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Anyone in here own a small business
Posted on 9/7/15 at 5:33 pm
Posted on 9/7/15 at 5:33 pm
For a long time i've wanted to start a small family type business. I've saved a good amount of money over the years working. But i don't have much experience in management & all the other paper work BS that comes with being a business owner.
Should i take some business classes before i start to invest or just hired a lawyer to handle it?
Should i take some business classes before i start to invest or just hired a lawyer to handle it?
This post was edited on 9/7/15 at 5:34 pm
10
Posted on 9/7/15 at 6:13 pm to AU24
I set up an LLC for my wife's photography business. What types of questions do you have?
Posted on 9/7/15 at 6:24 pm to AU24
Yea, a very very small business. I'm only employee 
What kinda business you looking to start?
What kinda business you looking to start?
Posted on 9/7/15 at 6:27 pm to windshieldman
Small Sporting good store
Posted on 9/7/15 at 6:28 pm to Mo Jeaux
quote:
I set up an LLC for my wife's photography business. What types of questions do you have?
How did you go about your wifes LLC
Posted on 9/7/15 at 6:50 pm to AU24
quote:
Small Sporting good store
Do these things make any money? I honestly don't seeing this going well for you unless you have a SUCCESSFUL mentor who will show you the ropes.
Posted on 9/7/15 at 7:19 pm to AU24
Posted on 9/7/15 at 7:56 pm to I Love Bama
quote:
Do these things make any money?
Doubt it. Inventory control would be a major PITA and you're not only competing with Dick's, Wal-mart, etc. but also Amazon and specialty retailers online. Not real sure how to differentiate yourself from them if you aren't providing some other service.
This post was edited on 9/7/15 at 7:57 pm
Posted on 9/7/15 at 8:19 pm to AU24
Small subcontracting healthcare business.
Posted on 9/7/15 at 9:16 pm to AU24
Accounting would be my biggest pitfall in this situation
Posted on 9/7/15 at 9:32 pm to yellowhammer2098
quote:
quote: Do these things make any money? Doubt it. Inventory control would be a major PITA and you're not only competing with Dick's, Wal-mart, etc. but also Amazon and specialty retailers online. Not real sure how to differentiate yourself from them if you aren't providing some other service.
Im with these guys. Don't do it. I'd personally stay away from retail.
Now do you love guns? There's 100 other ways to make money. Maybe you build custom guns, teach classes on guns, etc.
I'd pay $200 for a class on how to assemble, dissemble, clean, etc. my guns.
Maybe it's $100 basketball seminar?
But you can do that (assuming you love sporting goods) without the overhead of retail or price beating everyone.
ETA:
Matter of fact, if you love sporting goods, you could open a business (opening LLC is super easy) only focusing on assisting sporting goods stores with classes, training, etc.
Hire local HS / college stars = success. No overhead (don't need a building).
This post was edited on 9/7/15 at 9:34 pm
Posted on 9/7/15 at 10:24 pm to LSUTigers00884
Save your money and. don't start or invest in a small business or restaurant...IT IS THE KISS OF DEATH
Posted on 9/8/15 at 9:05 am to AU24
It is very easy to lose everything when you open a retail business. Prior to spending a dime you need figure out how you are going to make money that is different than how Academy is making money. Small businesses get my business when I have a question or want to look at something that a big box store won't let me. The reason is that I usually can get it cheaper elsewhere. You need something beside footballs and shoes to get people in the door.
Posted on 9/8/15 at 9:21 am to tigers1956
quote:
don't start or invest in a small business
Ok, you're one of those people.
Small business is the backbone of this country. A lot of people take the leap of faith and do very well. They also work hard and smart and do something they are passionate about.
I'm going to agree with those that say that retail may not be the best avenue. In retail you're competing with not only the big box stores but Internet stores that never actually touch the merchandise that they sell. They can usually beat a small retailers pricing easily.
This post was edited on 9/8/15 at 9:23 am
Posted on 9/8/15 at 10:56 am to AU24
quote:
How did you go about your wifes LLC
Well, it's mine too. I'm an attorney, so I just set it up and prepared the operating agreement.
Posted on 9/8/15 at 10:57 am to tigers1956
quote:
Save your money and. don't start or invest in a small business or restaurant...IT IS THE KISS OF DEATH
But the write-offs, brah.
Posted on 9/8/15 at 11:10 am to AU24
quote:
But i don't have much experience in management & all the other paper work BS that comes with being a business owner.
Then why do you want to open a business? Not sure I understand why you would want to enter into a venture when you admit you are bad at key business functions.
Posted on 9/8/15 at 11:36 am to AU24
I own a small business (that only loses money) and have an investment in another
a) its really easy to form an LLC. Most states let you do it online without a lawyer. takes a hour or so.
b) if you don't know what you are doing, don't do retail. Its really hard. I own a small percentage of a retail chain, and they have years of experience but still manage to frick up shite all the time.
a) its really easy to form an LLC. Most states let you do it online without a lawyer. takes a hour or so.
b) if you don't know what you are doing, don't do retail. Its really hard. I own a small percentage of a retail chain, and they have years of experience but still manage to frick up shite all the time.
This post was edited on 9/8/15 at 11:37 am
Posted on 9/8/15 at 11:53 am to AU24
quote:
For a long time i've wanted to start a small family type business. I've saved a good amount of money over the years working. But i don't have much experience in management & all the other paper work BS that comes with being a business owner.
Should i take some business classes before i start to invest or just hired a lawyer to handle it?
WHY do you want to go into business, i.e. owning a small sporting goods store?
Business exists to fill a need. What is the need?
Specific to sporting goods retail, it seems like you have people buying stuff online, WalMart, and the bigger box specialty retailers like Dick's and Academy.
In smaller Southern towns, you have Hibbett sports. It seems like they are able to charge a premium because they don't have much competition.
A lawyer will help you with some of the legal organization issues - and I recommend you have one plus a good CPA - but he/she won't do much for managing your business.
Do some research on "business case" and try to put one together. That will require some market research and will require you to spell out how you will run things, projected financials, etc. Working through the process of doing it will tell you if it's a good move or not.
Posted on 9/8/15 at 8:33 pm to AU24
quote:
Small Sporting good store
Had a buddy that owned a hunting and fishing/tackle shop. Academy put him out of business.
People don't have loyalty anymore. They bailed as soon as they could buy a rattle trap for .10 less.
eta - I have my own small business. I'm the only worker and it's service oriented. I started with 3 customers and it was tough and has been a struggle. Hardest thing I've ever done. However, it's also the most rewarding. Once I got over the hump and established a good customer base.. I love the flexibility I have and never have to worry about a lay off or being fired after 15 yrs and will be able to use it for my retirement along with hopefully, some wise investment strategy, now that I can do that.
I'd recommend doing plenty of research, as others have said.. your clientele, overhead, inventory ... retail is tough. And remember, hard work doesn't guarantee success. You have to be smart about it too. I'd be better off right now had I been a little smarter in the beginning with some things. You learn some valuable things in the school of hard knocks, and you remember them well. But it's better if you can bypass that part.
This post was edited on 9/8/15 at 8:58 pm
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