*Ss Brewing Technologies Giveaway - Enter Now!*

Home Brew Forums > Home Brewing Community > General Chit Chat > Starting a business
Reply
 
LinkBack Thread Tools
Old 12-18-2007, 06:45 PM   #1
Joker
Feedback Score: 0 reviews
 
Joker's Avatar
Recipes 
 
Join Date: Nov 2007
Location: Orygun
Posts: 1,954
Liked 15 Times on 15 Posts
Likes Given: 4

Default Starting a business

Who here has and how did you take the plunge? Any resources I can go to, to learn about loans and the proper way to go about it. I would like to start a home based business for extra money and if it really took off then who knows.

Any advice on business loans would be greatly appreciated as well.

I use to do a ton of sidework with family, and that work is no longer available so I am trying to find a way to generate the income on my own. The catch is I no longer want to be away from home the amount of hours I was before.

I have an idea and I think it will work I guess I am just looking for courage through others and inside information on how they were able to get the funds to start the business.

__________________
Joker is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 06:47 PM   #2
cheezydemon
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jun 2007
Location: The "Ville"
Posts: 1,921
Liked 3 Times on 3 Posts

Default

My wife has a small business, it would not have been possible without my steady income. Most people don't have that luxury. You typically have to work a day job and work on your business in your off time. What kind of business are you thinking about?

__________________
BOTTLED: "Route 66 IPA" 7% ABV, "Dave's Imperial Stout" 12% ABV , "Spider Imperial Stout" 9%ABV , "Mutt Irish Ale" 7% ABV, "Sorta Sierra" IPA's 4.4% ABV, "Habanero Ales" 5.5% ABV, "Pumpkin Seed Ale" 5.5% ABV , "Marzen" Lager, "Step child Ale",
PRIMARies: "Caramel Amber" , "Black Porter"
SECONDARIES:1 :"Miller Ale"
On DECK: Another Russian Stout
cheezydemon is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 06:54 PM   #3
CodeRage
Death by Magumba!
HBT_LIFETIMESUPPORTER.png
Feedback Score: 0 reviews
 
CodeRage's Avatar
Recipes 
 
Join Date: Aug 2007
Location: Melbourne, Fl
Posts: 2,254
Liked 29 Times on 16 Posts
Likes Given: 5

Default

Quote:
Originally Posted by cheezydemon
You typically have to work a day job and work on your business in your off time. What kind of business are you thinking about?

I am in that boat plus my wife has a steady income... Been so busy with my real job lately that I havent had much time to devote to the buisness. My plan is to slowly grow it until I can leave my job and sustaine on the buisness.
__________________
Brutus 20e build | Electrical Primer for Brewers | Auber SYL-2362A2 PID Install & Config
So as I am walking out the door this morning I think to my self:
"self, going to work on Monday is like knowing you're going to get kicked in the nuts. You just don't know when or by who"
CodeRage is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 07:00 PM   #4
Joker
Feedback Score: 0 reviews
 
Joker's Avatar
Recipes 
 
Join Date: Nov 2007
Location: Orygun
Posts: 1,954
Liked 15 Times on 15 Posts
Likes Given: 4

Default

Well this has a possibility of being a business for my wife. She has been a stay at home mom and now that the kids are in school she is having a tough time getting back into the work force at a wage that makes it worth going. If she doesn't pick it up it is still something I could do evenings and weekends.

Not quite ready to 'let the cat out of the bag' on the type of business just yet. It is something that I would look here for customers and would kick myself if someone was able to get the same business up and running before I could.

__________________
Joker is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 09:52 PM   #5
senorfartman
Feedback Score: 0 reviews
Recipes 
 
Join Date: Dec 2007
Posts: 106
Default

Quote:
Originally Posted by GaryA
Who here has and how did you take the plunge? Any resources I can go to, to learn about loans and the proper way to go about it. I would like to start a home based business for extra money and if it really took off then who knows.

Any advice on business loans would be greatly appreciated as well.

I use to do a ton of sidework with family, and that work is no longer available so I am trying to find a way to generate the income on my own. The catch is I no longer want to be away from home the amount of hours I was before.

I have an idea and I think it will work I guess I am just looking for courage through others and inside information on how they were able to get the funds to start the business.

What type of business are you looking at? Internet, contracting, retail, consulting, etc. Depending on the type of business, there's various things you need to register with or not.

For instance if it's retail, is it online or do you have a set location? Do you need inventory or are you selling other people's items.

I'm 24 and have owned my own company for a year. It started as people sending me their lacrosse sticks and I would string them. Then it branched to purchasing sticks on ebay, cleaning them up and restringing, then reselling. It was near impossible to get any contracts with major manufacturers because I 1) didn't have a store front and 2) the amount of volume I sold wouldn't necessarily be cost effective for them.

I've since moved to general sports contracting. I have a gig where I travel with ESPN events providing tech services for their wireless cameras and mics.

Tax wise it gets a little crazy. You need to document everything and keep every receipt to take advantage of the deductions. On top of that, you need to pay both yours and the 'employer' side of social security.

But the minimum you need are a trade name, a business license and an IRS Tax ID number. Look up where to register a trade name in Oregon. The business license for me was done at the State Court House in Maryland and the Tax ID can be filled out at http://www.irs.gov/businesses/small/...102767,00.html

It does need to be in that order however.

As per business loans, it is tough as a small business because it's likely the amount of interest they would collect wouldn't be that much. My best advice would be to start saving as much as you can.

My first year's profit was $7. This year I'm closer to $10,000 after all the deductions.

