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.
Now that you have your goals mapped out and you know the exact tasks that will help you accomplish them, I want you to pick a day of the week (preferably Monday or Friday) and start planning the week ahead - don’t skip this step, never skip this step. Schedule which one these tasks will happen on what day of the week. So you are literally pulling the tasks from that spreadsheet and placing them into this weekly planner. It’s important to keep in mind deadlines (the ones you set for your goals and when they should be accomplished) and the amount of time it takes you to do a task. You may also want to write down which day it’s due, and who is responsible for this task (if you work with a team).
The right first step online for most stores and restaurants is creating a Google Local Business Listing. Google accounts for 90% of all global organic search traffic and more and more of that traffic is coming from mobile devices. Chances are, your customers are using Google to find you, so you’ll want to make sure your hours, description, contact details, address, and images are all accurate.
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.
When Julie Owen bought Cocobolo Interiors in 2008, she set about adding more contemporary items to the Armonk, N.Y., shop. But with only 3,000 square feet, she struggled to figure out where to put her expanding line of furniture, lighting fixtures and accessories. Her solution: create sections within the shop and arrange the furniture the way customers might imagine it at home, using low bookcases and folding screens as dividers.
“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.”
I have different toolboxes for different jobs around the house. Occasionally I’d grab a tool out of one box and then put it away in another. Eventually all my flat-head screwdrivers would end up in one toolbox. To solve the problem, I now mark the handles of the tools and the corresponding toolbox with a band of colored electrical tape. Now all the tools are in the box where they belong. — Kim Litkenhaus Marino
You might be thinking your business aspirations are too ‘early-stage’ to merit investigating the permits required to run your small business. You’d be wrong. The costs and requirements of staying on the right side of the law should be factored into your initial business plan and ongoing projections. In the long run, this will save you time, money and heartache.
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.
Drill four 5/8-in.-dia. 1/2-in.-deep holes on the large disc?inside the traced circle?then use 5/8-in. dowel centers to transfer the hole locations to the underside of the small disc. Drill four 1/2-in.-deep holes on the underside of the small disc and a 1/2-in.-deep hole in the center of the top for the dowel handle. Glue in the dowels to join the discs, and glue in the handle. We drilled a wood ball for a handle knob, but a screw-on ceramic knob also provides a comfortable, attractive grip.
It’s also a good idea to cover up any exposed insulation or open stud bays so that you have a flat surface to mount stuff on the walls of your workshop. Here we’re attaching plywood panels to the metal framing but in most garages or sheds you can just nail them directly to the studs. We’re also getting a jump on organizing by putting in a hose reel next to the location we’ve chosen for our air compressor.
Nicole and I decided not to go public with the cost of the build. Although we are very open about most things, we are a little uncomfortable about making an expenditure of this magnitude public knowledge. Furthermore, unless you live in the Phoenix area and plan on building the same size shop with the same patio and with all of the same finishing touches and labor requirements, the price isn’t all that helpful to you.
But here’s a quick back-story so you know how things went down. The reason I moved my shop so many times was because the sale of our old house fell through at the last minute. This is the house with the original Wood Whisperer shop/garage. We took the house off the market to recuperate and wait for the market to improve. In the mean time, I decided that I should probably make the best of the shop space that I was already paying for, so that’s why I moved my tools back there. When we eventually put that house back on the market, it sold on the first day. That was a BIG surprise! While we weren’t financially (or mentally) ready to build the new shop, I wasn’t about to lose a chance to get that 2nd mortgage gorilla off my back. So all of our resources went into the sale of the old house and the purchase of my mom’s new place. Truth is, there really wasn’t much left to put toward the new shop. Thanks to some financing wizardry, we made it work. But let’s just say I’ll be paying this off for quite some time!
Hi, I have looked through pictures of the shop books. What I am interested in finding is a book with layout design options. I am ready to build a new shop for myself and want to put dust and electrical under the slab. Best layout designs would help me to figure out how to layout a shop that is aprox. 28'x 36'. Is there a book that has this type of information.
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.
For small business owners, these tools present an incredible opportunity to set smarter business goals and easily identify some of the key factors of success and growth in their business. However, when you couple the breadth of technology options with decisions about basic store and restaurant equipment, such as espresso machines or air conditioning units, it can become a little overwhelming to figure out what is actually worth the investment.
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.
Ok, the leap from $1,000 to $2,500 is a big one. I certainly didn't make it at one time. It took me years. But I know folks that decided they wanted to get into woodworking and dropped at least $2,500 getting themselves outfitted. When you do make the jump, the thought process becomes much less about making sure you can get the job done and becomes more about having quality tools to get the job done.
