When starting your small business, the type of business structure you choose will depend on three primary factors: liability, taxation, and record-keeping. Most small business owners begin their commercial life as a sole proprietor because it’s the easiest way to get started. In fact, if you’re in business and you haven’t taken any action to incorporate, you are most likely deemed a sole proprietor by default. You are entitled to all the profits of your business but also responsible for all its debts, losses, and liabilities.
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.
I spent a full week grading, compacting the soil and leveling each block before laying the floor joist. The last thing you want is to finish your new workshop and have a corner start sinking into the ground. My floor inside my shop is perfectly level still with a 6 foot level. You can see that I had a drop of about 12 inches on the low side. During heavy rainstorms, water can flow like a stream next to the fence. I wanted to make sure my workshop was high enough off the ground to avoid any flooding issues.
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.
While you have a decent starter shop, it's important to keep in mind the projects that your tools can handle. You are going to want to focus on projects that don't require your stock to be ripped to a different dimensions than what you purchased it at. You are currently only set up to do crosscuts with your miter saw. So while you can turn an 8' 2x4 into two 4' 2x4s, your not going to be able to turn that same board into two 2x2s.
If you’ve spent time at your local flea or farmers’ market over the last few years, you may have noticed the explosion that has taken place in the number of innovative small business concepts. From cool new clothing lines to ingenious fusion foods, the sheer diversity of the ideas on display really hammers home one of the key lessons when starting a small business: You need to find your key differentiator. For some this is their brand story, for others it’s the value of their service, but for many quick service restaurants and small retailers, it’s a distinctive core product line that demands the attention and interest of your customers.
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.
Now this Super Pencil from C.H. Hanson does all of that and more. The entire pencil is made from a non toxic graphite composition so the whole thing is a writing surface with no wood around it to shave away. Super pencil marks are water and smudge resistant and because the composite is so durable it never needs sharpening even when you use it on rough materials like concrete.
If you don’t have the time (or interest!) in building your own conversion but you still want to give van life a test drive, we’ve got an idea for you! We’d recommend getting a rental vehicle from Escape Campervans. They have 10 different locations across North America and come fully loaded with all the gear you need for an epic road trip. Plus, their rates are fair and affordable.
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One thing I found while looking on the topper websites is a piece of weather strip designed to go between the tailgate and the truck bed. It has a special wedge shape to it so when you close the tailgate it makes a watertight seal. It is just the thing to keep the dust and dirt from entering the back of your rig when driving down the dirt roads. They’re inexpensive too, for a full size truck like my Dodge it’s only $25. It has adhesive on one side, so installation looks simple.
So, if you’re looking for a retail or restaurant location, you’ll want to figure out how many customers you expect to have, on average, and multiply that by 15 square feet. If you’re looking for an office space, you’ll want to forecast the desired size of your workforce and multiply it by 100 – 150. This will give you the size of the commercial space you need.
Having a plan of action is key to learning how to start and run a successful small business. Whether you are looking for funding from a bank or angel investor, or are lucky enough to completely fund your venture on your own, an articulate and well-thought-out business plan will help you define what your business stands for and what it intends to become over time. As the age-old saying goes: “A goal without a plan is just a wish.” Don’t put your business idea in the hands of fate. Plan thoroughly, give yourself some benchmarks for success and be prepared to innovate as you go.
There are many inexpensive alternatives lying around the house or at your local store you can use to create a Halloween theme that will impress all your friends.”One of the most popular party favors is a framed picture of the party guest taken at your kid’s party. He or she could be showing off a silly hat or party costume, performing an outrageous party game stunt, or wearing a face full of frosting and ice cream. Having party guests create their own make-and-take frame to display this memorable photo makes it an even greater treasure for the memory box. Start with a plain square of cardboard with an opening the size of your picture. When the decorating is done, Ultimate Small Shop Reviews simply glue the picture to the back of the frame. Why not turn that Cooking Interest, Comic Book Collecting, or Your Retro Clothing Collection Into A Home Based Business Venture! Most people enjoy hobbies they have pursued with great enthusiasm for years. Even though they may find their leisure activities fulfilling and enjoyable they never imagined making money with a fun hobby! Are you one of these gifted individuals? These talented individuals might have a passion for sewing fabulous original wardrobes, marvelous hand knitted items, furniture making, creative paintings, photographs, jewelry art, greeting card design, doll making, original toys, baby clothing, candle making, quilting, calligraphy, fancy soap making, about anything you can imagine! Crafting is actually a great way to start a home business on a shoestring. You might want to start on a small scale by offering your creative work to friends and family. Later on, once you have enough products, you might decide to rent a booth at local flea markets or crafts shows to display your work. As you may know, the Arts And Crafts Industry Is Enjoying An Amazingly Phenomenal Popularity. People are eager to purchase hand made clothing, furniture, custom made keepsakes or jewelry. If you have the creative talent this is one business you should consider! A friend, Joyce, diverted her obsession with candle making into a thriving business. She started by selling her hand made scented candles to friends and neighbors. Word of mouth spread about her candles. Soon she was receiving enough orders to keep her very busy. Joyce throws house parties to sell her candles and also takes custom orders from ads she runs in local newspapers. Next, she plans to take her candles to the stores and malls in her area.”Today is life – the only life you are sure of. Make the most of today. Get interested in something. Shake yourself awake. Develop a hobby. Let the winds of enthusiasm sweep through you. Live today with gusto.”Our hobbies help us to relax and forget our everyday problems and troubles. We are all experts in one or more fields of our lives. Ultimate Small Shop program But I am sure that not everyone has a hobby that makes money for him/her (except, of course, if you love your job).Just imagine, wouldn’t it be great if you could have money making hobby? You could get involved even more with what you already love to do, you could treat your family and friends with the extra cash, or… even quit your current job that you probably hate.
