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.


I added an accessory mitre gauge to the saw for accurate cut-off work. The Incra Miter1000 showed up under the Christmas tree after the Lee Valley flyer photo with part number mysteri­ously ended up on the fridge door with a circle around it last December. A great addition, the Incra is light, accurate, and provides adjustable stops for cutting multiple parts to precise length. I will also make a plywood cut-off sled for the saw for squaring larger panels.
There you have it! Now you have no excuses, you must start planning right away. Please remember this can take a lot of time and a lot of work, so be sure not to stare at your task list in its entirety too often. I don’t want you to get overwhelmed knowing all the things you must get accomplished. Just focus on the goal that is the most important and attack it, task by task. Need help organizing these goals? Check out my Goal Planning Worksheets here:
I used to coat my metal table saw and planer bed with auto wax because it makes the wood slide nicely across the metal. But then I saw an expert cabinetmaker use wax paper, and now I do the same. I keep a roll in my shop drawer and rub a sheet of it over the metal beds on my table saw, router, planer and disc sander. The wax coating doesn’t last as long as a good paste wax, but boy, is it a lot easier and quicker. — R.J. Hayes. Plus: 22 clever new uses for your tools.
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?
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.
In a small store, these are usually one and the same. In stores where customers don’t shop with baskets, Lesley recommends having a checkout counter large enough to hold products as customers continue shopping. Remember, empty hands pick up more products, and that leads to more sales. Also, make sure checkout counters are large enough to handle the checkout process efficiently and allow space for customers to set down a handbag.
I think it would work pretty well for a music festival, I don’t see why not. I wouldn’t say it is robbery proof, but generally robbers are looking for quick and easy targets, like a purse sitting on the front seat, just smash and grab. If someone really wanted to rob what was under they platform, they surely could, but they’d need more tools and more time to do so. And they don’t even know if there is anything good under there… I’d like to think of it as a really good robbery deterrent.
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.
If you are looking to sell your business, it is important to engage a lawyer who is a business specialist to ensure you gain the best possible valuation. A small business is valued by assessing the potential ongoing income from the business over the coming few years. Normally this means that a business will be valued at three to five times net revenues, which can present a potential issue for particularly tax-savvy small business owners. Remember that every time you write off an expense against your business, you are lowering the net margin of the business. So, that dollar you saved by writing off the expense could cost you three to five dollars on the valuation of your business.

Conversion vans have some pretty sweet built-in amenities, including high-tops for extra headroom. Many have comfy captain chairs, leather seats, mood lighting, TV/VCR, and a rear bench seat that folds down into a bed. If you’re not picky about your living situation, this could be all you need to get started. And if you gut it and customize it yourself, the high top offers tons of great storage options that other vans just don’t have.
“Zone design successfully helps shoppers locate what they want while exposing them to products that enhance the ones they are buying. Increased transaction totals are a natural byproduct. Products are categorized by use into Zones, such as ‘kitchen/cooking,’ ‘entertaining/dining,’ and ‘home decor,’ with inventory range and stock levels determining the size of each Zone.
For years my wife and I had agreed that we would one day leave Oklahoma for someplace we really loved. That day finally arrived last year when we found a home in Vancouver, Washington that met our dreams. Only thing missing was someplace for a woodshop. Well, there was a place, under a deck, but not a room. So, as part of the move we had a local contractor build a room that would one day be the wood shop. Fortunately there was already a door from the house into this area, and about half of the “walls” were there, in the form of concrete retaining walls.
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We did a lot of research and landed on the Bestek 300W Power Inverter. We usually had our devices plugged in while we were driving so they'd be charged by the time we parked for the night. And if we were ever really in a pinch, we would plug it in for 10 minutes with the car off, then another 10 minutes with the car running until it was sufficiently charged.
The dream of a dedicated home shop is a common one among woodworkers. Whether you currently borrow shop space, work in your driveway or side yard, or compete for a corner of your basement with Christmas decorations or your fur­nace, you may be ready to build your own space that will allow you the free­dom of more room and time, and will also keep dust, fumes, and noise under control. Every design/build situation will be unique but there are a series of consid­erations that you will face in the design and construction phases of your project. Let’s walk through the process and dis­cuss the questions that you will need to ask yourself and others as you approach this project.

