I want to open my own business selling collectables and stuff like that, and I know you need a business license and tax #, but is there anything else? Not a web business, but in my hometown. Serious answers only please.
2006-08-28 09:41:58 · 14 answers · asked by jrichardson65803 2 in Business & Finance ➔ Small Business
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Associations may be a good avenue to explore. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.
Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:
* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder
* Start and Run a Profitable Retail Business by Jim Dion, Ted Topping
* Retail Business Kit for Dummies by Rick Segel
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-08-28 09:49:49 · answer #1 · answered by TM Express™ 7 · 0⤊ 0⤋
It would help to know what state you are in as laws vary from state to state. Most (3 out of 5) small business fail within the first year. Perhaps an alternative.....
I would suggest a flea market or consignment-type shop to start.
Many flea markets have shelf/area space that you can rent by the month. They handle all the advertising, utilities and other little details and you just price and stock the items. Yes, they may take a percentage of each sale (depending on the market) but it is significant savings compared to setting up your own location and building.
This way you can get an idea for how well your collectables are selling in your area and if it would be worth opening up your own store.
Good luck....Live the american dream
2006-08-28 16:52:42 · answer #2 · answered by mslider2 6 · 0⤊ 0⤋
Depends where you live and what you intend to do in your business. Many businesses require specialized certifications (such as a locally issued food handler's permit if you're going into foodservice -- doesn't apply to your idea). Some require other specialty licenses, bonds, or state-issued certifications, but it's unlikely that that applies to your idea.
So if you're planning something that doesn't require that, generally you need to file a fictitious business name statement (a "dba") if you plan to operate as a sole proprietorship using your SSN as your tax ID number (and I'm guessing you do at this state), the business license, and whatever else you need to start, financially. Since you're selling products, you will also need to get a sales tax license.
Otherwise, you're good to go. Enjoy your entrepreneurial endeavor!
2006-08-28 17:57:36 · answer #3 · answered by Andy G 3 · 0⤊ 0⤋
You need a fictitious name certificate (DBA) if your business has a fictitious name. A fictitious name is anything other than just your name. John Smith Company is a fictitious name. You get the forms from the county and have it published in the legal section of a newspaper. Banks need the certificate to give you an account in the fictitious name. A business license if only required if the city or county that you are located in requires it for your type of business. You may also have to register to collect sales tax.
If you have employees then you need workmans compensation.
2006-08-28 16:50:12 · answer #4 · answered by Barkley Hound 7 · 0⤊ 0⤋
Where I live, and probably near you, too, is a group of business people working through the local chamber of commerce or the small business association who work for free donating their time, knowledge, and experienced expertise in small businesses by counseling with people just like you. Try finding such a group through the Internet, too. I am sorry I don't recall the name of this group.
2006-08-28 17:36:08 · answer #5 · answered by hillbilly 7 · 0⤊ 0⤋
Consider setting up an LLC to protect yourself and personal assets. Check with your state on what the requirements are to do so. Usually you can look under your state's Secretary of State website. To obtain an EIN (tax ID #) you need to file an SS4 form (Federal) go to IRS.org website for the form. You don't always need this ID but it's preferable to give out an EIN than your social security number. Set up a separate checking out account for your company. Try to stay away from paying personal items from the checking. It is just easier for recording keeping purposes plus if you need to hire an accountant to do your tax returns it will be more for them to sort out all your personal stuff and you probably don't want to pay for that. Know what you can deduct as business deductions. For example, your mileage for traveling to and from antique shows and customers and to the store to buy supplies, etc....You also need to check with your state as far as the sales tax laws. I know my state has been conducting several sales tax audits and 9 out of 10 times they find something and then add penalty and interest to it. If you sell out of state, you may want to check the requirements for that particular state if you end up doing a lot of sales out of state. If you plan on having employees then you need to file additional forms with the IRS and your state. You can check on the IRS or your state's website if you need to. This is not an all inclusive list just a start. Good luck!!
2006-08-29 01:11:37 · answer #6 · answered by C L 1 · 0⤊ 0⤋
Well, here is serious answer. without Lincense and Tax #, how could you even start selling something? supplier will asking whether or not you have a sells permit at the time you wish to make a purchase.
I suggest you do online selling
by idearibbon
www.idearibbon.com
2006-08-28 16:50:01 · answer #7 · answered by Lean S 2 · 0⤊ 0⤋
Im guessing your in the States (im in the UK) just make sure you notify your local tax office, and please please (as an accountant) please keep a log of all your purchases and your sales. The next thing is to use a cashbook or if you are ok with spreadsheets, create a cashbook using excel, to keep a log of all your income and expenses then away you go. Also, especially with collectables (and coming from a home who's parents have an antiques shop) please again make sure you create a log of what you bought, where you bought it from, for how much, and when you bought it. If you need an excel spredsheet template, please send me an e-mail and I will be happy to forward it on to you. phil_osullivan@msn.com
2006-08-28 16:49:53 · answer #8 · answered by Sully 1 · 0⤊ 0⤋
I got an LLC from my home state.
I then filed an EIN# with the IRS (Tax ID)
You can also file a DBA with your local county office if you want to register your name.
If you want to own your company name, I would also consider trademarking it.
2006-08-28 16:48:24 · answer #9 · answered by Judge Smails 3 · 0⤊ 0⤋
Nope... sounds like your ready. I would write a business plan though... but that's all you need as a basis
2006-08-28 16:44:41 · answer #10 · answered by comingofage03 4 · 0⤊ 1⤋