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Thread started 11/13/04 6:17pm

meow85

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anyone know anything about starting up your own business?

I've recently had lightning strike my brain. I had an idea.

My idea would be to modify, decorate, and/or personalize clothing and accesories. I'd pick up second hand clothes that are in good condition and jazz them up a bit. I'd like to target the non-Abercrombie and Fitch crowd -goth, punk, emo, alternakids, etc. You get the idea. Each item would be one-of-a-kind -no two would be alike. I already do this for my own clothes, so it wouldn't be too hard to do.

Problem is, I have no idea how to get started. Does anyone know anything about starting up a small business? How is it done? Are there any channels or special consideration that needs to be dealt with?


Any help or advice would be appreciated.
"A Watcher scoffs at gravity!"
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Reply #1 posted 11/13/04 7:16pm

Chico1

Take a business class. Or a class on starting your own 'clothing business'. Take in consideration overhead and profit; who exactly is your target group. Marketing research; how to and who to. Rent, location, location, LOCATION. Business name. Websites, 800 number for your company, Staffing, supplies, insurance, money saved away for a 'rainy day'. Just a few things to consider and look into. wink
Look at what others are doing, watch learn, get inspired...


You can do it! thumbs up!
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Reply #2 posted 11/13/04 7:19pm

meow85

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Chico1 said:

Take a business class. Or a class on starting your own 'clothing business'. Take in consideration overhead and profit; who exactly is your target group. Marketing research; how to and who to. Rent, location, location, LOCATION. Business name. Websites, 800 number for your company, Staffing, supplies, insurance, money saved away for a 'rainy day'. Just a few things to consider and look into. wink
Look at what others are doing, watch learn, get inspired...


You can do it! thumbs up!



Thanks so much!
"A Watcher scoffs at gravity!"
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Reply #3 posted 11/14/04 8:25am

XxAxX

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meow85 said:

Chico1 said:

Take a business class. Or a class on starting your own 'clothing business'. Take in consideration overhead and profit; who exactly is your target group. Marketing research; how to and who to. Rent, location, location, LOCATION. Business name. Websites, 800 number for your company, Staffing, supplies, insurance, money saved away for a 'rainy day'. Just a few things to consider and look into. wink
Look at what others are doing, watch learn, get inspired...


You can do it! thumbs up!



Thanks so much!


write to the secretary of state, for the state in which you're living. usually the sec. state has a guideline for this kind of stuff (might be online, for that matter). you can apply online at the IRS' website for a tax ID number.
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Reply #4 posted 11/14/04 8:45am

irresistibleb1
tch

great idea - good luck!

most area chambers of commerce or small business administrations have groups of retired business people who volunteer their time to guide people through their business ventures. definitely worth looking into!
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Reply #5 posted 11/14/04 8:55am

nakedpianoplay
er

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starting your own business is a difficult, yet rewarding experience.. when you are getting started, i would first say the name is a very important thing, put thought into it as you really cant change it after you get going. then, you need to figure a system out for your bookkeeping.. this is very important as well... keep track of your money in/out, and always be aware of any ways that you can cuts costs. in the beginning, you are going to need to spend quite a bit of time putting energy into your job... posting flyers, you know, the normal ways, also, see if you can get a small space in a local newspaper.. offer a coupon if you have to in the beginning. lastly, as the money starts to be made, make sure you take out for taxes.. that can be a big chunk at the end of the year, so try paying it quarterly if that makes it easier.

have fun with it, being your own boss is a great experience nod and good luck !!
One of the best days of my life... http://prince.org/msg/100/291111


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an artist with no fans is really just a man with a hobby....
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Reply #6 posted 11/15/04 5:32pm

meow85

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Thanks everyone!
"A Watcher scoffs at gravity!"
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Reply #7 posted 11/15/04 5:48pm

ThreadCula

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Get ready to pay some taxes & make sure u have the proper license(s)

mad Fukking taxes
"Nobody makes me bleed my own blood...NOBODY!"
johnart says: "I'm THE shit"
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Reply #8 posted 11/15/04 5:52pm

ThreadCula

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Oh and when u alter clothes make sure u dont use any thing with someone elses trademark cuz they can sue u

like...the target symbol...the caution yellow tape
"Nobody makes me bleed my own blood...NOBODY!"
johnart says: "I'm THE shit"
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Reply #9 posted 11/15/04 7:22pm

meow85

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ThreadCula said:

Oh and when u alter clothes make sure u dont use any thing with someone elses trademark cuz they can sue u

like...the target symbol...the caution yellow tape


Check. I'm not using anything that has a visible logo, slogan or mascot.
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Reply #10 posted 11/15/04 8:46pm

sinister

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Can I be your clothing model? biggrin
Some of you orgers are so deceptive.....using my styles like a contraceptive....
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Reply #11 posted 11/16/04 6:11pm

meow85

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sinister said:

Can I be your clothing model? biggrin



Of course! biggrin
"A Watcher scoffs at gravity!"
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Reply #12 posted 11/16/04 6:22pm

GreenTea

A legal product is a good start. Then u need a captive audience, preferably with minimal intelligence. Following that, lots of patience, good accounting and organisation. Don't forget luck too.
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Reply #13 posted 11/17/04 2:31pm

matt

Sr. Moderator

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I don't know how things work in Canada, but here are some initial considerations that come to mind for a U.S. small business:

1) Company structure. Legally speaking, how will you structure your business? You could run it as a sole proprietorship, but IMHO, that's foolish given the relative ease of setting up an Limited Liability Company ("LLC"). If you do choose to operate as a sole proprietorship, you'll probably need to file a fictitious name statement unless your business name includes your real name.

2) Start-up capital. Starting up a business usually requires a fair amount of money. Where are you going to get it? Investor(s)? A bank loan? (Note that if you set up an LLC or corporation, a bank may want a personal guarantee on the loan. This prevents you from bankrupting the LLC/corporation and escaping unharmed.)

3) Taxes. It's a good idea to get some professional tax advice. For starters, tax issues may influence how you choose to structure your business. (One nice thing about LLC's is that under the IRS' "check the box" rule, an LLC can elect whether to be taxed as an entity, or whether to have the tax issues "pass through" down to the individual member(s).) Also, some of your expenses can be deducted from your company's income... you'll want to know what they are and what kind of books you need to keep to document those expenses.

Those are just some thoughts off the top of my head. I'm primarily a litigator and not a corporate attorney, so I'm probably not the best source of information for this stuff.

[Matt's Standard Disclaimer: The above is for discussion purposes only, is not legal advice, and creates no attorney-client relationship.]
Please note: effective March 21, 2010, I've stepped down from my prince.org Moderator position.
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Reply #14 posted 11/17/04 3:21pm

unlucky7

a psychic said i'll start my own animal business, at the rate i'm going I don't know.
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