any small business owner???

[hillbilly 200x]

Any one here run a full time small business???
I am 18 now going on 19 in a few months and I got the call from one of my old bosses 5months ago. he offer me this small engine repair/sales business we talked it over for a few months and now I have been in there for over 3months. Times are tough and there is just enough work to pay the bills but I can't believe how much I love going to work now. Does any one else here have a small business. What do you do and how long you been at it?? Thanks Aaron

[El Camexican]

Good for you man! I've tried being my own boss a few times. The first was at the age of 9 and no, it was not a lemonade stand. I made wooden house signs for the neighborhood with power tools, Dad believed that I should learn stuff early on regardless of the danger, may have explained how I was allowed to wander around alone with a .22 at the age of 7. The most recent about 10 years ago. For some reason it just always ends up that someone else is willing to pay me a lot more than I can make on my own, so I shut them down and move on. But I will say this. I learned a lot trying to make it on my own, so as long as you can keep your head above water and enjoy what you are doing that is awesome, especially at your age. Best of luck to you!.

[MRSOUND]

I had a mobile DJ business for 12 yrs up until last December. It wasn't my primary job but it was the one I loved to do. Health insurance was the main reason I never made it full time. Family of 5 and my wife is self employed renting space in a salon so no insurance there either. I assume your single and only need to cover yourself so it might not be as financially draining at this point. You probably will need to carry some type of extra liability on the business. Not a bad idea to have an accountant if your not up to snuff on the tax codes. Depending on your income you may need to pay taxes quarterly. Please don't take these as discouraging remarks, i would still be DJing it if the contract at my full time job didn't change allowing them to mandate overtime any time they wanted. Makes it hard to book a wedding a yr in advance and then have the Co tell you ya have to work that date only a week before. If you can swing it, make it happen and see where it takes ya. Just wanted to give you some of the unthought of aspects of owning business. Your young and have a great opportunity, what do you have to loose at this point? It will be what ever your willing to put into it. Good luck to ya!

[just ben]

I have been my own boss for about 3 yrs as a flooring contractor.I mostly sub contract and get a 1099 at the end of the year which makes it hard to ... well cheat. You can make estimated tax payments but with a good accountent there is really no need to. If you are selling anything retail I would make quarterly payments for the sales tax. Pretty easy, you collect it then pay it out. The sales tax should be put into an interest bearing account so that you can make very little off it (then pay tax on the interest) but every little bit helps

[Dirtcrasher]

Aaron, I'd rather make less and enjoy my job rather than make more money. Good for you!!

Your young, this could steer you into snow machines, others and Harley Davidson's.

My old dirtbike mechanic only does Harley Davidson's because he makes far more money that way rather than the kids bring in a CR80 and he tells them to break it in and the kids blow it up.

He, does stuff for me that I can't do but he's done with dirtbikes/quads etc etc.........

[El Camexican]

I have been my own boss for about 3 yrs as a flooring contractor.I mostly sub contract and get a 1099 at the end of the year which makes it hard to ... well cheat. You can make estimated tax payments but with a good accountent there is really no need to. If you are selling anything retail I would make quarterly payments for the sales tax. Pretty easy, you collect it then pay it out. The sales tax should be put into an interest bearing account so that you can make very little off it (then pay tax on the interest) but every little bit helps

Good advice, but he's in Canada. The minute he starts to make real money the good people of Revenue Canada will crawl up his bum with a microscope and figure it all out for him. God forbid he ever makes less than what he reported the year before, or they will return to his butt with heavy equipment.

[ps2fixer]

I would say give it a shot. Do small engine and "mid size" engines, like atvs etc if you like working on them too. Learn good tracking methods for the money spent/earned, and make sure you know how to manage money and not just blow the money burning in your pockets.


I lived on odd jobs for a couple of years from programming, websites, yard work, electronic repairs, game system modding (installing the chips/firmware), buy/resell, scrapping, etc. Learned a lot doing the stuff, but never made "good money". I'm a computer tech now at a company, so stable income and my bank is 5x the size + I have investments now in hard assets and tons of toys. Living on just about nothing and being single makes it so easy to keep money in line, but I did learn at a young age what the value of a dollar is, and how it has changed so much over the years. My dad always made me buy what I wanted, instead of just giving it to me and making me poor at money management.

I still do odd jobs, just not as often or as quick of a turn around, and if all goes well in my plans, I might start an "ATC Junk yard" at a place I'm looking to buy. Not saying I don't already have one with all the machines sitting around lol.

If your good at small engine, cars can be a good option too to buy, fix, and resell. Just remember the overhead of parts and your time. Always make a plan B if you find it is going to cost too much to fix (ex: parting out / scrapping).

[tri again]

Perfect chance to advance, so to say.

How can I say this?
You can increase the biz with lots of opportunities.
Build it up for a few years and sell it at a nice profit or keep it
and hire some help and all those good things.

I went gangbusters on a job I absolutely loved but after a while
I realized that it became 90% paperwork.
Well, maybe not 90% but it seemed that every morning or before work
there was so much paperwork and phone calls and details that it world take a
couple hrs before I even got to DO any 'real' work.

