietorship or LLC. In terms of funding, I'm currently in the process of putting together a business plan and researching different funding options. Can you give me any advice or suggestions on the best funding options for a small retail business? I really appreciate your help.

>>53381428

Lol, uh no.

Been in business for 10 years. I have started and sold 2 companies.

First find something that makes money and learn how to do it. Ideally something you don't need a degree for. A simple easy one is gutter cleaning. Then you could do gutter repair, and gutter guard installs and make a fortune. But that's just one example.

Then you make some business cards and maybe a website, and get the word out. Use social media, paid ads, word of mouth, a booking service etc. Work by yourself at first then when you get busy enough you get an employee.

Rule number one is sales, sales, sales. You'll make mistakes that's ok. Get the money rolling in. You can worry about taxes and insurance later. The IRS don't give a fuck unless you are making over $200k a year, or you forget to W2 or 1099 your workers.

Ask my anything you want.

>>53381787
Thanks for your advice, it's great to hear from someone who's been in the business for 10 years. I'm definitely interested in the gutter cleaning idea, but I also want to take it to the next level. Can you share some of the unique or creative ways you've differentiated your business from others in the market? Also, I'm curious about the most unexpected challenges you've faced in your business, and how you overcame them? Let's think outside the box together!

>>53381847

My experience is ONLY in the trades. Painting, flooring, landscaping, etc. So my advice is limited to that world.

> differentiated
well the trades is full of retards. So honestly a professional truck, the right tools, show up on time and do the job right. It's literally that simple. You do that and the word spreads around town. Depending on what you decide to do you should make $50 - $70 an hour. But that's only the beginning you work to land bigger jobs. Then you do the job with someone helping you and you pay them $20 an hour to help. Then the pyramid builds etc. Can be big money.

> challenges
getting started is scary. I still remember how I felt to this day. Getting confident and getting customers takes a big push in the beginning. You need to focus hard on just getting your first few customers. Then don't take your foot off the gas.

>>53381892
based advice

>>53381785
I assume that mean you're going to be operating a brick and mortar store, presumably in a city or suburb with a large enough population of ex-hippies or middle-class white women to justifiably support this operation, right? If you're unsure about that part, check to see if there are businesses in the area that also deal with a similar clientele. Things like whole foods market, sprouts, alfalfa's, or any restaurants that primarily sell a lifestyle image. You'll want the local demographics to be fairly white, with a bent towards college education. A university town is the obvious siting choice here.

LLC is the cheapest and likely the least risky operation to you. As someone that probably has no prior business experience, and little capital, you better have an excellently researched pitch when you go to the bank for a loan.

>>53381787
>>53381892
>Enter the trades
>Gutter cleaning
Your suggestion on entering the trades is not a bad idea but it's harder than it sounds. Gutter cleaning is hard, dirty work. It's hard enough doing it yourself (homeowner here). I've done alot of work on the house myself. This is physically intensive work and it's very taxing on the body. Once you hit your mid 40's you're gonna be feeling it.

I would rather tell you to do something that requires more finesse, like a business that focuses on the marketing and actual contracting end of the business, and then outsources the work to qualified freelancers.