Entrepreneurship - any advice?

So I know theres quite a few self employed, and business owners here on Ats and I would like some pointers, as I would like to go this way myself.

Anything would help. From help on how to file taxes, to suggestions of whether or not I should have different companies to best take advantage of each situation ( llc vs s-corp and the like)

Even what I might go into, just looking to get opinions all over the place and combine with my own studies and relationships with local business owners.

So, what do you think?

I live in the country in a tourist area so the area I go into will either have to do with tourism, or agriculture.

a reply to: deadlyhope

I would suggest a single member LLC.

It provides protection for your personal assets. Profits and losses are easily reported on Schedule C of your personal income taxes.

Good luck.

a reply to: gladtobehere

Thanks! I'll keep that in mind. From what I've studied so far, going with an LLC seems like the best choice.

Some sort of "service" business with low overhead. In Hawaii we met a man who took pics of tourists with his parrot and then delivered the pics to your hotel....he was doing very well and seemed to enjoy his work.

Good Luck !

a reply to: deadlyhope

In the beginning:

Assume sales and margins will be on the low end of expectations. Assume expenses will be on the high end of expectations.

Work your butt off to change both of those for the better.

a reply to: deadlyhope

I have separate LLCs for all my enterprises. I don't know why; that's what my accountant suggested.

I don't know where you live, but agriculture is booming in Colorado and other states where MJ is allowed.
I have one LLC attached to that industry.

a reply to: MountainLaurel

Yeah I've been told to find a niche, offer something that others don't offer. Not specifically luxury, more just novelty. Interesting, thanks!

a reply to: dogstar23

My uncle recently started his own business and it seems expenses were several times what he expected, so this is definitely some good advice, thanks!

a reply to: olaru12

Utah, probably going to be the last state in the nation to allow it =/

Alfalfa and cattle are quite popular here. Not sure it's my exact desire, but I could work something out.

a reply to: deadlyhope

It's hard to be successful in business. Taxes are ridiculous, HR laws equally so, the customers are always right, and sleep is too often evasive.

And yet, the owning of a successful business is, to me, the most incredible ride. So many moving parts, moving in alternate directions, and you bring those parts together into a cohesive, functional, working, thriving business.

It's been 30+ years for mine and my business, like others, feed many people. Always be cool when making the hard choices (don't be an ass), go with your gut, and keep that very first $1 bill earned, framed and displayed on your office wall. It not only gives you pride, it brings forth memories of your begining struggles...and makes for a conversation starter.

Good luck in all your endeavors.

a reply to: NewzNose

Thank you!

Yeah I'm definitely not seeking the easy path. The easy path has no allure, I have no interest in it these days.

It will be interesting to see how I do, though. I've always attempted to give others advice when I work for them for instance - now I don't have to be ignored. Everything can fail or succeed based on my implementation of my thoughts and desires of how to run something.

a reply to: deadlyhope

Do something you like doing, cause an own business requires more hours than being employed.. I dont know how to operate in your country, but i can help you with making it simple for a start.. Well advice, you have to do the work..

a reply to: Tsuro

Yeah I understand some new owners work double time for a few years. I'm willing to do this. Would just like any pointers I can get before I take the leap

Get an accountant.

Get an accountant.

Get an accountant.

Had a business. Took 30 years to build. One day to die. Still not over it. I'd rather gnaw off my right foot than open another business. Also, know that what you hear here may not be applicable there. Different states have different laws regarding businesses. Also, there are probably seven different tax agencies that you don't know about, who could shut you down in a heart beat.

Get an accountant.

a reply to: deadlyhope

Do research on demographic, which are your clients, distributing ( online or shop or both ) logistics, distributor, marketing..

Name, logo, brand, if you have an idea, keep it simple with quality.. Or its not gonna work,

a reply to: ClownFish

we have an option here, you pay a i think 3 percent of the income and they do all the paper work..

a reply to: ClownFish

Okay I'll get an accountant! Good idea, as I am not so familiar with tax laws etc etc.

a reply to: deadlyhope
I own 3 businesses, all S Corps as that is the most tax advantageous manner in which to maintain the businesses, according to my accountant. If I can tell you anything, do not put off paying any types of taxes, ever. I've seen too many businesses go under because the proprietor felt they could "take care of it later".

The other thing I would suggest is no matter what type of business you start, a customer service background and application to your business model is a plus. I wish you well, and hope you will enjoy the success I have after putting my heart and soul into mine.

a reply to: olaru12

I don't know where you live, but agriculture is booming in Colorado and other states where MJ is allowed.

Are you hiring?

a reply to: Boscowashisnamo

Thanks! I'll have to look into scorp and Llc advantages over each other depending what type of business I start.