Taking on side jobs, bussiness liscense? Insurance? etc.....

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I am renting a small shop nearby for my toys, and the stuff I want to buy (more toys) And by toys I mean welders, my mill etc.....So, I want to start taking on these little side jobs that keep coming up.Its nothing big, fixin somebodies plow, tunnel on their sled, whatever.Some are friends but most of it would be the general public.So a couple questions for you guys, If you dont mind.1)Is this a stupid idea?2)Should I actually make it a small bussiness, with all the liscenses and what not?3)Seriously, is this a stupid Idea4)I would like nothing more than for it to grow into my full time jobbut for now I can afford 20-30 hours a week if I can make it break even.So if it gets big, great. if not, oh well. I still have my day jobIs this this reasonable? I know absolutely jack sheeeyt about running a bussiness.
Reply:Originally Posted by BurnitI am renting a small shop nearby for my toys, and the stuff I want to buy (more toys) And by toys I mean welders, my mill etc.....So, I want to start taking on these little side jobs that keep coming up.Its nothing big, fixin somebodies plow, tunnel on their sled, whatever.Some are friends but most of it would be the general public.So a couple questions for you guys, If you dont mind.1)Is this a stupid idea?2)Should I actually make it a small bussiness, with all the liscenses and what not?3)Seriously, is this a stupid Idea4)I would like nothing more than for it to grow into my full time jobbut for now I can afford 20-30 hours a week if I can make it break even.So if it gets big, great. if not, oh well. I still have my day jobIs this this reasonable? I know absolutely jack sheeeyt about running a bussiness.
Reply:Google DBA, which is an extension of your regular income.  Insurence, Tax exempt, receipts (for everything) and CPA.   Go to town.  JohnSMAW,GMAW,FCAW,GTAW,SAW,PAC/PAW/OFCand Shielding Gases.  There all here. :
Reply:I started out doing side jobs.  Now I do side jobs 40 hours a week.  Its my day job.  Son NO its not a stupid idea.  I love it.  I have insurance, licenses.....NICE equipment.  I am sole proprietor.  I work hard and am not or ever will be rich.It worked for me, so I  SAY GO FOR IT!DavidReal world weldin.  When I grow up I want to be a tig weldor.
Reply:and reading a few books won't hurt.  one rule to live by,  the customer is always right, even when that are dead wrong....
Reply:Originally Posted by David RI work hard and am not or ever will be rich.David
Reply:If i were you, i would at least look into incorporating (INC.) or LLC your business. This will separate your personal finances from your business. This way if something were to happen, they can sue the business and not you personally ......just a thought .....
Reply:Originally Posted by tortisand reading a few books won't hurt.  one rule to live by,  the customer is always right, even when that are dead wrong....
Reply:I agree with Daddy...Do what's "right".  Make what money you can this way.Explain your position. If you know the customer is wrong, be graceful, and wish him luck.Then let someone else do it wrong...  If it fails, he'll be back to see you again.No matter what... Your customers cannot have control of your business!The best things in life all come on a stick!
Reply:I'm with them. The customer is coming to your for expertise not your ability at holding down a desk. Often that means advice, and if your advice is "throw it away, buy a new one" you may lose the sale but you gain respect. And it's the respect that keeps people coming in your door long term.I know it's hard, but think of it as a small premium on what you've already paid to get the gear you've got. You can probably sidle into it a bit if you've got friends that want non-critical welding done, but even that's a bit risky. INAL
Reply:I have spent the last couple hours looking into it, and I would be a fool not to have an LLC. The benefits far outweigh the price. I guess I knew it all along but wanted the advice of a few that have done it. I completely embrace the "We shouldn't try to fix this policy" I do it at work, at home.  This is starting out small, a couple days a week, but I wont get far polishing every turd that comes through the door.
