new business idea

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hi all, weldstr here. i have been thinking about starting my own business for awhile now, which i can run out of my workplace at the moment. i have all the tools that i need there and can buy the materials from my boss. i am thinking about making workbenches and shelving and so forth and hopefully  start repair work and taking on my own jobs. my question is, would i benefit from getting my own business name and A.B.N with the hope that i could do really well and take it alot further, or should i just make everything on the side for the extra cash and do it all as say a hobby, then having none of the hassles of actually having a business?? i feel i could do alot better with the business name, but am worried about the hassles and what could actually go wrong with it all. any help and ideas and suggestions will be greatly appreciated. thank you.
Reply:It really depends what you need to set up Proper business.  Around here all you need is a checking account with dba on it.  Some places a DBA ( doing business as ) Can be a real hassel.  A few $ for tax ID # and you are good to go.  my reccomendation is to do a few side things as a hobby.  If it looks like it will take off then open a formal business.  You will still need to do a little bookkeeping.  Be carefull of what you take on without insurance as liability can be a real issue in this lawsuit crazed world.  That is one more reason to keep it a hobby.  Seems it would be hard to do enough work to cover the cost of insurance on a part time basis.DennisThermal Arc 185-TSWMillermatic Challenger 172VictorO/AAtlas Craftsman 12 by 24 LatheEsab PCM-875Wholesalem Tool Mill-Drill
Reply:Yeah, I say start it as an "on the side job" to check demand, make a little extra cash and if/when you find yourself having enough interest that you can't keep up anymore then consider doing it full time.This, atleast would be the safest route to take.
Reply:I agree. I am planing on starting a business in 2 years. I am doing things on the side though. And insurance is a big factor. If you are doing side work and not doing it as a business I would suggest cash only until you get yourself situated. Just my 2 Penny's.Drivesector Hobart Handler 140Hobart Handler 180Ready Welder 2Hobart Air Force 400Airco Stinger 225Of all the things I've lost, I miss my mind the most."OZZY"
Reply:If you're serious, start out as side business. Bank every cent from it. All the other points about insurance, licenses, "overhead" are all important. There are different opinions about how much money you need in reserve to start a business. Are you the only worker bee? Try finding work and doing the work at the same time, not easy. If you get sick or hurt, now what? It is a big step. Good luck.Weldtek
Reply:Originally Posted by weldstrhi all, weldstr here. i have been thinking about starting my own business for awhile now, which i can run out of my workplace at the moment. i have all the tools that i need there and can buy the materials from my boss. i am thinking about making workbenches and shelving and so forth and hopefully  start repair work and taking on my own jobs. my question is, would i benefit from getting my own business name and A.B.N with the hope that i could do really well and take it alot further, or should i just make everything on the side for the extra cash and do it all as say a hobby, then having none of the hassles of actually having a business?? i feel i could do alot better with the business name, but am worried about the hassles and what could actually go wrong with it all. any help and ideas and suggestions will be greatly appreciated. thank you.