While a single great product can’t usually support a whole business, it is beneficial to select one or two “headline” products that will form the cornerstone of your offering. This will often be an obvious choice: If you’re a coffee shop, your headline product will be coffee. If you’re a burger joint, you guessed it, it’ll be burgers. This product will often be the centerpiece of your marketing efforts and a way for you to “own” a space in a customer’s mind. For example, Jack’s Burgers makes the best cheeseburger in town and Daisy’s Threads has the most adorable scarves.
Living on the road puts you in a wider variety of situations and environments than being stationary. If something goes wrong in the wilderness or if a disaster strikes, you’ll want to know what you should do. The SAS Survival Handbook is one of the best survival books out there. It covers primitive camping, edible plants, encountering wild animals - even disaster situations like nuclear war. It’s packed full of good-to-know actionable information. And it’s a blast to read.
I do not rip on the table saw as a rule, to prevent kick back that periodically occurs when natural wood pinches the blade, turning the wood into a missile. I bought a fairly powerful saw, so this is one place where a lighter saw would be adequate. Essentially, I use the table saw for ripping sheet goods, cutting dados, tenons, and cutting small parts to length – all of which can be done with a 1.5 HP saw. I ended up with a King 3 HP, three-belt drive, 10" table saw. The castings are true, and the King Tru-rip fence reminds me of the Biesmeyer fence used on the Canadian General saws. The model is KC-11FX, and it can be purchased for less than half of the price of other, similar saws. On this purchase, I went with the suggestion of Jeff at Brettwood Machinery – he was right; a very good value saw that runs smooth, and has a decent fence.
All this is why I recommend you buy the very best stuff available, even if it means going without certain tools initially. Although it wouldn’t be a disaster to spend $1000 on a whole bunch of inexpensive tools, what are you going to do when you’ve outgrown the capability of these tools and want to upgrade? You’ve now got to somehow get rid of the cheap stuff and replace it with something better. This isn’t easy and it’s always the most expensive way to go.
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.
Ultimate Small Shop offers a comprehensive guide illustrating how to set up a workshop. It may be just a small basement shop or a part of the garage converted into a workshop. The guide lays out all the steps and actually caps the investment at under a thousand dollars. Woodworkers can build their workshop for less than $1,000. This does not entail any compromise of tools or the scope of woodworking projects. The guide provides a shopping list including the best tools and there are exact links to find those tools and buy them at the best prices. There are floor plans to ensure layouts are optimized even in the most cramped spaces.
You see, everyone can make money with his/her hobby, and I am going to reveal it to you in a minute… Ultimate Small Shop Ebook Download There are millions of people who have the same hobbies and interests just like you. Everyone is searching for more information about their hobbies and passions. Take a guess – what is the best place to find the information today? I think you will agree that the World Wide Web (the Internet) is one of the best places on the Earth to look for information related to your hobby. Millions of people use the Internet to find the answers to the questions they have, to solve the problems they encounter every day. So, how could you make money with your hobby? It’s simple – build your own web site (online business) about your hobby. Ken Evoy, internationally acclaimed Internet marketer, developed a system – SiteBuildIt! (SBI!) – that helps anyone to create professional websites about his/her hobbies, interests and passions. Hundreds (maybe even thousands) of SBI! users have already quit their jobs and now are making a living from the comfort of their own homes, doing what they love – creating web content about their hobbies. Each web site built by SBI! is search engine optimized. It means that when you build your own web site with the SBI! tools, the traffic to your web pages is guaranteed through search engines. And it doesn’t matter what your hobby is – Ken takes you by hand and explains how you can make money from the traffic received to your web site. What matters is – you create information-rich content pages about what you know and love – about your hobby! Ultimate Small Shop discount If you think that you cannot write web content – forget it, you can! – SBI! will guide you step-by-step from developing your web site’s concept to brainstorming hundreds of profitable related keywords; building a themed web site; generating motivated, targeted search engine traffic that wants to click on your recommendations, links to the related products sold by merchants that you will represent. Note that this is not a “get rich quick” scheme. It will require lots of your energy, work and time. The bottom line is that you will have a hobby that makes money for you!I’ve always liked to make gadgets and gizmos that have some function, either useful or not so useful. It started with the simple things that many kids make – slingshots, a simple bow, and arrow, a toy boat. Occasionally I made more involved items such as a canoe and a dune buggy. Then there was the grass hut – 12 feet across, octagonal in shape, and thatched top to bottom with a thick layer of grass. I built it in a remote location, near a strip mine filled with water. Hauled the cut grass in a 1972 Volkswagon convertible with the top down. Piled the grass high in the back seat. It must have taken a dozen trips back and forth from a nearby hay field. Simple things appeal to me more than costly homemade items. A small project lets me pursue an interest without interfering with other goals. Ultimate Small Shop Tips A project with a small amount of time invested seems more like entertainment.
