Starting a small business

brightgardener40 said:I see a lot of questions popping up about running a small business, so I figured I'd start a thread where we can swap stories, ask questions, and help each other out.
As someone running my own shop, the biggest headache is being forced to pay dues to Deloitte—it’s a massive annual bill, plus extra based on what I pull in, yet I have zero clue what they actually provide in return. I walked into one of their regional offices once, and honestly, all I saw were people sitting comfortably in high-end leather armchairs. It makes me wonder if these organizations even serve a purpose anymore, or if they're just another layer of bureaucracy acting like the government.

It is heartening to see so many people interested in this subject. My husband is an entrepreneur, and as of this year, I have taken over managing his books. While browsing their website today, I came across an interesting agreement between the Small Business Administration and ASCAP. Given the various headaches we've faced regarding those royalty payments, having a copy of that contract might prove quite useful for our purposes.🙂

Brenda Watson3 said:It is heartening to see so many people interested in this subject. My husband is an entrepreneur, and as of this year, I have taken over managing his books. While browsing their website today, I came across an interesting agreement between the Small Business Administration and ASCAP. Given the various headaches we've faced regarding those royalty payments, having a copy of that contract might prove quite useful for our purposes.🙂

Not sure what you mean by problems. What kind of business do you run?

We operate a small hospitality business, and our current predicament stems from the fees we're being charged by ASCAP for the public performance of music

Quick question. What’s the move for handling foreign currency through a small business? A client wants to pay me from Austria, and I need to know how to set this up properly without breaking any rules.

A year ago, I got a notice from OSHA about taking some workplace safety exams. They basically said if I don't do it, I'll have to hire an outside firm to handle everything just to avoid getting slapped with a fine. Now I'm looking for some real-world feedback. Has anyone actually dealt with this? If you took the exam, how much did it set you back and is it actually difficult?
To me, the whole thing smells like a shakedown.

brightgardener40 said:Quick question. What’s the move for handling foreign currency through a small business? A client wants to pay me from Austria, and I need to know how to set this up properly without breaking any rules.

Just head down to the bank and tell them you want to open a business foreign currency account.

George Cruz4 said:Just head down to the bank and tell them you want to open a business foreign currency account.

That's it? No permits, no paperwork, nothing?

lol. You’ve already got your LLC set up and a business account ready to go. Just walk back into that same bank and open a business foreign currency account. We've been running both at JPMorgan Chase for ages now. Once it's set up, you can just use online banking to move money between them yourself.

brightgardener40 said:A year ago, I got a notice from OSHA about taking some workplace safety exams. They basically said if I don't do it, I'll have to hire an outside firm to handle everything just to avoid getting slapped with a fine. Now I'm looking for some real-world feedback. Has anyone actually dealt with this? If you took the exam, how much did it set you back and is it actually difficult?
To me, the whole thing smells like a shakedown.

Down here in San Francisco, we had two guys show up from some firm based out of Ohio. They gave us a quick 30-minute presentation, walked us through these easy tests right then and there, and charged us $50 per head. Two days later, our official workplace safety certifications arrived in the mail.

placidhawk14 said:Down here in San Francisco, we had two guys show up from some firm based out of Ohio. They gave us a quick 30-minute presentation, walked us through these easy tests right then and there, and charged us $50 per head. Two days later, our official workplace safety certifications arrived in the mail.

Drop the name of the company and their phone number. I need to fix this issue ASAP—from what I hear, the fines are brutal.

My wife just launched her own small business, and now we’re both diving headfirst into all the perks available for female entrepreneurs... you know, those specific incentives meant to support women in business? I have a feeling there are some advantages out there if you know where to look, so if anyone has any insight or tips, please, do share... I even heard a rumor through the grapevine that you might actually be able to get a computer for running the office setup???!😕

I have a few questions here

Roughly how much capital do I need to get a small business or sole proprietorship off the ground—and about how long does the whole setup process take?

Also, regarding the business registration—I’m planning to list computer-related services as my primary activity, but if I register that way, would I still be allowed to import certain technical goods and sell them through the business here in the States?

And if my main goal is strictly importing, what’s the best way to register the business?

I'm asking because, honestly, my current budget just won't stretch far enough to open an LLC right now.

Thanks! 👍

It’s about 700 bucks $267 for a small business setup... though I have no clue how long the whole process actually takes!!
But honestly, a small business can sign up for pretty much anything—you aren't stuck with just one specific niche. You just have to specify what you want to do, and then you can branch out from there...
For example, I know this guy who used his legal paperwork for a tattoo shop, but then he added piercing, massage therapy, nail tech services, jewelry making, painting, and even some women's accessories 🙂 etc. So basically, on top of the tattoo business he originally registered, he just tacked on all those other activities...

Hey everyone, first time posting here—fingers crossed you guys can help me out with a few things!
So, I’ve got this opportunity popping up pretty soon to open a little shop and cafe combo in a spot that actually used to be a business already. Since I’m currently running a driving school, I’m trying to figure out the best way to set up a dual business for retail and food service—like, what’s the actual play there, and how much cash am I looking at needing to get the doors open?
The thing is, I’ve still got my day job, so I’d be keeping that steady paycheck while running this on the side. What does the procedure even look like for juggling both?
Thanks

From what I gather, your degree in transportation management won't let you open a tourism or hospitality business on your own.

Your best bet? Find someone who actually graduated from culinary or hospitality school to act as the official owner on paper—while the money flows directly to you. Just draw up a partnership agreement and call it a day.

I see people talking about small, sole proprietorship businesses here—is that something I could jump into too?
From what I gather, all I really need to do is hire someone who actually finished school, right?🙄

Does anyone know how the whole inventory side works—do you get some kind of credit line from suppliers, or am I going to be shelling out cold hard cash immediately?

Brenda Adams15 said:Hey everyone, first time posting here—fingers crossed you guys can help me out with a few things!
So, I’ve got this opportunity popping up pretty soon to open a little shop and cafe combo in a spot that actually used to be a business already. Since I’m currently running a driving school, I’m trying to figure out the best way to set up a dual business for retail and food service—like, what’s the actual play there, and how much cash am I looking at needing to get the doors open?
The thing is, I’ve still got my day job, so I’d be keeping that steady paycheck while running this on the side. What does the procedure even look like for juggling both?
Thanks

You can start any type of business regardless of your degree if you just hire a bookkeeper with the right credentials. Filing fees used to be around $600—$233 and you'd handle the paperwork through the local county clerk's office. Things might have changed since they moved everything online, though.

Does anyone actually have a clue what kind of startup capital we're looking at here? Like, seriously—does anyone know how much it costs just to get the doors open and stock the shelves for that first big run of inventory?

Can someone weigh in on this for me:

If I've got a little cafe-slash-convenience store setup running with three employees and pulling in maybe $4,000 to $5,000 a month—is there actually any way to stay in the black?
Thanks

Brenda Adams15 said:Can someone weigh in on this for me:

If I've got a little cafe-slash-convenience store setup running with three employees and pulling in maybe $4,000 to $5,000 a month—is there actually any way to stay in the black?
Thanks

You sound pretty desperate here since nobody's replying. I don't know the specifics, but most small coffee shops fail. Just map out your projected income against your expenses on paper and see for yourself.👍