deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6918|Connecticut
I am thinking of becoming a small business owner. I have a pretty vast knowledge of security cctv systems and I am very good at installations as well. I was tossing around the idea of a small business on the side but I have never done it before. The demand for the service is good but I want to invest into it slowly. I own a home but I dont want to take out equity against it because I have a wife and infant child, so if I fail we are not sitting pretty. I was wondering if there are any entrepenuers out there who could offer some advice, some insight or past experiences do enlighten me on the do's and dont's. Thanks.
Malloy must go
ATG
Banned
+5,233|6955|Global Command
Do not, under any circumstances, have a partner.

Incorporate asap.

Never get behind on payroll taxes.

Never do net 30 with your suppliers.

Work for cash whenever possible and no matter hwta, don't think about reporting all your income.

Home and garden shows are great for building contacts.

Internet is everything ( have a website )

Start slow; evenings/weekends and build up 3-4  months of business and living expenses before you quit your job.

Never look back.
usmarine2007
Banned
+374|6793|Columbus, Ohio

ATG wrote:

Do not, under any circumstances, have a partner.

Incorporate asap.

Never get behind on payroll taxes.

Never do net 30 with your suppliers.

Work for cash whenever possible and no matter hwta, don't think about reporting all your income.

Home and garden shows are great for building contacts.

Internet is everything ( have a website )

Start slow; evenings/weekends and build up 3-4  months of business and living expenses before you quit your job.

Never look back.
LLC or not?
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6918|Connecticut
Funny, I have been researching the pro's and cons of limited liability lately. Any advice?
Malloy must go
CameronPoe
Member
+2,925|6981
Go down to Home Depot and pick up some Mexicans.
White-Fusion
Fuck
+616|6977|Scotland

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
Lol, he speaks the truth
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6918|Connecticut

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
lol. Im in Connecticut. Not to much of that up here, Mexicans dont like snow.
Malloy must go
usmarine2007
Banned
+374|6793|Columbus, Ohio

deeznutz1245 wrote:

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
lol. Im in Connecticut. Not to much of that up here, Mexicans dont like snow.
Grab a couple micks...just keep the booz away from them.
ATG
Banned
+5,233|6955|Global Command

usmarine2007 wrote:

ATG wrote:

Do not, under any circumstances, have a partner.

Incorporate asap.

Never get behind on payroll taxes.

Never do net 30 with your suppliers.

Work for cash whenever possible and no matter hwta, don't think about reporting all your income.

Home and garden shows are great for building contacts.

Internet is everything ( have a website )

Start slow; evenings/weekends and build up 3-4  months of business and living expenses before you quit your job.

Never look back.
LLC or not?
yes
joker3327
=IBF2=
+305|7024|Cheshire. UK
Set up and do rich peoples homes only......that way if your business goes down the pan you could turn to burglary and you would'nt even need to break in !!  jk
usmarine2007
Banned
+374|6793|Columbus, Ohio
I would suggest going into tie airplane parts business.  For example.  A soap dispenser in the lavatory of an Airbus A319 is $375.00 US dollars.  It is just a plain old soap dispenser you would find in a restaurant......nothing special.  Talk about a scam.
Pug
UR father's brother's nephew's former roommate
+652|6968|Texas - Bigger than France

deeznutz1245 wrote:

I am thinking of becoming a small business owner. I have a pretty vast knowledge of security cctv systems and I am very good at installations as well. I was tossing around the idea of a small business on the side but I have never done it before. The demand for the service is good but I want to invest into it slowly. I own a home but I dont want to take out equity against it because I have a wife and infant child, so if I fail we are not sitting pretty. I was wondering if there are any entrepenuers out there who could offer some advice, some insight or past experiences do enlighten me on the do's and dont's. Thanks.
Talk to a local CPA about formation issues - choice of entity.  LLC, Partnership, C-Corp, S-Corp, - lots of choices depending on what you want to do.

If it's a small business "on the side" then you could just do it as a sole proprietorship, although if your state allows for a Single-member LLC, there will be a little more liability protection.

Write a business plan - it will make you think of things you haven't before.  Oh, and don't listen to other people how they made their mark or what to do - old business models are left behind like bad technology.  The most successful business models are the ones that haven't been created yet, and weren't even perceived as a possibility of those with a dominate share in a market...  Think of Napster, Starbucks, HP, Google, Apple....these are companies that blindsided the competition because they created a new model out of their garage...  Or you could milk the cow and copy what others are doing...

But I'm idealistic...
Bubbalo
The Lizzard
+541|6987

ATG wrote:

Work for cash whenever possible and no matter hwta, don't think about reporting all your income.
Indeed, lest the evil communists should use it for flowers and happiness!

Seriously, this from a guy complaing about illegal labour....................
Pug
UR father's brother's nephew's former roommate
+652|6968|Texas - Bigger than France

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
Weird thought:

1) Home Depot is in Ireland?
2) There's Mexicans in Ireland?
3) All the Mexicans hang out at Home Depot in Ireland?
Bubbalo
The Lizzard
+541|6987
There you have it folks, conclusive proof that Ireland is actually ruled by Mexico's Home Depot.

