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starting new business #1: my first steps into owning my business....

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Blog entry by Holbs posted 12-31-2016 12:14 AM 711 reads 1 time favorited 7 comments Add to Favorites Watch
no previous part Part 1 of starting new business series Part 2: business license and business credit card completed »

This will get a little patriotic and emotional, so bear with me :) I love to share here on LJ’s and only LJ’s with the seasoned folk, friends, and the new-to-woodworking from my own distorted new fresh experiences (Jet 15” planer rebuild, my crappy mobile base projects, my dust collection projects, etc). I’ll continue to do so with this private chapter as well. I will share with folk who care about the voyage I am intelligently (or foolishly) embarking upon.
First question I ask myself: why?
It feels…..”American” to own my first ever business. The same feeling of going through the paperwork of owning your first house, or up at the alter during your first (or 2nd, or 3rd) marriage. I very well could make a profit of $14 in 2017, but that is not the point. It’s the honor, dignity, pride aspect. I get to make business cards now and a website :) Sure, I could of simply just made stuff and sold on craigslist or whatnot. But that’s just making money. I want to experience what it is like of making or losing money: I’m taking a gamble on a dream. Yes, it comes with paying fees and taxes to the city/county/state/federal govt… and yet, it really does make me feel more patriotic. I’m paying my dues and trying to hold my own weight with the responsibilities of being an American citizen. Ok…grandstanding over.

I have asked other business owners about their opinion of the right steps. I’ve read no books nor scoured the internet on the “how-to” of doing this. I’m running on talk from trusted individuals.

First step, your preferred name of business in your head. I found something that just seemed… right to me (will disclose later!). And then seeing if the internet domain name is used or available (mine was $12 via Google). I personally would prefer to have business name match my DBA and match my email and match my business cards and all that. So first, see if your business name is free to use on the internet.
Second step, going to your COUNTY clerk office to claim your DBA (doing business as). Lots of debate on having your name in your business title or a fictitious name. You decide. I went with fictitious name that was identical to the first step preferred name and matching domain name. $21 to register DBA.
Third step: go straight to your bank and create a business account. I went with just a business debit card as those business checks were rather spendy looking! I can later do the smartphone doohickey debit card purchase device.
That is as far as I got this Friday. I know next up is the big step of going to the CITY clerk and getting a business license, but that will be next wekk.

-- The Carpenter Bee is derived from the Ancient Greek word wood-cutter



7 comments so far

View bruce317's profile

bruce317

394 posts in 579 days


#1 posted 12-31-2016 02:16 AM

Hello, The best to you. I tried a few different things. My problem was, couldn’t sell enough products. Could make it just fine.
The last one I did was a print shop. I knew a guy why couldn’t make it. But could sell the heck out of it. Couldn’t join forces with him, cause he lied greatly.
Wish you success as you go forward!

-- Bruce - Indiana - Sawdust is just, MAN GLITTER!

View cck7272's profile

cck7272

8 posts in 1425 days


#2 posted 12-31-2016 03:30 AM

Best of luck to you man! Nice see another one us take steps towards the dream.

View Hayemaker's profile

Hayemaker

1 post in 268 days


#3 posted 12-31-2016 04:28 AM

I thank you very much for this post, I have often thought what it would be like to make a business out of my hobby. I wish you good fortune and look forward to seeing where it goes for you.

View Holbs's profile

Holbs

1681 posts in 1785 days


#4 posted 12-31-2016 05:28 AM

bruce.. I’ve been doing this wood working stuff solo to date. My LJ project section has only wood shop stuff, except for some generic dog houses for friends (who gave me the inspiration to make a business out of it even if a measly $15 profit a year). I’m not looking to make it rich with this. It’s more of an experiment to see what this “business” experience is like. Of course, if “Ikea” picks up on my dog house thoughts…...

-- The Carpenter Bee is derived from the Ancient Greek word wood-cutter

View AandCstyle's profile

AandCstyle

2819 posts in 2013 days


#5 posted 12-31-2016 10:27 PM

Holbs, best of luck to you!

-- Art

View Roger's profile

Roger

20871 posts in 2560 days


#6 posted 01-01-2017 01:57 PM

Best of luck to you in 2017

-- Roger from KY. Work/Play/Travel Safe. Keep your dust collector fed. Kentuk55@yahoo.com

View jbay's profile

jbay

1670 posts in 655 days


#7 posted 01-01-2017 04:40 PM

Looks good so far.
Be sure to get your sales tax ID#, and look into liability insurance.
It ain’t easy, but it is rewarding, best of luck!

-- If anyone would like to see my Portfolio, PM me and I would be glad to send you the link.

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