It's a tough lifestyle but it can obviously be very rewarding. If you tell me what line of business maybe I can help you out some more. My best advice however would be to hire a very good Tax Accountant to handle your first year's taxes.
__________________

Fermenter 1:
Fermenter 2:

Bottled: Irish Red
Bottled: Le Stout
Bottled: Edwort's Pale Ale
Bottled: Dark Chocolate Porter

senorfartman is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 09:56 PM   #6
senorfartman
Feedback Score: 0 reviews
Recipes 
 
Join Date: Dec 2007
Posts: 106
Default

Quote:
Originally Posted by GaryA
Well this has a possibility of being a business for my wife. She has been a stay at home mom and now that the kids are in school she is having a tough time getting back into the work force at a wage that makes it worth going. If she doesn't pick it up it is still something I could do evenings and weekends.

Not quite ready to 'let the cat out of the bag' on the type of business just yet. It is something that I would look here for customers and would kick myself if someone was able to get the same business up and running before I could.

Nothing personal but chances are the type of business you are trying to do has been done 10, maybe 100 times before. "Not letting the cat out of the bag" just means there's no way we could assist you or guide you in a proper direction. The real difference is how you market yourself or differentiate yourself from those other 10 or 100 similar companies.
__________________

Fermenter 1:
Fermenter 2:

Bottled: Irish Red
Bottled: Le Stout
Bottled: Edwort's Pale Ale
Bottled: Dark Chocolate Porter

senorfartman is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 09:58 PM   #7
noobrewer
Feedback Score: 0 reviews
Recipes 
 
Join Date: Dec 2007
Posts: 72
Default

just create your own brewpub, your wife couldn't say no

__________________
noobrewer is offline
 
Reply With Quote Quick reply to this message
Old 12-18-2007, 11:16 PM   #8
sirsloop
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jun 2006
Location: South River, NJ
Posts: 2,592
Liked 17 Times on 15 Posts
Likes Given: 1

Default

I run a photography business on my "time off"... but I didn't have to take any loans out for it. Kinda hard to give advice if we know nothing about it. I mean if you are going to start a brew supply shop that entails a completely different set of things compared to selling t-shirts from your place or something.

__________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~
~~~~~~~~~~~___//_ ____________________________~~~~~~~~~~~
~~~~~~~~~_/ [][]| | /```\/```\/```\/```\/```\ |~~~~~~~~~~
~~~~~~~_/_______| |____NOW TRIPLE HOPPED______|~~~~~~~~~~
~~~___/[_]| 00 /| | \,,,/\,,,/\,,,/\,,,/\,,,/ |~~~~~~~~~~
~~|___|___|___/_| |___________________________|~~~~~~~~~~
~~|=(*)[________]==(*)(*)=| \________/=(*)(*)=|~~~~~~~~~~
sirsloop is offline
 
Reply With Quote Quick reply to this message
Old 12-19-2007, 12:45 AM   #9
david_42
Feedback Score: 0 reviews
 
david_42's Avatar
Recipes 
 
Join Date: Oct 2005
Location: Willamina & Oak Grove, Oregon, USA
Posts: 25,651
Liked 134 Times on 127 Posts

Default

I'm three years and about $400K into a startup, entirely self-funded. Getting money is extremely difficult (approximately impossible) until you have a running business. No one is funding ideas any more. VC's will talk to you once you hit $500,000 in revenue.

Basic rule of thumb, figure out the absolute maximum money you'll need and triple that.

__________________

Remember one unassailable statistic, as explained by the late, great George Carlin: "Just think of how stupid the average person is, and then realize half of them are even stupider!"

"I would like to die on Mars, just not on impact." Elon Musk

david_42 is offline
 
Reply With Quote Quick reply to this message
Old 12-19-2007, 05:24 AM   #10
Philip1993
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jul 2007
Posts: 1,658
Liked 8 Times on 8 Posts
Likes Given: 4

Default

I have had two real, successful businesses in my lifetime. An internet retail store that I still run. I cannot survive off the income alone, but EBIT is about 25% of my annual salary. I also owned a pressure washing company as my sole income for 3 years. I sold it last year in advance of the housing slump and went back into IT. Now that you have my bio, here's my comments:

Ditto all of the above with one note: Forget loans entirely. Debt is the last thing you need starting a new business. And when times get hard, that nagging note can make the difference between survival and collapse.

As for your idea's secrecy: If it's that novel, barriers to entry need to be high or else you'll have 20 competitors in a year. Changes are your idea is not as novel as you think, but new, unique, and low cost of entry do not make for a business plan.

Finally, unless you have written a 3yr biz plan that is both comprehensive and realistic, and you have the cash in hand to actualize that plan, *do not quit your day job*. You'll only end up back there again with a failed business and a pile of debt under your belt. Build your idea slowly until your venture can support you without your day job (and continue to do so for the next 3 years).

It's good to be excited about your new baby, but if you're not also scared at the same time, ask yourself why.

__________________

Last edited by Philip1993; 12-19-2007 at 05:27 AM.
Philip1993 is offline
 
Reply With Quote Quick reply to this message
Reply



Quick Reply
Message:
Options
Thread Tools


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any business owners out there? Papinquack General Chit Chat 25 02-19-2009 12:42 PM
Are They Trying To Put Us Out of Business? Evan! General Chit Chat 10 04-17-2008 04:21 PM
back in business uglygoat All Grain & Partial Mash Brewing 5 12-07-2005 05:17 PM
Back in Business! rhinostylee Beginners Beer Brewing Forum 8 09-30-2005 09:11 PM