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.
The biggest problem I see with business owners and goal planning, is that they know they goal they want to accomplish, but they don't know the steps to accomplish them. Sound familiar? Well welcome to the life of an entrepreneur. We are usually trying to figure it out as we go along so don't worry. Here are my most favorite resources to help with figuring out the steps to accomplish anything on your goal sheet:
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.
as the name implies--I have no qualms about using castoffs, trash or clearanced items in my shop--I have a 3and one half car garage that I can't get a vehicle in(even tho I like to change my own oil, etc.) because I have so many interests like woodworking, metalworking, plastics, machining, machine building, carpentry, etc. we have to store our kids furniture somewhere, as well as some of our own... You involve a welder, 2 tablesaws, bandsaw, planer, lathe, drillpress, benches and benchtop tools--not to mention storage of materials and I've got a collosal mess that I may never get straightened out!!!--Did I mention room for the woodburning stove I heat it with??? I am always appreciative of these "dream shops" I see in FineWoodworking"
Planning your store layout is no small task, but many small retail store owners do it all themselves with great success. So why not you? Take it slow, follow our seven steps, and remember to put the customer first. With the ideas in this guide and a little elbow grease, you’ll soon be on your way to mapping out a retail store that’s easy to navigate, welcoming to customers, and best of all—profitable.
Making sure any holes in your insulation are sealed off and filled helps your insulation really do its job. Great Stuff Gaps and Cracks spray foam insulation is the best way to fill in any space around your foam boards, and to insulate any hard-to-reach spots. You can also spray this into the hollow vehicle frame for insulation (you’ll need a whole bunch of cans for this).
State Parks/Developed Campgrounds. Every once in awhile, it’s kind of nice to stay at a state park or other developed campground - and a big reason why is that they have showers (and sometimes laundry, too). This is what we’ve done most often when we need a shower on the road. Many state parks also have small day use fees if you don’t want to actually camp there.
Tired of holding a flashlight between your teeth while working in the dark? Make a light stand by bending a 2-ft. section of 12- or 14-gauge electrical cable into a U shape. Duct-tape the light to the ends of the cable. The wire can be shaped into a hands-free supporting base for the flashlight or bent into a hook for hanging. — Paul and Haylee Lytle. Check out another hands-free light hack.
“Beware suppliers bearing gifts. That ‘free’ refrigerator from the drinks supplier is never really free. You can quickly find yourself tied into sub-optimal deals because of a reliance on this hardware. If you have access to the capital, do yourself a favor: Buy your own fridge and negotiate from a position of strength.” — ShopKeep Founder and Experienced Small Business Owner
Find out what tools you need and how to budget for shop setup. Whether you are going to be doing furniture, cabinetry or woodturning, this workshop tools list and budgeting guide can help. Learn how to prioritize purchases of shop tools based on space, interests and cost. Check out a comparison of the workshop tools you can get for $4000 vs. $10,000 and determine how much you need to spend for the shop you want.
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.
By setting up a separate legal entity, you limit the financial fallout from a failed business, you shield yourself from legal risks (such as someone injuring themselves in your store), and you potentially put yourself in a more advantageous tax situation. Equally, if you are working with partners, ensuring you are set up with the appropriate partnership will give all parties reassurance about their legal standing, obligations to, and expectations from the business in question.
I looked around at many versions of Taiwanese drill presses. I ended up purchasing the Ridgid DP15501 15" drill press because I liked the way the quill stop was made, the work light, key storage, and the easy access to the belt change system. This machine was also on sale when I needed it, so that made it a slam dunk. Choose the one that suits you, as they’re all very similar. The table is large enough, and the distance to the column is large enough to allow you to do most anything a small shop needs.
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.
We've written about routers on the site before and my favorite is the Bosch 1617. It is light enough that you can control it when using it handheld, yet powerful enough that it won't have any problems when you mount it under a table. On top of that, it comes with a plunge base which makes it significantly easier to use handheld. The package clocks in at ~$190.
