Due diligence is the process of going through the current owner’s books with a fine-tooth comb to verify inventory information, sales data, average ticket price, and every other aspect of the business. Doing all this yourself is difficult and time-consuming, so you’ll probably want to involve accountants and lawyers to ensure that you cross all the t’s and dot all the i’s. A big red flag to watch out for here is how intertwined the current owner’s personal expenses are with the business accounts — this can obscure the genuine flow of cash in and cash out of the business. The purchase price of an existing business is often calculated as three to five times the net annual revenue, so you’ll want to take that figure into account before you make an offer.
If you dream of devoting your life to a cause you believe in, it might be time to start a nonprofit. You’ll need to incorporate your business and file for 501(c)(3) tax-exempt status -- and then you’ll be required to meet ongoing standards of compliance, but the payoff is making a meaningful impact on a cause you believe in. Want to do good while still making a profit? Consider social entrepreneurship.
Hey Kasey, I don’t do anything for insulation, I treat truck camping just as I would cold weather tent camping. Just bring a good sleeping bag and learn how to manage in the cold. Usually the side wall of the truck is not at a perfect 90 degree angle, so you will need to check out the angle and compensate. You can hold up a small piece of 2×4 at the back to judge the angle and make a few test cuts to ensure it sits “flat” aka level.
For small business owners, these tools present an incredible opportunity to set smarter business goals and easily identify some of the key factors of success and growth in their business. However, when you couple the breadth of technology options with decisions about basic store and restaurant equipment, such as espresso machines or air conditioning units, it can become a little overwhelming to figure out what is actually worth the investment.
If you want that homey cabin feel inside your van, then lining the walls and/or ceiling with tongue-and-groove paneling is a good choice. Paneling looks awesome - the cedar paneling on our ceiling is one of the defining features of our van. And we cut ours to random lengths and stained it several colors to really give it that mismatched, rustic look.
This is the one tool in the shop that provides the greatest opportunity to save money, if you are willing to purchase a well made, light duty machine, and take lighter cuts. In the past I have used General 14" planers that can hog off serious cuts all day long. The problem is that these professional units cost over $5000, and they would crush my buddy as we haul them down the stairs (note: don’t be the guy on the bottom). After doing a fair amount of research, I purchased the Dewalt DW735 13" thickness planer. The unit came with a good manual, and was in a good state of tune. It is light enough for me to carry around the shop without excessive grunting, so that made it very simple to install. The planer has a significant internal fan-assisted chip ejection system. The chips are catapulted out of this planer, so have your dust collector running before you run stock through it. I now have to make more cuts at a lighter cut depth, but I saved about $4500, which makes my budget happy. The planer makes clean cuts, and has two speeds. I don’t see a reason for the two speeds for my type of work, but there is a faster feed rate should you choose to use it. Knife changing is simple and quick.
I framed in a 4x8 Garden Shed on the back. I didn't want it so deep that stuff would get buried in it. I need to take an updated picture of the back. These pics were from early on and I have changed some things in the organization. I used similar framing techniques and built a lean to roof attached with metal hangers. I chose to use clear corrugated roofing to allow natural light into this shed. You can see the 2 shopvacs that were originally part of my simple vacuum system. I have removed them and found that I get better airflow using an electric leaf blower with the vacuum attachment hooked up to my system. There is a large metal trashcan with a dust collection separator to collect the larger pieces of saw dust and chips. My air compressor is on a shelf on the right now and I ran a hose through the wall and to a 25 foot reel attached to the ceiling. I wired separate switched for both on the inside of my shop. These systems work extremely well for a small shop. The wall provides some insulation from the overwhelming noise they would otherwise create inside the shop.
A battery isolator allows your vehicle’s alternator to charge your auxiliary batteries while you drive, and keeps everything separated so you don’t drain your starting battery. Since we installed our Keyline Chargers Dual Battery Smart Isolator, our batteries are almost always fully charged. It’s also very simple to install - the toughest part is running the cable inside your van from the engine compartment.
The first thing to understand about a business plan and financial projections is that the process of compiling them is often more important than the final product. Sure, the actual sheets of paper, filled with spreadsheets and graphs with pretty arrows pointing up and to the right are great — and can be very important in helping you to secure funding — however, when it comes down to the brass tacks of starting a successful business, it’s the process, not the paper, that counts.
Composting Toilet: Nature’s Head Dry Composting Toilet. Much more expensive but also more pleasant and environmentally-friendly. Just drop your load and add some peat moss/sawdust, and your toilet will naturally break down your poop into compost. If the Nature’s Head toilet is out of your price range, you can also try making your own composting toilet.
Amenities and Services – You’ll want to understand the full range of amenities offered by a commercial space. These amenities and services may include such things as communal rooms, free Wi-Fi, loading bays and docks, dining options, outdoor space, sewage and utilities, on-site security, and more. The zoning of your business will often dictate the type of amenities and services you require.
To simplify this process, hire professionals with experience helping business owners by assessing their needs, developing their budget, and negotiating their commercial lease. Managed by Q is a company that not only assists with pre-lease planning, but also provides help with renovation project management, space planning, and even administrative support. Managed by Q offers an array of services that can help save you time and money. Click here to set up a free account and get started.
Once you have an idea of your store layout and a product mapping plan, it’s time to consider your store fixtures and displays. Fixtures are permanent—fixed—parts of your store such as lighting, counters, fixed shelving units, and dressing rooms. Displays hold product and tend to be movable, versatile, and customizable, like modular units, gondolas, tables, slatwall, and clothing racks.
They say nobody ever started a small business out of a love for numbers, but if you really want to stay the course, you’re going to want to fall in love fast. It’s only by keeping detailed accounts and tracking your business’ numbers over time, (net sales, cost of goods sold, and average transaction size) that you’ll start to gather the actionable insights you need to make intelligent business decisions.