Finance/Small Business ownership etc.

[Great-Kazoo]

EVERY reply is the same. many hours at the business, followed by many hours at the business.
Finances. Do you have enough capital to cover the business [ lease, ins, utilities, inventory , payroll, unforeseen issues] for a few years?
You get what you put in to it AND you must prepare yourself, mentally, for every unexpected piece of drama that employees bring [ wife, GF, BF, kids] to the job. When you hire someone, can and will they be able to operate, make decisions,, if and when you are not on site / available?

Is your business seasonal and how do you adjust for said times? Besides selling fish, coral, and all associated items. Are you going to offer seminars / tutorials on maintaining their tanks. Are you going to offer in home maintenance plans, lease a tank to small business (dentist, Dr, etc) for those who might like your product, but not want the hassle of cleaning , and upkeep.

[Irving]

The lease idea sounds like a smart business plan. How difficult would it be to market yourself to businesses as a maintenance person for tanks? Don't most of the tanks on the show Tanked go under after about a year because the tanks don't get maintained. Doing maintenance and consulting would really be able to utilize the hobby aspect for you with pretty much zero overhead. Plus you could sling live coral out of your basement at the same time.

[Great-Kazoo]

The lease idea sounds like a smart business plan. How difficult would it be to market yourself to businesses as a maintenance person for tanks? Don't most of the tanks on the show Tanked go under after about a year because the tanks don't get maintained. Doing maintenance and consulting would really be able to utilize the hobby aspect for you with pretty much zero overhead. Plus you could sling live coral out of your basement at the same time.

AND he starts building a clientele, BEFORE having overhead. If pumps are a decent mark up as the op said. Who needs a storefront for that and to sell live coral? Rethink the business plan, by omitting a storefront, and run it out of your house. This way you have no workers comp, SS payroll deductions for employees, lease, INVENTORY etc. You make the hours, you sell yourself, you build a successful business, THEN consider an actual shop.

[tmleadr03]

AND he starts building a clientele, BEFORE having overhead. If pumps are a decent mark up as the op said. Who needs a storefront for that and to sell live coral? Rethink the business plan, by omitting a storefront, and run it out of your house. This way you have no workers comp, SS payroll deductions for employees, lease, INVENTORY etc. You make the hours, you sell yourself you build a successful business THEN consider an actual shop.

Mobile service where you dont have to work outside in the weather is very good. Low overhead. Fixed costs will but a business under.

[Irving]

The site should build a business together. Too many cocks in the henhouse? No way, it will be a great success.

[tmleadr03]

The site should build a business together. Too many cocks in the henhouse? No way, it will be a great success.

Lol.

[gnihcraes]

Don't turn a Hobby into a business, it ruins the Hobby.

Do Business as a Sole Proprietor, less hassle with taxes. No employees, insurance etc.

Lie to the tax man about how many products you've sold. Better to show losses than profits I believe. (or make little money) Expense everything you can to the business. Car, Gas, Rent etc. (legally)

Cash is king, no credit cards.

I believe it is about 65% tax load on a business run by my father. (sales tax, excise tax, etc) tax tax tax tax.

Dad says, Two people tell him what to do, one he can lie to and the other he can ignore.

1. Government (lie)
2. Wife (ignore)

[Mtn.man]

Private investors, they already know how, where, when, and all the tax shit, what to do, etc.

Get a few at 20% (ie: 10 at 20k or so you get the pic). payment to ea at 5% per 1/4, buy out at 3 years.