Many small businesses in New York and New Jersey were forced to close following Superstorm Sandy because they lacked the insurance that would have gotten them back on their feet. That part is well known. What’s less well known is that this lack of proper insurance, coupled with the lack proper legal incorporation, resulted in many entrepreneurs seeing their personal assets come under threat.
One of the core skills needed when starting a small business is the ability to build out a diversified product line that is complementary to the headline product(s). It’s hard to imagine a successful business called “Burgers and Scarves,” right? As a good rule of thumb, a well-thought-out product line allows for the customer to upsell themselves. You want them thinking, “I’m having a burger, y’know what I’m going to have some fries too.”
Something I’d like to add to this comprehensive branding guide is that packaging can be a great branding tool, because it puts your business in front of new and repeat customer. This opens the door to lots of new sales. And friends, family and even strangers can be very influential! If your packaging is distinctive, people ask about it and you’re likely to get referrals if they love your product.
Make sure to utilize the tax-specific resources provided by the SBA and the IRS to fully research your federal and state tax obligations. These include, but are not always limited to: corporate income tax, employer tax and excise taxes. For most small businesses, the right first step is applying for an Employee Identification Number, which you can do using this IRS EIN online application. Depending on your state, you might also need to register for a sales tax license.
A good starting point here is to write down two or three keywords that you think define your brand and then allow all your design choices to be guided by those words. For example, a local cheese shop could be organic, artisanal, and authentic; a wine bar could be sophisticated, 1920s, French; or a local specialty food store could be gourmet, helpful, natural.
There are certain areas that are the responsibility of the federal government, such as firearms, fish, and wildlife. For more on these federal requirements, enforced by bodies such as the Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA), you can explore the information here on the Small Business Administration (SBA) website.
In general, a table saw requires at least eight feet in front and behind to accommodate standard sheet goods and four feet side to side. A work table should provide four feet clearance on all sides, and pathways between tables, benches and storage units should be three feet wide. Proper clearance will allow you to move about with ease while you work.
Through my cabinet-shop connections, I managed a snappy deal ($200) on a used cabinet saw with a 54-in. commercial rip fence. That price would be hard to match, but it is possible to find a hybrid or used cabinet saw with a high-quality fence for $600 to $1,200. Some of them will run on 120v household current, meaning you won’t have to rewire your shop for 240v service, but be sure to check for compatibility before you buy.
As Kizer & Bender always tell retailers: Put it on paper. If you haven’t settled on your store layout—or even if you have—the first thing you need to do is work your plan out on paper before you start moving things around in your store. Putting it on paper helps give you a clearer picture of the desired result and any potential issues before getting started. Remember, many small retailers find that a mix of floor plan and layout styles works best.
The core criteria of small business site selection will always be foot traffic and ease of access. In places like New York City, this means being by the subway or on a busy street. But for most of America it’s about considering traffic flow and parking accessibility. Ever see three gas stations at the same intersection? They are all picking off different traffic flows because they know customers are looking for the shortest possible detour.
I got extra batteries for my cordless tools, but I could never remember which battery was newly charged and which was run down. Now I can easily tell them apart because I painted a number on each battery with my kid’s white nail polish. It dries fast and is— you got it—“tough as nails.” — Tom Baker. Plus: Learn how to double the life of your car battery.
Ryan, I have the same (almost) 90’s Toyota Pickup and love it! this is so helpful, and I will definitely be using this method. my main concern is that 1/2′ plywood sagging. do you notice it sags quite a bit or does it mostly hold up? my thought was to build the vertical bins a little wider, so that the plywood bed platform wouldn’t be under so much stress. the second issue im running into is wrapping my head around trying to organize and compartmentalize things appropriately. what do you typically put where so it is easy to reach and use?
Really enjoyed watching the video of the shop build. You will be turning out great pieces in no time. At the end of the video it looks like you have your dust collection system up and running. Where did you purchase the duct work? I thought I remember you talking about this in the old shop. Did you use regular HVAC 4″ round duct or a heavier piece. Thanks for the insight and good woodworking.
How to Optimize a Small Layout – Not everyone has the room to have a huge shop selling everything. Ralph guides you through making the most out of a small shop layout. This includes optimal machine placement, where to set up shop, the tools needed, and lots of other consideration. The guide walks you through every aspect of setting up your shop – going into details without having it be overwhelming. It’s ideal for beginners that are looking to set up shop.
A great product line will also reflect a range of price points. For a business that is working hard to convey a sophisticated and elite vibe, it might be a useful strategy to set a high minimum price, but for the vast majority of small businesses, your pricing should be guided by one key thought: I want every single person who comes through my door to be able to find something that fits their budget.
Firstly, more and more consumers are rebelling against the generic offerings of big-box retailers and seeking out the unique, personal touch offered by small, local business. You can leverage this message by weaving yourself into the fabric of your community. Canadian yoga apparel retailer Lululemon has enjoyed explosive growth thanks to their ability to do just this. According to their website, “A Lululemon store is so much more than a place to shop. It’s an education centre, a yoga studio and a meeting place. It’s a local hub for educators, ambassadors and guests to gather to learn, sweat and connect. It’s our lifeline to our communities and the soul of our company.” Lululemon uses free events to make people feel that they have a sense of ownership over the brand, and you can too! Getting people through your door is 90% of the battle and event marketing definitely can bring in crowds.
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.