hey guys that work for yourself.

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im considering in doing a mobile welding business but had some questions, and maybe you guys that work for yourself have the answers.how much business do you have?did you have to buy a business lisc.?did yo start out with a used welder, generator?whats your most common job?do yo carry insurance?what about tax time?thanks guys.
Reply:1.Right now I'm straight out 80 hours a week, with 2 part time helpers, but it's not always the case.  You can never pound the pavement "too" much.2.I'm in NH. No business licenses, Besides trade name registration with the state & a permit from the city.  (Almost all states have stricter rules than NH though)  I also have an E.I.N., but it's not required in NH for Sole prop.Most states require a state Tax stamp &/or A contractors' license.  You may also be required by your state to carry workman's comp insurance.3.For my portable setup I went used (not my primary money-maker), I ran that way for 3 years (until I blew up my old machine by running it on a steep- hill with low oil..)  I'm a Dumbass, I know..   But it did give me an excuse to buy a shiney new one :-)3.For portable stuff, mainly railings & overhead door boxing.  4.Yes, I am insured, any welder who isn't is playing with fire.  Seriously.  Things can go bad very, very fast..Also make sure to familiarize yourself with your policy.  Mine won't allow anything for spacecraft, Auto frames, & bicycles.  But a custom motorcycle, or 100 story skyscraper is ok...  Damn insurance dicks.. 5. I do my own taxes, (trained by an accountant) but if you are unsure about ANYTHING when it comes to taxes, pay a professional.  More self employed guys are probably out of business from audits than bad work..It's the most fulfilling & frustrating quest you will ever embark upon.  But I love being my own bossBuy American, or don't whine when you end up on the bread line.
Reply:I'm in the same boat as bagged, well in a bigger boat i should say. I have all the equipment, just keep putting off taking that leap of faith.  and taxes scare me.In the field: '06 Ram 3500/Miller PP350    '14 F-350/Lincoln Classic 300DIn the shop: MM252, Hypertherm PM-85, White face MM200
Reply:lots of useful info weldingmach. im doing a little on the side with just a mig welder, but would like to expand, but im worried about the insurance i really am not sure were to start its a little over whealming. ive thought of doing it under the table have a realse signed by customers until i can raise enough for a good startup and can afford ins.. but  lack of funds right now is hurting. and im debating on going used or new cc/cv or not.
Reply:Self employed farrier here.  Be sure and have that truck/rig insured as a work truck.  That thing gets stolen and you call it just your daily driver, guess what, no check coming for tools and equip.  Ditto what welding machine said.  It is very fulfilling.  You better be a multi-tasking fool too because you just became your secretary:  scheduling, inventory (ordering more supplies), payroll, accts receivable, etc.  Kiss that biweekly or monthly check GOODBYE.  Since leaving the profession of teaching, I have yet to see a check with my name on it.  Gotta have a DBA (doing business as) here in Texas.  Good luck and remember, "The longer you wait, the more work you could of had."
Reply:Originally Posted by bodydroppedon20lots of useful info weldingmach. im doing a little on the side with just a mig welder, but would like to expand, but im worried about the insurance i really am not sure were to start its a little over whealming. ive thought of doing it under the table have a realse signed by customers until i can raise enough for a good startup and can afford ins.. but  lack of funds right now is hurting. and im debating on going used or new cc/cv or not.
Reply:how hard is it to get a business loan guys? and how do you go about telling them what your intrested in doing? are there any gov. assistants right now for small business? and do yo have to have ins. on everything before they will approve you? i know im asking alot of questions i appologize im just curious.
Reply:The longer you wait, the more work you could of had." hard to argue that.EIN # is $45what is an ein #?