When registering your business name you should also consider whether or not you have plans to expand your local business nationally or online in the future. Registering your business with the state does not offer brand protection beyond the state it is registered in. For example: If Bob’s Bike Shop is registered in New York, no other business will be able to use that name in that state. However, someone in Idaho can still register their business as Bob’s Bike Shop. If you have aspirations that look beyond Main Street, USA and would like the option to expand nationally or on the web, you should consider trademarking your business. When you trademark your business name, it makes it a lot easier to recover property that infringes upon your brand. For example: If Bob’s Bike Shop in Ohio purchased the domain www.BobsBikeShop.com but Bob’s Bike Shop in New York trademarked that name, legally Bob’s Bike Shop in New York has the right to file a domain name dispute to get the domain name back from it’s current owner.
The idea of not having your own bathroom nearby can be incredibly intimidating, but we’ve found that this is actually one of the easiest parts of vanlife. Public restrooms are plentiful throughout North America, and we’ve never not had a bathroom when we needed one. Gas stations, truck stops, Walmarts, McDonald’s - you name it, we’ve done some business there.
“Your sales floor is a living, breathing entity that needs to change—frequently—in order to flourish. It’s the retailer’s job to make that happen. If your store is filled with the latest and greatest products, but your sales are in a rut, it could be because your customers are bored. They come to your store not just to buy; they come for ideas and inspiration. And they come to be entertained—even when they don’t buy anything, that experience is what brings them back.”
The small apparel boutique pictured above really nails these traffic flow details! A roomy entrance offers clear sight and travel lines to eye-catching power walls on the right, and an inviting seating area towards the back. These lure customers into the store with the promise of treasures and comfort within. The shop even has a left-side checkout midway back. Someone really did their customer behavior homework on this retail store layout.
For this reason, on-demand applications can get very time intensive. Consider building on an on-demand platform on both iOS and Android. A typical app on a single platform would require one experience to be designed. In the case of an on-demand app on two platforms, four would be required. That's one experience for each user in the system (i.e., two per platform) plus each platform (i.e., four in total). On-demand apps also often require a number of administrative interfaces. The only way to reduce the cost of an on-demand platform is to streamline the typical feature set included. For example, you could remove in-app payments or administrative interfaces while doing market validation.
In a small space, there's not much room for one-trick ponies: You need gear that can do many different things, and that goes for your work space and stands, too. You can add a wood clamp to a multifunction workbench, but you probably need compact work or tool-holding stands to make up for the lack of a large work surface. Occasionally you may need to take your work to another room or even outside, in which case portability is also important.
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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.
My wife and I have just bought a block and will be building a new house – as part of this will be the building of the “shed” – which is really a workshop as I am a very keen Woodworker (I have most of the toys!!). My question is – Leaving money aside “Is a brick or metal shed better – especially in regards to moisture, inside temperature (heating and cooling), noise etc”? Any other suggestions would also be appreciated – eg lining the structure, power needs, lighting, etc. I appreciate your expert opinion. – Ivan Banks
Hey Melody, thanks for the email. I’ve traveled through some extremely humid areas (Central America)… I’m taking it that your canopy does not have a headliner? That in and of itself helps a great deal. Personally I would be hesitant to put holes or van roof vents in my cap, but that may be what you want to do. I would try sleeping with a portable personal fan first and see how that helps with the condensation issue. For me it worked wonders while sleeping in those hot and humid environments. I ran mine off the inverter connected to my secondary battery.
Electricity was something we didn’t want to worry about at all in our van, so we went big from the beginning. We bought Renogy's 400-watt solar kit and two VMAX 155ah batteries. We mounted three of the panels on our van’s roof, and the fourth we attached to a folding stand made out of PVC so we could roll it out as needed. While the system works great and keeps us charged up, in hindsight it was a little bit of overkill - especially since we added a battery isolator.
Other than that, you can’t have too much light — especially north light! — and you want accommodations for all the electricity you can imagine. Ceiling fans are a must. A good dust collection system is good, too. Don’t forget to plumb in for compressed air. Do NOT use hard PVC water pipe for compressed air — ever. If/when it breaks or ruptures, it explodes into tiny sharp glass-like shards. I know firsthand. I’ll tell you about it some other time. Think balloon popping!