Jiddy
Well-known member
Wanted to ask someone who owns a small business some questions, do any of you?
Anyone own a business?
- Thread starter Jiddy
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wrightme43
Well-known member
Yep same here. Its only 14 months old though.
WaterDogs
Well-known member
I had my own business for 10 years I'll try and answer your questions. 
DonW
R.I.P.
Yes, for a decade or so.
Don
Don
Jiddy
Well-known member
Was wanting to start my own dry cleaning business, something i know how to from a operations point, i have a location area and know how to get the equipment, was kind of wonderin about how to acquire a buisness permit and business loan?
MCSInc
Reef Enthusiast
We own our own business. It is a small mom and pop style computer repair shop/internet cafe. I also do some small business bookkeeping but things could be different in S. Dakota . So ask away.....
. So ask away.....
DonW
R.I.P.
First and formost you need a business plan!!!! You need to know every single cost involved in running such a business, absolutly no surprises.
A few examples: Insurance with at min. 1.5 m liability coverage, electricity and other utilities, most power companies will tell you the avg kw used by a specific type of business, Advertising, yellow page adds are expensive upwards of 12k per year, Lease cost to include tripple net, Paper products like letterhead, invoices and repair tags also expensive, Lawyer's fee's, Incorporation cost, Accounting fees, Taxes state and local, Taxes federal to include employment taxes, Enviromental taxes, Enviromental permits, Fire permits, Occupancy permits, Alarm permits, Sign permits, Dont forget the signs you will fall out of the chair when you find out how expensive they are. Right down to the toilet paper you and your employees are going to use.
Honestly I could go on and on for days but you really need to take some business start classes or get alot of help from the SBA. New start-up ventures are very expensive, you may want to look at a buy-out. A solid business plan, cash and real assets are what you will need to prove to the bank you are serious and can make it work.
Don
A few examples: Insurance with at min. 1.5 m liability coverage, electricity and other utilities, most power companies will tell you the avg kw used by a specific type of business, Advertising, yellow page adds are expensive upwards of 12k per year, Lease cost to include tripple net, Paper products like letterhead, invoices and repair tags also expensive, Lawyer's fee's, Incorporation cost, Accounting fees, Taxes state and local, Taxes federal to include employment taxes, Enviromental taxes, Enviromental permits, Fire permits, Occupancy permits, Alarm permits, Sign permits, Dont forget the signs you will fall out of the chair when you find out how expensive they are. Right down to the toilet paper you and your employees are going to use.
Honestly I could go on and on for days but you really need to take some business start classes or get alot of help from the SBA. New start-up ventures are very expensive, you may want to look at a buy-out. A solid business plan, cash and real assets are what you will need to prove to the bank you are serious and can make it work.
Don
Jiddy
Well-known member
Well see my gpa owns a Amoco here, so he knows how to do that starting a business thing, so he can be there with me to do this, i was curious on what steps i needed to take, and i have some (not much) business classes already, just wanted to ask you guys.
Thanks for the help Don and others, i know a buy out would be ideal, but the whole reason this business will work is because it hasnt been tried in this area before. Meaning my base town, not the metropolis of Rapid City, so it would pretty much be base business
How do you acquire a business loan?
Thanks for the help Don and others, i know a buy out would be ideal, but the whole reason this business will work is because it hasnt been tried in this area before. Meaning my base town, not the metropolis of Rapid City, so it would pretty much be base business
How do you acquire a business loan?
DonW
R.I.P.
I forgot the most important piece of advice that I could give.
If your marriage is not ROCK solid and WELL established wash the idea from your brain and keep your job!!!!!!!!!!!!!!!!
If your marriage is not ROCK solid and WELL established wash the idea from your brain and keep your job!!!!!!!!!!!!!!!!
DonW
R.I.P.
You will not get a loan from anyone unless you have a business plan. In order to build a business plan you need to know everything I've listed above and much much more.