Keep in mind that if you filed to become a corporation or LLC, then you can skip this step altogether. When you form an LLC or corporation for your business, your business name is automatically registered with the state. However, as mentioned before, if you legally registered your name as Bob’s Bike Shop and would like to conduct business using any variation of that name such as BobsBikeShop.com or Bob’s Bikes, you will need a DBA.
First, decide on wax you would like to start with, there are three different kinds to choose from Ultimate Small Shop paraffin wax, soy wax, and beeswax. Paraffin wax is most commonly used in candles, this wax is found at most candle making stores. Soy wax is all natural, made from soybeans, and cleans up easily with soap and water. Beeswax is all natural too, and making beeswax candles is often easiest because you simply wrap a sheet of beeswax tightly around a wick then seal it with your thumb, which means no melting is required. To begin, spread newspapers around the candle making area. First, you melt your paraffin or soy wax and it must be double-boiled. Usually, you place a large pot that is about half-filled with water on a burner over low-medium heat, place a melter in the water, then gradually place wax pieces into the melter. When the wax has melted, you can add coloring or fragrance as desired. To make molded candles, cut the wick two inches taller than you want the candle to be, then thread it through the hole at the bottom of the mold, then plug the outside of the hole with putty. Place a pencil or similar item over the top of the mold and tie the top of the wick to it, centering the wick. If the mold is cardboard, plastic, or glass, heat the wax to 130 degrees Fahrenheit. If the mold is metal, then heat the wax to 190 degrees. You can use a candle or candy thermometer to measure this. Ultimate Small Shop Pdf When the right temperature is reached, lift the melter by the handle and slowly pour the wax into the mold. Let cool for twelve hours then refrigerate for twelve more hours, then your candle is ready to be removed. To make votives and other small container candles, you can use pre-tabbed wicks by simply placing them in the center of the votive candle molds or containers, then pour the wax mixture over and let stand for twelve hours, refrigerating the votives. By the time your teen is in high school, you probably aren’t taking as many pictures of them as you used to. I have to keep reminding myself that I only have a couple of years left and no time to waste trying to capture fleeing teenage memories. You might be thinking that I’m really organized to be already working on scrapbooking my daughter’s high school memories. To be honest, I have a shoebox full of pictures of my daughter waiting for me to get to someday. But if I wait until “someday” to continue taking pictures because I already have so many pictures I haven’t done anything with, then my daughter’s teenage years will come and go while I try to catch up. I don’t want to chronicle every detail of my daughter’s life (nor would she want me to!), but I was trying to think of some memories that she might want to laugh about and maybe even treasure someday. Ultimate Small Shop Guide Woodworking So how do you do that without ending up with pages and pages of memories? I decided to do two large (12×12) pages (facing each other in the album) for each year of high school.
Depending on your situation, you may need to upgrade to 200 amp electrical service in order to meet the needs of your house and your shop. It may also be in your interests to add in a separate electrical service meter on your shop so that you can clearly write off electrical use for your business, or in future rent the space out and clearly separate out the utilities for billing your tenant. Generally, you don’t want to skimp on the power to your shop or on the lighting you include.
We think that insulating your van’s floor is worth the minimal extra cost it adds to your build. The best floor insulation is ½” XPS foam board due to its high r-value per inch and its compressive strength. But a layer of Reflectix will add some insulation while taking away less headspace. We used Reflectix, but if we did it again we’d go with the foam board.
When you’re first starting out, it can be hard to imagine that there are entrepreneurs out there complaining of having grown too fast. But for some, it’s not a problem that’s welcome. For every Ben and Jerry’s, (Ben Cohen and Jerry Greenfield turned a rundown Burlington, VT gas station into an ice cream empire), there’s a Zynga or a Living Social that has enjoyed incredibly fast-paced growth, let their operating costs get out of hand, and then had to engage in mass layoffs when reality hit. If you’re enjoying fast-paced growth, make sure that this is reflected in your operating margins, not just the metric of revenue. You don’t want to be the butt of the old retail joke: “We’re losing a buck on every sale, but we sure are making it up on volume!”