Reply:My wife who is a lawyer told me I was not alowed to do a single job until our LLC went through. I Have a buisness licence and keep everything on the up and up. If you do not have an LLC there is a posibility you could loose your butt. The only real way a person suing you could get to your personal money would be you made a wanton error and did it malichicly. I even rent the equipment to my company form me. The company pays me $1 per year for the equipment and even that is protected. I would highly recomend you trying it on your own. I love what I do and I make a good living at it. I just hired my second guy today on a part time basis. My nephew works for me full time also. My sugestion would be to find a reputable CPA and figure that out right off and find a lawyer with an LLM. This is a tax attourney and this is the person to do your LLC and give you the heads up about renting yourself equipment and othe things ony lawyers seen to know. Good luck and keep us posted on your progress. Steel Thunder Welding LLC. St. Thomas VI USAMM350PBOBCAT 3MAXSTAR 150 STH375 EXTREME PLASMA6.5 HP COMPRESORDEWALT 18, 24, AND 36 VOLTO/A TORCH SETAND SO MUCH MORE I DONT REMEMBERALL IN MY 2005 2500HD EXTENDED CAB L/B
Reply:When was the last time anyone bought anything  on credit, without siging for it personally.  If you do, you break the corporate vail and it becomes null and void.  I have had both and the DBA is much simpler.   JohnSMAW,GMAW,FCAW,GTAW,SAW,PAC/PAW/OFCand Shielding Gases.  There all here. :
Reply:I'm looking into starting a small business also and will be getting a license to do it correctly. I don't know the differences in the licenses however. I have read a bit about LLC and DBA. can anyone tell me the pros and cons for each. If I'm correct, the LLC covers you a little better as so law suits and such as mentioned earlier.  I'm going to be doing automotive repair as well as welding and fabrication. Any help is appreciated. ScottMiller 225GLincoln 215Magnum Spool GunA/O RigIf I can step over it, I can weld it!
Reply:Originally Posted by tortisand reading a few books won't hurt.  one rule to live by,  the customer is always right, even when that are dead wrong....
Reply:Go ahead and get incorporated, you do not need a lawyer or cpa to do this. Fill out two forms and send them into the state capital with a check and you are incorporated. When I incorporated for the second time in 2000 it was just $100. When your paper work comes back take it to the court house of the county that you are incorporating in and file it with the register of deeds.There are even incorporation kits that can be bought for around $30 that will have fill in the blank bylaws, stock shares and the necessary forms to send into the state.There are some things to work out with your cpa (yes you will need one to file your taxes because they will intertwine some what, personal and business). You will need to figure out if you want to be a S or C type corporation for your tax purposes.other things: company checking account, liability and workmans comp. ins., setting up credit accounts, etc.Hope this helps you out some.G3miller... 225g, s32p, 250x, 304, 12vs, MSW41     victor o/a thermal dynamics cutmaster 50 lenco panel spotter        hobart hf-boxG3 Farms.....raising cattle, hay, kids and hell, ...oh yeah I'm a fire sprinkler contractor by trade.
Reply:Corect you do not need a CPA or attourney. Having said that do you know what is deductible on your taxes do you know the best option for taking advatage of writing off your equipment as a one time rightoff or depriciate it. Do you know the pors and cons of DBA or LLC. Do it right learn everything and then you can enjoy your buisness and not loose your but because you did not know you could right something off. My friend in Missouri sels guns on the side. He got and LLC to protect him and all the fees total was $2000 attourney and CPA. By the way an LLC is not nulified by sighning for credit. My name in on mine and to get credit it goes against me until the LLC is around for atleast a year and sometimes more. The buisness rakes time to estabish credit just like people. If the LLC dors not protesct you why do they do it. If there are any specific questions my best friend a tax attourney with an LLM agreed to pass on some answers to your questions. PM me if you have a question. Steel Thunder Welding LLC. St. Thomas VI USAMM350PBOBCAT 3MAXSTAR 150 STH375 EXTREME PLASMA6.5 HP COMPRESORDEWALT 18, 24, AND 36 VOLTO/A TORCH SETAND SO MUCH MORE I DONT REMEMBERALL IN MY 2005 2500HD EXTENDED CAB L/B
Reply:Originally Posted by LittleMoeIf i were you, i would at least look into incorporating (INC.) or LLC your business. This will separate your personal finances from your business. This way if something were to happen, they can sue the business and not you personally ......just a thought .....
Reply:I warranty my work. I have a rule about this I never break. If I build it my way I warranty it. If I build it your way you warranty it. If I have any doubts at all about a design I do not build it.The difference between art and craft is the quality of the workmanship. I am an artist.