The is a agengy called the Small Business Administration, contact your local office.
I really like your way of thinking. No cleaner in this tiny little town so you get all the business. Sorry bud it doesnt work that way anymore. Got to your local city community development office. They can assist you with the statistical data that you will need to prove that your business plan will work. You see to a bank no competition is a negative thing. They would rather loan you money to move next door to a reputable competitor and let you fight it out until one of you goes broke.
But again think long and hard about your marriage and when your done think about it again.
Don
The is a agengy called the Small Business Administration, contact your local office.
I really like your way of thinking. No cleaner in this tiny little town so you get all the business. Sorry bud it doesnt work that way anymore. Got to your local city community development office. They can assist you with the statistical data that you will need to prove that your business plan will work. You see to a bank no competition is a negative thing. They would rather loan you money to move next door to a reputable competitor and let you fight it out until one of you goes broke.
But again think long and hard about your marriage and when your done think about it again.
Don
Jiddy
Well-known member
Thanks Don, ill just stick to my nightJob, RF protector from Peta!
wrightme43
Well-known member
I have to agree, if I was still married I would of never started this business. I guess I am lucky though. I was able to start with no employees, no store front, no signs, just insurance, a truck, 2 44 gallon brutes, a rodi, quarentene tanks, lots of salt, and fish supplies, some powerheads, heaters, and there you go. Here you have to pay the school system, the city, the state and federal but thats about it. I used all my savings and borrowed 3500 from a friend. That paid for cards, invoices, a radio ad (which was worthless) and the first few months of expenses. I do have a business plan, but it was presented to a friend with the added benifit of a free tank, and maintence plus return of invested dollars. It has been very tight a few times though all in all it has made good money and been great fun so far. This has been the riskiest thing I have ever done in my life and if I was married with children I could not nor would not of done it. Expansion is the next step and I will have to present it to a bank, and do most of the the things that Don spoke of. I would like to have cash to pay for a building, and 3 new ford trucks, a box truck for big tanks and employees and all that, but I dont think its going to happen that way. I will need a small business loan. There are all kinds of things I would of done different but I didnt know any better then. I am sure every business starts like that. I also have the benifit of one of my clients, he is a CEO of a Nasdaq company and has started and sold many business. I pick his brain alot, and he is glad to help me, and wants me to succede. That is ALOT of help. A mentor who has been there and done that, is almost invaluable. One thing is 3x expenses set aside, like it doesnt exist. I am still working towards that. I was told that makes bankers feel alot safer loaning you money. Plus solid resellable assets. Upsides are trucks and buildings, down sides for me, are tanks, and supplies. Several good books that have helped me are, How to win friends and influnce people, How I raised myself from a failure to a success in selling, The greastest salesman in the world 1 and 2, The millonare next door, anything by Dave Ramsey, Dale Carnigie, Og Mandino, Frank Bettger. One other thing is just dont ever no matter what quit. If you fail at something it does not mean your a failure.
Ok enough of my insanity, though it works for me.
Steve
Ok enough of my insanity, though it works for me.
Steve
wrightme43
Well-known member
Oh yeah around here we call the Petards
DonW
R.I.P.
Jiddy said:
Good Man,
Sorry to sound negative. The land of the self employed isnt all its made out to be. Just think of all the brownie points you'll get for considering your family before a business plan.
Don
Beckmola24
Hawkfish
I will speak up here from the "wife's" point of view since my husband started his own business about 4 months ago. It takes a lot of hard work from both people to make it work. My husband works 12 hr days and I work hard to keep my sanity
Beckmola24 said:I will speak up here from the "wife's" point of view since my husband started his own business about 4 months ago. It takes a lot of hard work from both people to make it work. My husband works 12 hr days and I work hard to keep my sanity
I'll second that Becky...our business nearly wrecked our marriage....but it was an *evil* business.... :lol:
MikeS
Jiddy
Well-known member
We already have one of those business's Mike, this is a military base town after all!
