SOT: starting a business Options

[i love porsche]

so...as you guys may know, there is this awesome empty warehouse where my dad works that is for rent, and i really want to make a shop in there for myself and the 914 and future cars.

only one problem. i need to be a registered business with insurance to rent the place. so i was thinking, the place is very large, and i could rent out half of it as long term car storage, and the other half could be my personal use, and hopefully, the revenue could pay the rent and insurance.

only one problem, i know NOTHING about starting a business, i wouldnt know where to begin...how do i find out about insurance, where do i get a permit, where/how should i advertise. any help that you guys could provide through reccomendations or personal experience would be appreciated so much..thanks in advance =]

-Aaron

[mk114]

the kind of insurance you needis Limmited Liabillty 500,000 is What I carry, second you need equipment and hoists and tools. I recomend Quickbooks to do your books. You can take a class at the local college ( i'm sure)

I can help with the shop equipment and hoists tell me height width and length of shop and I will draw up some plans for layout

you need to gat a fedral tax Id (usually through the state)
and a local business liscence either from the state or the city

Your local bank can offer asmall business loan also with a 3 yr and 5 yr plan for you

[CptTripps]

Here's the way I do things...

Don't let anyone tell you that you NEED a certain type of business plan. Sit down, and put your thoughts together on ONE PAGE of paper...handwritten. Keep widdeling it down and get it till it's one to two sentances.

Don't borrow money from Family...this is the first mistake I see ALL the time. Then the family is more involved than you need them to be. Family is Family, Business is Business...

Get to KNOW your banker. Ask them questions...they see a LOT, good and bad. Offer to take them to lunch...it'll be the best $50 you can spend.

Some of the best business-people that I know had NO idea what they were doing when they started. Some of the better ones I know/respect the most don't have College educations either. (Myself included.) Don't let ANYONE tell you that you can't do something because you don't have experience...

Heart, hard work, and a little luck...you'll be fine.

[Allan]

Find you local SBA (Small Business Administration) office. They offer free counseling on everything from how to start to how to grow. Even alot of one on one with retired business owners. Just about everything you'll need except start-up capitol.

[Verruckt]

There is a guy here locally that has a huge warehouse space. He uses about 1/4 of it as his "shop" and the rest is a "museum". He charges people monthly stoarage fees to park their classic cars. He then charges folks $1 to come through and look at them. I'm sure he makes a bit of coin, but the main thing is he has his space. Might be an idea. The only downside I could think of that, is the insurance.

[rick 918-S]

First, Are you starting a business of just trying to get a garage space to work on your own cars? Think about, The answer will be important.

If your serious about starting a business, Go to the local community collage and sign up for the adult education course for starting a small business. Listen to the instructor carefully and use the information to your benifit.

Contact the local planning and zoning to see if your type of business will be allowed to opporate in that building. Some cities require serious building mods like extra heavy fire walls between one type of business to an other, serious sprinker systems, safety features for customers, handy cap accessability, etc. If you get past these hurdles you can move onto the next one.

Really sit down with a pencil and paper and figure out what your costs will be. First and formost, What do you want to make for your ("owner return on investement") If you don't figure you can do the work, pay all the bills and get compensated a fair wage and profit above that wage for all the work it takes don't do it! You need to learn to pay yourself first! The wage and profit filed on your taxes will allow you to establish a track record and show your banker you are a sound risk when you want to grow. Don't worry about hiding money and dodging taxes, that kind of activity will only hurt you at the bank later. Include all the other stuff like rent, insurance (can be a huge part for the cost) , utilities, taxes, taxes, taxes, etc.

have 6 months of your projected opporating cost in the bank before you stick the key into the lock. Gaurd that money with your life. Stay away from borrowing from it to buy tools and equiptment. That's not it's intended use.

Just a few quick thoughts for you. And one more. Stay away from borrowing money period! Go slow to start. Small businesses are the financial resource for employement wages, and carry the largest tax burden in the U.S. The failure rate is huge!

Good luck! (IMG:http://www.914world.com/bbs2/html/emoticons/clap.gif)

Oh, and one more word of wisdom for what it's worth. If you get into a pinch for money, don't think you can just get a loan and that will fix things. You can't borrow yourself out of debt. Dig in your heals and find more work or cut your costs. Small businesses have those kinds of short term money needs all the time.