I’m for using what you have got as well but if what you’ve got just really isn’t up to the job it doesn’t hurt to consider switching to something else. Not sure what year your Prius is but if it is fairly new I imagine you could sell it for much more than what an older reliable 4 cylinder Tacoma would cost you. My 2wd Tacoma manual trans gets 30mpg pretty easily and I’m never tempted to get a hotel. The price difference in the two vehicles alone may well make up for the extra cost in fuel and potentially tempting lodging plus even in a 2wd pickup you will have a much easier time going off the beaten path then you will in a low hanging passenger car.

A track saw, such as those by Festool and DeWalt, makes things even easier and offers greater accuracy, but these saws are also quite a bit costlier. With a circular saw, you have to keep the shoe pressed against a guide while pushing the saw forward. Track saws, on the other hand, pop onto their tracks and need only to be pushed forward. Track saws often feature splinter guards to help reduce tearout as well for smoother and straighter edges.

The issue with the old shop was manufacturing capacity and layout. We get runs of 4 to 6 of the frames on the left in the last pic and sometimes frames twice that size. We were masters of having everything on wheels, which works for a while but it takes twice as long to build anything that way. Then the office ladies walk through the shop to the kitchen while you are grinding and complain about all the dust etc.

It is particularly important that you think about your customer’s experience holistically. Big-box retailers have long understood that people have five senses and that those senses affect decision making in a profound way. Whether it’s through intelligent lighting, the right music selection, or the careful piping in of a beautiful scent, smart retailers have learned the art of manipulating customer mood — whether they need you excited about a sale or relaxed and in the mood to hang around.

Becoming a small business owner is one of the most rewarding and inspiring journeys a human being can take. It provides you with a chance to be your own boss, take control of your financial destiny, and become a meaningful contributor to your local economy and community. There will always be a reason not to take the plunge. But if there is one rule of small business — and life — is that nothing will happen if you don’t make it happen.
Use the scrap piece of plywood to map out the angle for the speaker stand legs. Decide the height you want for the base of the speakers, and make a mark on the plywood (32 in. for us). Mark the depth of the speaker (13 in.). Lay the 1x4 board assembly on the plywood, lining it up with both the corner of the plywood and the 13 in. mark from the edge. Scribe along the 1x4 board assembly, take the assembly away, and find your angle with a protractor or speed square (17 degrees for us). Cut that angle onto one end of the 1x4 board assembly.
If you’re starting a small business for the first time, your new best friends in life should be your bookkeeper and your accountant. The former should be engaged for a few hours every week (especially at the start of your business) to compile your books and ensure your records are maintained to the required standard, while the latter will help review your tax situation and prepare financial statements. Both can also be used as invaluable sources of actionable intelligence about ways to reduce costs, increase margins, and generally streamline your finances.You’ll be able to spend all that time you save doing what you love and thinking strategically about your business.
The good news is that when you’re starting your small business, you now have the tools to take a data-led approach to choosing the right store design. For example: Not sure what type of music gets your customers in the mood to spend? Simply choose a few different styles and display a different one each week. After the test is complete, analyze sales data to help you identify what could be impacting sales. The key to getting accurate results from this kind of test is to avoid switching up the other variables in your store that can impact sales, such as signage, or testing one type of music during a regular business week and another type during a holiday week. For more details on how to create controlled in-store experiments, you can check out Lean Retail 101
Every woodworker (I think!) dreams of someday being able to construct their own dedicated woodworking space. To date, I have bounced around from garage to garage (about 4 times), making the best of a crappy real estate situation. And while I have been lucky to have fairly large spaces to work in, I still daydreamed about the possibility of designing a shop from the ground up, with both woodworking and video production in mind.