My only thought would be you should try to find a financial planner to see if they can help with security before you risk anything.
CameronPoe
Member
+2,925|6981

Pug wrote:

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
Weird thought:

1) Home Depot is in Ireland?
2) There's Mexicans in Ireland?
3) All the Mexicans hang out at Home Depot in Ireland?
Yeah they all try and swim over here across the Abhainn Mhór (Rio Grande in Gaeilge)...
Parker
isteal
+1,452|6820|The Gem Saloon

deeznutz1245 wrote:

I am thinking of becoming a small business owner. I have a pretty vast knowledge of security cctv systems and I am very good at installations as well. I was tossing around the idea of a small business on the side but I have never done it before. The demand for the service is good but I want to invest into it slowly. I own a home but I dont want to take out equity against it because I have a wife and infant child, so if I fail we are not sitting pretty. I was wondering if there are any entrepenuers out there who could offer some advice, some insight or past experiences do enlighten me on the do's and dont's. Thanks.
if you break down EVERYTHING...all of it....what would be your initial investment?
cause i know if i would have done a FULL initial investment i would be in the hole oh about $175,000.
however, since i took it slow and purchased pieces of machinery WHEN i made enough profit i have no debt.
can you elaborate any further on the cctv side of things?
does that include motion detectors?
the main thing is knowing your finances before you get into it.
first thing i would do is make a prospectus of what you think your income would be for 12 months.
break it down monthly, weekly and even daily if need be. but once you have decided what a realistic number is for your first year of business, find out how you will attract customers so you can reach that goal.
and you need to be strong....i cant tell you how many times ive just said fuck it. especially in the industry that i am in, older people do not like when younger people come along and can do what they do. keep your eyes on the prize, and like ATG said, dont look back.
good luck, and please keep us updated......
Parker
ATG
Banned
+5,233|6955|Global Command

Bubbalo wrote:

ATG wrote:

Work for cash whenever possible and no matter hwta, don't think about reporting all your income.
Indeed, lest the evil communists should use it for flowers and happiness!

Seriously, this from a guy complaing about illegal labour....................
This is from a guy is done with trying to be 100% legit competing with illegal aliens.

I have a shop, a 2 million dollar insurance policy, licenses for most cities I work in, contractors license. For employee withholdings there is workers comp, which is .19 cents on the dollar, edd, social security, state disability. Twice a year I get inspected by the fire department. I'm having to open up two seperate corporations because i am also now doing retail sales which has ruined my other company ( on paper ).

I get the, well, Jose will do it for X amount of dollars.

Don't call me a hypocrite because my federal government has failed do to its job. What, is it my responcibility that the government lets these guys operate out of their garage.

Heres how it works in my trade;
A hire Julio, who turns out to be a good worker and learns the trade. He decides to go into business for himself. Fair enough, but because of his Meximentality and lack of a legal status he never takes steo one of the step I outlined above that ar involved with running a business.


His advantages; he can work cheaper and not have as much liability. He works for cash.
His disadvantages; if somebody gets hurt he's perhaps criminally liable, but because he's already guilty of identity theft he never gets prosecuted; he simply changes his name!

My advantages; Large projects require insurance and licenses. I can charge a premium because I am legit.
Also, because I don't have a Meximentality they can't touch my quality, so I dominate the high end work for home owners. I can advertise in the papers, they ave to hand out busines cards.

The situation in America is a giant cluster fuck.
JahManRed
wank
+646|7054|IRELAND

All I can add to ATG's good advise (particularly the partner bit) is.........
Get a good accountant/auditor to do your accounts. Not sure about USA, but the tax system can be worked in the UK by a good accountant. I payed £300 in income tax last year. (Sounds little, but we are heavily taxed in other ways too. National Insurance & Value Added Tax to name a few. )If I had done my own taxes last year I would ave payed £5000 easy. I pay my accountant £1000 to do my books. He also sends his clients to me and I make money off them more than paying his fees and I recommend my clients to him. Capitalism FTW!

It can be scary at times, but knowing every effort you make all day goes to making you and your family money and not some other guy, is the ultimate reward. Quite motivating.
Homie22
Member
+34|7037|Orange County, California

deeznutz1245 wrote:

Funny, I have been researching the pro's and cons of limited liability lately. Any advice?
ya specially having a partner that is in the family lOL
travisb05
bullseye (+)
+58|7125|U.S

deeznutz1245 wrote:

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
lol. I'm in Connecticut. Not to much of that up here, Mexicans dont like snow.
you might be wrong my school is full of Mexicans and i live in Wyoming it snows more here that Connecticut.
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6918|Connecticut

travisb05 wrote:

deeznutz1245 wrote:

CameronPoe wrote:

Go down to Home Depot and pick up some Mexicans.
lol. I'm in Connecticut. Not to much of that up here, Mexicans dont like snow.
you might be wrong my school is full of Mexicans and i live in Wyoming it snows more here that Connecticut.
You are right, I might be wrong. But I am not. Connecticut has an overwhelming population of Puerto Rican's, not so many Mexicans.
Malloy must go

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