Garage spaces are usually not insulated, and garage doors on most homes have very poor insulation. That means it’ll inevitably be super hot and stuffy in the summer, and freezing cold in the winter. To be comfortable in your workshop you’ll need to take the extra step to insulate your garage and set up some space heaters, and some portable floor or window AC units. Having to wear a heavy coat while you work will impede your DIY efforts and nobody likes working in a sauna.
Whether you plan to go it alone or hire a professional, there are many resources available to help you plan and execute your retail store layout. If you don’t feel comfortable tackling the project yourself, a professional retail store planner, interior designer, or display designer can turn your dreams into reality. Or if you want to handle it all yourself, store planning software and other online idea resources can make the job easier.
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.
Great instructional! I built the bed of my 92′ Toyota pickup ext. cab the same way you did. I did some hard searching and found this camp pad, which literally fits the 40″ wide sleeping space perfectly. A few different mats from Exped will fit, but here’s the one I bought. Just thought you might like to know there’s an inflatable duo sleeping pad out there that works for your setup!
For the large square windows near the tailgate I just used those big “magic auto shades” like these, which fit perfectly to cover up those side windows and the back window by the tailgate (I had four in the canopy) and another set up in the cab for my actual window. As for the longer side windows I just used a USPS box, haphazardly stuck up against the window. Nothing fancy.
Best-selling products should be placed in Primary Zones located toward the rear of the store, ensuring that shoppers will pass by Secondary Zones featuring other merchandise, increasing their exposure and sales potential (it’s why milk is always in the back of the grocery store!). You can also feature several ‘best sellers’ in window displays for exposure.”
You’ll also want to evaluate your obligation to your employees’ health care provisions following the introduction of the Affordable Care Act, which mandates the responsibility for the cost of insuring full-time employees to businesses with 50 or more full-time, or full-time equivalent employees. It also provides generous tax credits to smaller businesses with 25 or less full-time equivalent employees. Need a little more help understanding how U.S. health insurance reform affects your business? Register for one of the SBA’s upcoming Affordable Care Act webinars. They also offer recordings of previous webinars in both English and Spanish for those who can’t make it to one of their live sessions.
Build this handy stool in one hour and park it in your closet. You can also use it as a step to reach the high shelf. All you need is a 4 x 4-ft. sheet of 3/4-in. plywood, wood glue and a handful of 8d finish nails. Cut the plywood pieces according to the illustration. Spread wood glue on the joints, then nail them together with 8d finish nails. First nail through the sides into the back. Then nail through the top into the sides and back. Finally, mark the location of the two shelves and nail through the sides into the shelves. Don’t have floor space to spare? Build these super simple wall-mounted shoe organizers instead!
Location, location, location is quoted so often for a reason. When starting a small business, the wrong choice could hurt your business before you’ve even had the chance to open the doors. Take the time to really understand your customers and do everything you can to gather real world insights that will help you determine the viability of your potential new space.
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.
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!
I think the music comment was about speakers for playing music. I put a few 8″ in ceiling speakers in from MonoPrice.com ($60 / pair I think) and love them. A space that big would probably need at least 3 pairs. You’re not throwing a rock concert with them, but they provide very decent background music for not much cash. The speaker wire from MonoPrice is dirt cheap too. Just add a cheap receiver to drive them. Of course, you probably don’t want to spend that cash at the moment. But it’s a good starting point for the future.
Great shop just what you need. You mentioned your lighting was a little thin on the ends of your shop. The best way to lay out rows of lights in an open space like yours is to figure out how many rows you want. Now in your shop six rows would give you a good coverage, so you would divide the length, 60′, by the number of rows, this gives you the space between rows, then divide this in half, this gives you the space from the wall to the first row. For a 60′ room with six rows this would be 10′ between rows and 5′ off the end wall. This will give you consistent light from wall to wall.
Smaller speed bump displays (above) and larger merchandise outposts (below) placed along your store’s main traffic flow let you draw customer interest to certain products. Speed bumps let you feature new finds and hot sellers in eye-catching ways. Larger outposts are great for special price stock or product groupings such as seasonal features and branded collections.
Woodworking isn’t just an overnight hobby, for most it’s a fun pursuit that lasts a lifetime. As your skills develop, the workshop becomes a place not just to build but to repair along the way. In a world where people are strongly influenced by consumerism, there’s a tendency to revert to a throwaway culture. But if you can fix before throwing away, then your tools start to make a return on their investment and have a bigger impact.
Now nobody reasonably expects you to actually hit that exact number in five years time, but the point here is accountability. A really great small business plan forces you to think through your goals, associate a dollar value with each, and articulate clearly how you will make them a reality. By declaring your projected revenue in month seven or your expenses in year five, you are giving yourself a benchmark for success.
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.