Lease build-out credits – These credits represent the ability for a tenant to make leasehold improvements in their commercial space at the expense of the landlord. These expansions and improvements are necessary for the successful operation of the business. With build-out credits, landlords either offer a reduced rent, reimburse the tenants, or pay directly out of pocket.
With all the time and effort you've put into properly merchandising your products, the last thing you want is for incoming customers to hurry past them — this ultimately limits the number of products they'll purchase. One way retailers combat this is through creating breaks that force them to pause. These are sometimes referred to as "speed bumps." Essentially, this can be anything that gives customers a visual break and can be achieved through signage or special/seasonal displays.
Enter the garage heater. These space heaters are specifically designed to warm up wide open areas and to function under much tougher circumstances than you’re likely to find in the average house. A well designed garage heater will offer at least 5,000 watts of heating power — enough to warm 750 square feet of space. A smaller heater might take off a bit of the chill, but to really warm your workshop — and keep it that way — you’ll need a heater of this size.
There you have it! Now you have no excuses, you must start planning right away. Please remember this can take a lot of time and a lot of work, so be sure not to stare at your task list in its entirety too often. I don’t want you to get overwhelmed knowing all the things you must get accomplished. Just focus on the goal that is the most important and attack it, task by task. Need help organizing these goals? Check out my Goal Planning Worksheets here:
The number of windows, as well as their sizing and placement, depends on your orientation, view, desire for ventilation, and needs for daylight and solar gain. Orienting more of your windows towards the south side of your shop and placing them high enough that they are shaded by the eaves in summer, but allow lower-angle winter light to come in, will increase your ability to get free light and heat from the sun. If your goal is to take advantage of passive solar opportunities, make sure that you carefully research the type of glass that is in your windows and look for something with a high solar heat gain coefficient. Higher windows generally allow for benches and tools beneath them, and relatively win­dowless north walls may be a place to arrange wood storage or mechanicals.
While not as large as I would have liked (is a wood shop ever big enough?), it is about twice the size of my previous shop. It measures about 12 by 25. Fortunately I had managed to find quite a bit of shelving before the move, so I was able to install shelving along two walls. And the work benches were made from wood salvaged from packing crates from Europe and left over yellow pine car siding and flooring from remodeling the old house.
Once I had the walls completely filled in and trimmed out, I built my doors.  I clamped them in place each day until after I painted.  Then I installed the hinges and hardware.  I decided to change my original plan of building a hinged 4 foot door.  I was worried that the weight of it would cause it to sag over time.  I had also decided at this point to install a small unused AC in the back wall.  I thought that by keeping one of the doors closed, I could keep more cold air in during the hot summers.
A table saw is one of the most important tools in the workshop for its ability to make long straight cuts. It will also cross cut with ease and if you don’t want to cut clean through a board you can adjust the height of the blade to make a dado or rabbet. A handy feature with the BTS10ST table saw is the vertical stand which also saves on storage space.
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.  
In addition to sheer power, look for a model with a built-in thermostat so you can set it and forget it. This convenience feature is well worth it so you don’t have to stop what you’re doing mid-project to manually turn your heater on and off to maintain your desired temp. A good garage heater will mount to the wall or ceiling to save space and will come with a durable housing and full safety screen to keep dust and wood chips from reaching the heating elements and starting a fire.

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.
Gone are the days when you could apply for a building permit based on a sketch on the back of a cigarette pack­age. In provinces like Ontario, design work must be undertaken by an insured designer registered under the provin­cial building code or by the owner of the property. You can do the drawings as the owner if you can demonstrate effec­tively through your drawings that your structure will comply with the techni­cal requirements of the building code in a clear and concise way. You will be required to submit detailed drawings, including the following:
Volkswagen campers are by far the most iconic vehicles in the vanlife community. They’re classics, and they always will be. This category includes the old Kombi bus (VW Bus), the 1980-91 Vanagon, and the newer Eurovans. Also known as Westfalias or Westies, many VW vans were converted into campers by the Westfalia Company in Germany (except for Eurovans, which were converted by Winnebago in the US).
When starting your small business, the easiest way to go about choosing a business name is to approach the task the same way you approach building new relationships. Did we lose you for a second? Here’s what we mean. It takes just one-tenth of a second for us to judge someone based on a first impression. There are endless relationships that instantly blossom or never get off the ground based off of this one simple fact. Most of us, even if it is on a subconscious level, understand this. Which is why when we meet someone that we are trying to impress, we make an attempt to adjust our appearance, body language, even the way we talk, to ensure we are putting our best foot forward.
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