Reply:EIN == Employer ID Number Also known as a Federal Tax ID Number
Reply:i must be dumb as hell because ive never heard of an ein. but thanks for the answer
Reply:i dont think we paid anything for our EIN. just went to the irs website, answered  a few question and they spit one back out at us. as far as I know  you only need the ein if your bank requires or you have or plan to have employees.  I still wouldnt have an ein if it wasnt for a company I did work for only issued checks on an ein and not to a ss#.  you might want to check with your local sba office or county administration for requirements specific to your locale. the sba has or at least used to have counselors to help with business plans  and guidance thru the loan process for free. good luck
Reply:i dont think we paid anything for our EIN. just went to the irs website, answered  a few question and they spit one back out at us. as far as I know  you only need the ein if your bank requires or you have or plan to have employees.  I still wouldnt have an ein if it wasnt for a company I did work for only issued checks on an ein and not to a ss#.  you might want to check with your local sba office or county administration for requirements specific to your locale. the sba has or at least used to have counselors to help with business plans  and guidance thru the loan process for free. good luck
Reply:Yeah I didnt pay anything up front but I heard it was $45 I figured they would take it out in taxes or something. I just did a search and found out sole proprietorship is free but others have fees.http://www.ehow.com/way_5844999_cost-ein_.html
Reply:Originally Posted by hoffinator88hI'm in the same boat as bagged, well in a bigger boat i should say. I have all the equipment, just keep putting off taking that leap of faith.  and taxes scare me.
Reply:im not worried about the taxes i pay someone to do mine. im more worried about insurance and scrapping enough money togather to buy a generator welder and to get started
Reply:Originally Posted by bodydroppedon20im not worried about the taxes i pay someone to do mine. im more worried about insurance and scrapping enough money togather to buy a generator welder and to get started
Reply:Originally Posted by bodydroppedon20im not worried about the taxes i pay someone to do mine. im more worried about insurance and scrapping enough money togather to buy a generator welder and to get started
Reply:[QUOTE=Broccoli1;459678]How can you be worried about it if you don't have it?i still have my taxes itemised and a bunch of other b.s. from being a union ironworker.and when and if i work for myself i wont be doing my own taxes anyways.
Reply:Originally Posted by SkeluhtorI got a weldanpower 150 for $200 on craigslist. I just posted in the for sale section(its been gone for a while) someone selling a lincoln sa with trailer setup for $400 on craigslist.
Reply:you might want to put where you are located might some folks know of some leads for usedidealarc 250/250 ac-dc tigidealarc 250/250 ac-dc tig #2 used for sticklincoln sp100hh125dual arbor grinder polisher30 yrs of hand tools52 pitch blocks 6p-26prake gauge -pitch gaugeG&D prop repair 918-207-6938Hulbert,okla 74441
Reply:Originally Posted by bodydroppedon20ive been checking craigslist for around here but there either priced to high for me or im leary of them being hot since they closed a few coal mines around here. when i have some cash and feel ready im going to call a local welding repair shop and see if he has any used welders for sale, hopefully it would have some sort of warranty through him
Reply:you might be able to finance a welder. do companys do this? im currently in school but im looking to start my own company after i get out so this is a good topic.what do you have thats bodydropped? ive got a 2 door tahoe im gonna be cutting up once the school thing is over and i pick up a daily. untill then its just 4/6ed.
Reply:Originally Posted by MaDeNMiAmi305you might be able to finance a welder. do companys do this? .
Reply:Originally Posted by prop-doctoryou might want to put where you are located might some folks know of some leads for used
Reply:Originally Posted by MaDeNMiAmi305you might be able to finance a welder. do companys do this? im currently in school but im looking to start my own company after i get out so this is a good topic.what do you have thats bodydropped? ive got a 2 door tahoe im gonna be cutting up once the school thing is over and i pick up a daily. untill then its just 4/6ed.I'm not sure if they still do it, but 11 years ago I financed my first welder right through miller for 0% interest.Buy American, or don't whine when you end up on the bread line.
Reply:Originally Posted by bodydroppedon20how hard is it to get a business loan guys? and how do you go about telling them what your intrested in doing? are there any gov. assistants right now for small business? and do yo have to have ins. on everything before they will approve you? i know im asking alot of questions i appologize im just curious.
Reply:Originally Posted by Fred SanfordStarting out in debt is not the best way to go.   Once you do your first job, save the $ and add it with the $ from the second job.I remember driving  back from a huge outside job in the winter calling the LWS and ordering a new machine.   I have done this a few times and have quite a few welders.David