Lastly, and perhaps most importantly, your size should make you lean. Every single aspect of your store or restaurant can be tweaked and optimized to ensure more and more customers are coming through the door. As you experiment with strategies on Facebook or Twitter, introduce a new email marketing techniques, or simply erect new signage outside of your store, you have the chance to measure your success and react quickly to failure.
Tired of having your caulk tubes lying all over the workbench or your shelves? Make this organizer from a scrap of 2×8 and a piece of 1/4-in. plywood. Just lay out a pattern for your 2-in. hole saw to follow and drill holes through the 2×8. Then glue the plywood to the bottom. Now you can set it on a shelf and easily identify the tube you’re looking for. — Burnie Lorenz
A great supplier will provide the raw ingredients of your success — often literally. What’s more, they’ll deliver them on time, every time. And they’ll always deliver exactly what you ordered, no more, and no less. A large part of the process of inventory control is ensuring that you are paying for exactly the inventory that comes through your door, and not a penny more. Even great suppliers, however, are looking for the highest price possible for their goods, so once you find them, make sure you’re ready to negotiate!
If you are going to apply for a trademark, make sure to conduct a comprehensive search, like the one mentioned in ‘Securing Your Business Name’ to ensure no one is already using your proposed name in a similar capacity. The United States Patent and Trademark Office also provide a simple search tool that will quickly let you know if you’re potentially infringing on someone else’s turf from a legal point of view.
I decided to do Optimus for many reasons. One big one was that no one else in the world had done it. There are tons of Bumblebee Camaros and other replica cars, but no other fan of Transformers has replicated the T4 (fourth Transformers movie) and T5 (fifth Transformers movie) Optimus trucks. So if I am to show my son through action what it means not to be afraid to take a chance, I figured Optimus was the best way to try.
These basics are going to set you back about $180, leaving you with $320 left to work with. We are going to be leaving behind two hand powered tools from the $250 shop and upgrading to powered alternatives. This should lead to more consistent results, more enjoyable builds, and increased efficiency. These are all goods things that only the biggest fans of The Woodwright's Shop would argue with.
As the old saying goes, the only two inevitable things in life are death and taxes. Almost all small businesses in the United States are subject to some form of corporate income or gross receipts tax on a state level — that is, unless you happen to be a lucky inhabitant of the great states of Wyoming, Nevada or South Dakota. Actually, even these states will require you to pay state workers' compensation insurance and unemployment insurance taxes. Oh, and of course every small business in the country is subject to some form of federal taxation.
So what’s the downside? Well, for starters, RV conversions aren’t exactly known for quality. Most manufacturers use cheap (i.e. shitty) materials, and just don’t build their vehicles to withstand the stresses of full time living. You’re also locked into a pre-designed layout, so it will be a lot more difficult to customize how everything functions.
When starting a small business, many store owners underestimate the value of a persuasive shop design. What they don’t realize is that people are visual creatures. In fact, 90% of the information transmitted in the human brain is visual. Clear, consistent store design will ensure that you attract your ideal customers into your business by delivering a subconscious uniform message.
One practical note: Lots of retailers and restaurateurs are now engaging in event marketing in their business locations. Lululemon does in-store yoga on Sunday mornings, Barnes and Noble hosts author readings, and your local Italian restaurant may offer cooking classes. Think about all the potential use cases for your store and ensure that it is fit for purpose.
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.
Listing agents are hired by a landlord to list their commercial property. Listing agents earn a commission that’s paid by the landlord, typically between 3% – 6% of the total lease. Tenant brokers, on the other hand, represent tenant interests. However, tenant brokers also typically earn a percentage of the overall commission paid by the landlord, knows as the tenant broker’s fee.
Setting up and running a small business is awesome, especially if it’s your first business. Is it tough at times? Yes. But if you don’t build your dreams, who will? In 2010, according to the U.S. Census Bureau, there were 27.9 million small businesses nationwide. This number has trended upwards over the last decade, accounting for 64% of net new jobs created between 1993 and 2011. In a world that appears to be dominated by today’s retail giants, it’s easy to overlook the huge impact that starting a small businesses can have on our U.S. economy. However, these numbers illustrate something that we strongly believe at ShopKeep – that the brave folks who open new businesses are the backbone of the nation’s economy and the lifeblood of our local communities.
Perhaps the most satisfying move I made was to automate the dust collection system. I used the iVACPro system to link all machines to the dust collector. When I turn on any machine in the shop, the dust collector fires up and whisks the dust into the bin. The system also has a programmable delay to allow the dust to make it to the bin before the dust collector shuts down. I set my system for a five-second delay. The system works flawlessly for my band saw, planer, and router table at 115 volts, and also my table saw and jointer at 240 volts.
If I had it to do over again, I would stick to an entry level miter saw and table saw until I had both the funds and need to upgrade to more capable saws. Because of this, I'd stick to the two saws we looked at in the $500 build: The Craftsman Table Saw for ~$150 and Hitachi 10 inch Miter Saw for ~110. These two additions bring our running total to just over $500.