Any small business owners here?

[Al]

I am wondering if anyone here owns a business. My reasone for wanting to know is that I want to start a business, but I have no clue as to where I should get started. I know that you need a business license and a tax ID number, but that is about all I know.

The type of business I want to start is furniture manufacturing. I had been building furniture for about two years now as a hobby, but the demand suddenly skyrocketed about two months ago. Right now, I have enough work to keep me busy for well over a year at the rate I finish projects.

My goal now is to upgrade most of my tools. I have been using a cheap crapsman table saw that is as old as I am, but now I want to replace it with a professional unit.

Spending $3400 on a table saw and being able to write it off is motivation in itself.

http://www.sawstop.com/graphics/cabinet_saw_home.jpg

http://brewcitymuscle.com/forum/attachment.php?attachmentid=5108&d=1203712626
http://brewcitymuscle.com/forum/attachment.php?attachmentid=5109&d=1203712626

[Silver03SRT]

Well you can start off by getting an LLC signing up with the BBB and go from there. I am not sure on how to get a federal and state id number. The write offs are nice and you can be in the red for 5 years before the gov will basically shut you down.

[Silver03SRT]

BTW if you are looking for some part time help I know a guy who loves wood working that might be interested.

[UnderPSI]

Get the llc started, then get tax ID. After that if you plan on selling the stuff you make, you need to get a State sellers permit. All easy to do. I just searched online and found everything I needed. And like he said you can lose money the first 5 years and write it off.

[GRNDNL]

I'd check on Liability Insurance before you do anything else, you will most likely be shocked at the cost. If your working out of your home and your home insurance carrier doesn't know you're running a business out of your home your home owners coverage is now void....

My accountant helped set everything up for me, wasn't that hard back then....I've heard its really easy now on the internet, just google it.....

[oneslowcamino]

Here are some sites that might be of interest to you.

http://www.wisconsin.gov/state/byb/formss4.html
http://www.wenportal.org/

[juicedimpss]

all correct info ^^^

[Windsors 03 Cobra]

That saw stop is amazing and so is the marquetry on your table, is that from scratch or a kit ? :thumbsup

[ThatWhiteCivic]

that saw is awesome we have that at work FTMFW

[awsomeears]

That saw is unreal !!!!! I betcha all the fingerless people out there wishing they had one of these.

Good luck on the bizness, my hats off to ya !!!

[Al]

That saw stop is amazing and so is the marquetry on your table, is that from scratch or a kit ? :thumbsup

Thanks!

The granadillo is solid and the tiger sycamore is inlaid.

The Saw Stop: it is like insurance, but costs way less.

[BlackLightning]

depending on the space you have I would look for a sliding table saw like the Altendorf. That way you aren't limiting yourself to smaller items. It's just easier to work with.

[Slow Joe]

incorporatetime.com

That's what my dad used...

[GRAMPS SS]

I'd check on Liability Insurance before you do anything else, you will most likely be shocked at the cost. If your working out of your home and your home insurance carrier doesn't know you're running a business out of your home your home owners coverage is now void....

My accountant helped set everything up for me, wasn't that hard back then....I've heard its really easy now on the internet, just google it.....



as they all said...LLC first...but i would check into liability insurance,as said ^^^^^^...when i saw what it was going to cost me...i freaked out....but i had to have it...
then get all your other paper work in order....you going to have others work for you...then you have more paper work to do....i would check into getting an accountant....my wife did all my paper work...but if we had to do it over....i would of got an accountant to save her the few gray hairs she has :rolf:rolf:rolf:rolf..they say 5 years...but i squeezed 6 out of it....
they say most small businesses fail with in 5 years....over head kills most of them....but stick with it..you'll do fine...your work looks great...you do fine...ever think of contacting furniture stores to sell to them if you get going strong enough..????....good luck to ya....it all work fine for me...i'm retired from my small biz......

[UnderPSI]

I have a great accountant in waukesha. Right across from PDQ off of hwy 59 and West ave. Even and Better. They are certified with quickbooks accounting too so it went really fast for me. I had them do my regular taxes too because they are cheap besides good.