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Starting Your Own Business?
Topic Started: Sep 16 2017, 03:08 AM (282 Views)
Dankness Lava
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Dankness Forever

Does anyone have any experience with running a business? Whether you started from the ground up, or had it handed to you, could you lend me some advice for how to maintain a small business? I'm looking to start my own.
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+ Pyrus
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I haven't started one yet, but I'm planning on starting my own supplement company soonish. Everything I've seen from people who talk about owning their own business is that you're basically going to be in debt for a long while at the start until your business catches on and you can pay back the loans.
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Rockman
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hoighty-toighty

Are you planning on having employees and a tax code or just doing everything for yourself?
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Dankness Lava
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Rockman
Sep 16 2017, 12:40 PM
Are you planning on having employees and a tax code or just doing everything for yourself?
Yeah, I'm gonna have a team and all that.
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* Mitas
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It truly was a Shawshank redemption

What's the business? Just out of interest.
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"Then you've got the chance to do better next time."
"Next time?"
"Course. Doing better next time. That's what life is."
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Dankness Lava
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Dankness Forever

I'm thinking powdered alcohol and vapes.
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+ Son-Goku
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孫悟空

Do you have a current job? I wouldn't put all of your time into the new business right off the bat. Doesn't sound like a bad idea at all though, I think you could manage it. Just depends on whether you have a location to start your business. Ik that they have vape places in the mall in my town, if there isn't one in any nearby town mall for you that could be a good place to start. If there's an available spot to lease, or however that works.
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Dankness Lava
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Dankness Forever

I currently work two jobs. One full time, one part time. 53 hours a week in total. I dont have anything really in savings, I'm going to start cracking down on my budget though.
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Rockman
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hoighty-toighty

As long as you get tax straight, learn the in's and outs of paying employees, whether or not you want to use a third party distribution for paychecks that auto deducts taxes or pay them with a check etc, ensure that the loan you get for start up is straightened out. Owning a business is more paperwork and planning than actually selling any product.
The #1 thing people default on when owning a business is slipping up with their real estate company. Make sure there aren't any surprises when renting out a shop and read all the fine print. Some RE places ask for a percentage of profits, and if they don't do that upfront, they work it into the rent. Make sure you don't get screwed on that.
Applying for your licenses to sell those products is going to take the most time before you can actually sell any of it. Make sure you do that as early as possible because you want to start making revenue as early as possible. Otherwise you might have a tough time paying that startup loan.

ADVERTISE, ADVERTISE, ADVERTISE. I can't stress this enough. You will need to spend time and money on this portion. Don't forget to budget for it.

You need to worry about Tax, but also not worry too much about Tax. Because in the end, Tax will destroy you if you forget, but also it will work itself out. If you're unfamiliar with Tax law in your area, I suggest picking up a book and doing your research before hand.
Make sure your ledger is balanced. This is the best way to track revenue and debts. Maybe even hire someone to do it for you, but also watch over their work due to embezzlement.
Consider getting a point-of-sale system like Square. They are very internet based and can save you cash on receipts. Allows for email receipts.
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Dankness Lava
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Thanks a bunch, Rockman.
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