I hope it's not discouraging but it would be a dream to have some
help with the 'paperwork' and taxes like el camex mentioned.

I had the state tax guy call me at home on a Sunday and when he asked me
why I didn't pay sales tax, I told him that was the exact reason I didn't sell in California.

Just another column of numbers and 'Extra' paperwork.

You are so lucky to have such a good opportunity and it sounds like you love fixin' stuff.
so the ultimate is do the stuff you love and are a rockstar at and have help,
if you know what I mean.

[hillbilly 200x]

I can't work on bikes, sled, water craft ext its really sucks I can't even have my own bikes at my shop now. I have had three different insurance company in to give me a quot I had my 350x there when the first one came through she had been with the shop with the old guys for over 15years. She made it very clear that I can't work on anything but small engine and small equipment. Because my bike was there she said that my rates where going to go up by about $600 a year. I reassured her that it has mine and that I don't want to work on bikes and that i only work on mine after hours. Next guy came in said the same dame thing. My bikes are staying at home now I will bring them in on the weekend to work on them but I can't store them there.

I would say give it a shot. Do small engine and "mid size" engines, like atvs etc if you like working on them too. Learn good tracking methods for the money spent/earned, and make sure you know how to manage money and not just blow the money burning in your pockets.

Thanks DC I know what you and a lot of other people mean. The welding job I was at was making me close to about $1500 ever two weeks after taxes it sure is big difference. The old guy has me seat up so I can pay my self a little ever weeks you know just enough to get by.
I guess the harder you work the better its going to pay off!!

Aaron, I'd rather make less and enjoy my job rather than make more money. Good for you!!

Your young, this could steer you into snow machines, others and Harley Davidson's.

My old dirtbike mechanic only does Harley Davidson's because he makes far more money that way rather than the kids bring in a CR80 and he tells them to break it in and the kids blow it up.

He, does stuff for me that I can't do but he's done with dirtbikes/quads etc etc.........

[fabiodriven]

I ended up working where I currently do because I heard that the business may have been for sale. I've actually worked for this company on and off for about 8 years or so, but only the last 4 in this shop. The years before I started working in the shop I used to work out on the highways in a different division of the same company. When I heard the shop might have been for sale, I called my old boss to talk about buying the business. He suggested I come in and try it out before buying it and he offered to pay me hourly. I figured that wasn't a bad idea so I gave it a shot. Here I am, 4 years later, and I do not own the business. I don't mind though. My boss pays me well and it all works out. The way I see it, I don't have to deal with business licenses or taxes or any of that hog wash. I'd just as soon make a little less money and have less worries.

Here in Massachusetts we are required to have health insurance and that is an absolute killer on your paycheck. I'm lucky enough that I have the VA to fall back on, so neither my boss or I have to pay for health insurance. That's huge here.

All in all, I'm glad I don't own the place. A lot less headaches for probably not that much less money.

Good luck with the business kid! You're off to a great start at 18!

[El Camexican]

In case no one else mentioned it I will: Don't give credit unless its is to registered buisness that has a good rep. Nothing will shut you down faster than deadbeat clients that don't pay. Also remember that a cheque is the same as credit till its cashed. Be smart, trust no one.

[just ben]

I can't work on bikes, sled, water craft ext its really sucks I can't even have my own bikes at my shop now. I have had three different insurance company in to give me a quot I had my 350x there when the first one came through she had been with the shop with the old guys for over 15years. She made it very clear that I can't work on anything but small engine and small equipment. Because my bike was there she said that my rates where going to go up by about $600 a year.

So whats the issue? you could make that up in one job or two. You have to spend money to make money.

[hillbilly 200x]

Well I don't really want to deal with them either. There to much to go wrong at least with a mower the worse that can happen is a blade coming off or a chain braking on a chain saw ext. With power sports there is so many more things that can go wrong and end up back on me It's not worth it to me. And isn't it good to keep your hobbies away from what you do for a living???

So whats the issue? you could make that up in one job or two. You have to spend money to make money.

[cochran]

Own my own business for 8 years. I take people fishing for a living and also teach. So I guess I have the best of both worlds and don't have to worry about health care.
www.kevincochranguide.com

[Lord Letto 20]

good job, i've never owned my own business or anything but from time to time i put my head in the clouds and think about opening a used car dealership or something if i ever come into a large sum from the lottery or something, buy car, flip them and resell for a profit, almost like a curbsider but have it set up and figure out how to do it legally. anyway, good job and i hope it goes well. i see your in Ontario, what part? if i get a job (again) i might save some money to see about bringing you a old push mower that needs either a tuneup or some motor work done to it (although it don't make a difference cause we have our ride on garden tractor with mower deck and the landlord got a push mower here also that we could use plus a gas weed eater but it's good to have a backup plus it's better to use our own then the landlords and have something fuckup on it).
BTW, use free advertising if possible if you don't already use it, maybe post a add on Kijiji or something offering your services