You are also obliged to file a quarterly tax return which must detail, amongst other things, your employee pay and withholdings. Once again, failure to do this can result in, you guessed it, a fine! As you can see, it’s important to be up to speed on the rules and regulations around taking on employees, including, of course, provisions around hiring foreign workers. The good news is that there are a number of affordable payroll software providers that automate this process very effectively.
To make sure you account for any existing obstructions, it’s a good idea to make a measured drawing of your workshop area on graph paper, noting existing furniture, built-ins and large items on the plan as you go. For example, a common one-car garage workshop layout has built-in tool cabinets and shelves around the perimeter where they won’t impede parking, but you may also have to get clever about folding work tables and saw horses that you can set up as needed in the middle of the garage when you’re working on a project (and cars are parked outside).
Finally, at the beginning you'll do just fine with a basic set of router bits that run ~$40. A starter set will typically include straight bits for edge matching material, a selection of edge finishing bits, and some joinery bits. As you work on a few projects you may find that more specialized bits are needed. But specialized bits are expensive - so purchasing them as you have a specific need makes more sense than buying in anticipation of a need.
A large table saw just isn't a feasible fit in most small shops. But you should be able to get away with at least a portable table saw. Never mind veteran woodworkers who might look down on these compact tools–they're well-suited for many of the smaller ripping and crosscutting operations you'll need to perform. Some of the more compact table saws, such as this 10-inch Skilsaw, are small enough to be stored in a closet or under a table.
Lastly, and perhaps most importantly, your size should make you lean. Every single aspect of your store or restaurant can be tweaked and optimized to ensure more and more customers are coming through the door. As you experiment with strategies on Facebook or Twitter, introduce a new email marketing techniques, or simply erect new signage outside of your store, you have the chance to measure your success and react quickly to failure.
It looks great. Your little guy looks like he's having fun. I just had over 50 kids come through my shop last weekend to do some woodworking for cub scouts. I am saving left over insulation to put in there soon. I restocked my plywood recently too. The pieces of pipe made it much easier to pack in a lot of heavy pieces. I also took the time to measure lengths and mark the ends of all my lumber in the hatch under my bench to find what I need a little easier. My $100 8x8 needs a little TLC soon. But the shop is still rock solid. If you plan on making a lot of dust, I would also suggest a diy air filter with a box fan and a cheap air filter. It helps a little.
Evan Tarver is a staff writer at Fit Small Business, specializing in Small Business Finance. He is also a fiction author and screenwriter. His past experience includes investment banking, managerial finance, and technology. When he isn't busy scheming his next business idea, you'll find Evan holed up in a coffee shop in his hometown of San Francisco working on the next great American fiction story.
You’ve probably considered what goods and services you’ll be offering, but have you researched the cost of sourcing your raw materials? How about the cost of turning those raw materials into your finished product? Do you understand how much you’ll need to charge for your products/services in order to cover the expenses of renting a space, paying employees, leasing equipment, and paying for permits and regulations? Moreover, have you considered if the answers to these questions will provide the kind of operating margin you’ll need to pay yourself a salary?
If this all sounds too complex for you, there are alternatives. Thanks to advances in technology, there are tools available that help simplify bookkeeping and accounting so that you don’t have to hire a full-time accountant to take care of the basics. We’re big believers that a technology-led approach to running a small business will leave you with more actionable insights, more time to focus on your day-to-day operations, and ultimately, more money. For details on the cloud-based technologies that more and more businesses are relying on, make sure to check out our cloud-based business guide.
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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.