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 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
Inventory management — especially when first starting a small business — at its most basic level consists of counting how many of a given product (let’s say apples) you have for sale in the morning, keeping track of that number, then reducing it by one each time an apple is sold. At the end of the sales day, you count the leftover apples and make sure the number of apples in your inventory system matches whatever you actually have in store. When you have an accurate apple count, you call your supplier and order as many as you need to make sure you have enough on hand for the next day.
After starting your small business, you may eventually want to hire employees. When this happens, you are legally required to purchase workers’ compensation insurance, unemployment insurance, and — depending on your business location — disability insurance. Current states where disability insurance is a legal requirement include: California, Hawaii, New Jersey, New York, and Rhode Island.
That headline struck me as discouraging. As an entry fee, $5,000 seems high enough to exclude a number of potential woodworkers, myself included. Christiana softened the blow by saying that used tools could cut the cost roughly in half. That figure seemed much closer to my experience, which involved buying a mix of new and used tools. Having said that, buying the right used tools is much more difficult than buying from a catalog or dealer who stocks everything needed to build a great shop. It requires a bit of guile and a good plan, but the payoff is worth it. Through careful choices and good fortune, I was able to outfit my shop with a blend of new and used tools for around $2,000.
BEST ANSWER: Hi, I probably can't help, depending on where you are in the process. If the bench in the photo looks like it's just what you need, you should download the plan. I think Rockler has several ready to assemble benches that look quite good. Example: Large Workbench (N2000) Item #: 31719... I. too, am retired and trying to decide whether to buy or build. I have a bench that looks good and works good, but just is too light for hand work. It all depends on what you expect to be using the bench for. There are some good books out there to help us decide. "The Workbench" by Lon Schleining" is excellent. Also, Christopher Schwarz has written several good books on the subject. Vince, good luck and have fun working wood.
Reactions are typically over-the-top excitement. Everywhere I go, there are people snapping pictures, taking videos, and giving me a “thumbs up.” Sometimes while on the highway, cars will go ahead of me about a mile or so and then pull over to get out and video me driving by them. Truck drivers are always getting on the CB radio asking about the truck.
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.
However you design it, a loop floor plan surrounds customers with product displays on outer walls, and allows for all types of creative display variations in the center of the store. A loop floor plan works well for most types of small retail stores, such as apparel and accessories, toy, homewares, kitchenwares, personal care, and specialty products.
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.
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Thanks again for the inspiration. I've just finished putting the door on my 12x16 shop. Aside from shingles it is ready for the winter. I've yet to cut out the hatch for the lumber or start on the interior, but at least it's weather tight and I can work on the rest I the coming months. I am planning to use mineral wool bays for insulation to mitigate sound and ease installation. I don't see a way to add pictures to this reply (I'm on my phone), so I'll try to add one or two later.
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.
I place the band saw first in my order of purchases, because I consider it the heart of the shop. Band saws are very safe tools for ripping, re-sawing, cutting curves and more because all of the force is downward, virtually eliminating any chance of unexpected kickbacks. I wanted a saw that had a strong back, dynamically balanced cast iron wheels for smooth operation and flywheel effect, 12" depth of cut, good dust extraction design, a large table and a solid fence. After shopping around, I settled on the General International Model 90-170 14" saw. It is very smooth, comes with an Excalibur fence, and it is light enough (133kg) to move into your basement without crushing someone.
We have a 5-gallon clear plastic Hedpak container that our sink drains straight down into. We really like this container because it’s clear, which means we can easily see how full it is. With 5 gallons of gray water capacity, we only need to empty it every 3-4 days. Dumping is easy - just remove the tank from under the sink and pour it out into an RV dump facility or other approved area.