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.
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.
Store design experts agree that this area should be open, inviting, and free of overpowering displays and signage clutter, as shown in the image above. Many customer behavior studies, including those conducted by Envirosell’s Paco Underhill, support this opinion. They show that customers tend to ignore displays, signage, and even manned sales counters placed close to store entrances.
If you want to operate your business under anything other than your own personal name, you’ll need to register your chosen ‘fictitious’ name with the appropriate county or state authority, otherwise known as registering your “Doing Business As” (DBA) name. The correct filing authority varies state-to-state. The Small Business Administration (SBA) provides a helpful tool to help you find the relevant authority for your state.
Well, I hate pegboard, pegboard’s in every shop, people use the heck out of it. And what I wanted to do was start moving the tools in, get a few of them in and then maybe just build some little racks for the screwdrivers and a few of the things like that. But things that are like categories – like a drill, drill bits – just let the drill bits be right here. Certain things maybe that you don’t use all the time, hole saws or maybe brass for something like that, can go down in other drawers.
In as much as I am a clamp freak, I needed some way to organize clamps without spending a mint on brackets. In our previous house we had a number of glass shelves –which I didn’t plan to put up here. But, the brackets were great – I laid in two tracks next to each other, then took a pair of the shelf brackets, cut a piece of 9/16 x 9/16 x 3 inch pieces of wood – put the wood between the brackets, shrunk wrapped around the brackets and wood, and came up with some really stable clamp hangers.
Remember the social media networks we asked you to secure in section five, Choosing a Business Name? Well, now is the perfect time to activate those channels. Use social media to build excitement about your grand opening and keep potential customers informed about special promotions and sales. People want to know what makes you special, so tell them why your store or restaurant will be different to what is currently available. From sharing pictures of that new fancy espresso machine or sneak peeks of your store’s interior, you can gain buy-in to your central message and build some anticipation before you even open your doors. Knowing how to to leverage key social channels is imperative to starting a success small business that will stand the test of time.
Every aspect of your store should flow from a clear statement of who you are and what you stand for as a business. From the sign hanging proudly outside your store window, to the color of the wallpaper in the in-store restroom, every detail should contribute to conveying your unique purpose and brand to the world. This consistency should also be applied to all your online assets, for example, your website design.
I want the shop to be big! Not only do I have a lot of tools, but I tend to frequently bring tools in for testing. As you probably know by now, I also do a lot of filming. So I need a space big enough to allow for full movement around most of the tools. My tripod has a pretty good-sized footprint and having more room allows me to get the best vantage point possible. More space will also allow me to stage larger pieces of furniture, whether for the show or for jobs I take on locally.
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.
Now, this is kind of an odd situation here, a few years ago when we bought this building there was a concrete block wall around here and a large drain right in the middle of the floor. Well the drain will certainly come in handy for any cleanup in the shop but the walls kind of left us when we removed those kind of left us a little divot and a little bit of damage here, so to make this nice and smooth so that our rolling workbenches will roll around real nicely we’re having to do a good bit of floor patch.
Expert Tip: Banks are often reluctant to provide long-term small business funding. They prefer short-term loans that are associated with physical assets, which can then serve as collateral. So instead of just asking for a generic loan, maybe consider raising capital for specific equipment that will kickstart your new business, like an espresso machine or delivery vehicle.
Once again I would like to Thank You for letting so many of us see what is going on in your world. It is very educational and entertaining to see what has happened in the past few months of your dream shop build. As I was watching the video I periodically looked out my window to see the snow falling steadily and building up along the windowsill. Every now and then I imagined I was in your sunny backyard admiring your Shop. I am looking forward to seeing what you will create in your New Space. Keep up the Good work and Congratulations on your Dream Shop.
Ultimate Small Shop is a complete guide to setting up your own workshop, from the planning phase to optimizing it for business. You’ll learn how to put together a complete and functional workshop for less than you expect. Ralph aims to get your shop set up for less than $1,000. Ultimate small Shop includes suggestions on where you can get the tools and equipment needed at the most affordable prices and how to optimize space to get the most out of the little room you have.
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He’s also providing power to a cool light grid we’re building from several old fluorescent fixtures that we salvaged from past remodeling jobs. With six four-tube fixtures, we should get plenty of light. In a work space you want to install these lights high enough so they don’t get in your way when you’re moving materials but low enough to provide good even light.
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.