New to the site

918griffin918griffin subscriber Posts: 1
edited October 2007 in New Member Welcome
Hello to all out there. Just a brief bio: My wife and I work for a local law enforcement agency and weither you know it or not; your local cop probably isn`t making a ton of cash. After 10 years we have managed to get promoted but for us that means away from the house more with the additional pay. Not a trade we were happy about. We have five daughters 15-3 and my wife would like to be financialy in a position were she can quit and stay home for the kids. She is vested, so there will be a small monthly stipen but not enough to get by. I have had two previous business`s that were both sold, but I had a lot of free help to get the tax paperwork done. I never had major issues with the sales, marketing, or production end of the business; but I was freed up from the beancounting.
My wife and I have incorporated and are currently awaiting the paerwork back from the feds and the state.
I may have lots of dumb questions, and I tens to not sugarcoat things. Please understand I never intend on offending anyone.
My goal, make enough money to supplement my wifes income. She really wants to stay home with the kids; I don`t know why. They drive me crazy.
In order to get her comfortable with the idea, I suggested starting with a hobby of ours. Fortunately for us, there isn`t a lot of local competetion. Unfortunatly for us, we will have to create our own market.
We are running it out of our home, and until receantly, we have not had an uncomfortable amount of start up costs.
The two things I am most concerned with are marketing costs and the paperwork end of things.
Thank you for having this available to those of us that need assistance.
Justin    
      

Comments

  • LtresselLtressel subscriber Posts: 3
    Hi Justin,
    Welcome to the Forum!  Your concerns are truly valid.  Marketing costs will always be the bigger chunk of budget. Although, I am not sure of what kind of business you are in-here are some less costly ways of putting yourself out there. 
    WOM-word of mouth
    Attending Chamber of Commerce Luncheons/Dinner Mixers (they will normally let you attend once or twice before they encourage you to become a member)
        *make sure you are armed with business cards and quick fact sheet about your business
    Partnerships (again without knowing your business) this might be a good way to piggy back. For example: real estate agents and appraisers/ house inspectors and pest inspectors / carpet cleaners/ carpet installers
    I`m not sure what paperwork issues you might have so I cannot comment on that.  Be a little bit more specific. Perhaps others and myself can throw in some more suggestions.
    Good luck to your business.
    LT
  • 918griffin918griffin subscriber Posts: 1
    Thanks for the quick reply.  
      
  • 918griffin918griffin subscriber Posts: 1
    Well Lt. We are going to rent recretional equipment. Now you have to understand that I have some apprehension getting into the fine details. Like many I think I have a great idea, and I am afraid of having the idea STOLEN. I am sure this is a common concern.
    Specifically speaking, is it OK if my wife and I don`t make a dime for the first year. We can afford this due to the fact that we both still have our regular jobs to fall back on.
    The start up costs will not exceed $5-6,000, marketing with standing.
    Chamber of Commerce is a great pointer. Thanks.
    We chose to go LLC primarily for the personal liability protection, and the off chance that injuries are possible from every business. 
    I do want to involve some friends for their physical help and possibility for the assets they could provide; but I am afraid of asking for their money but not their input. The goal after all is for my wife to stay home, make some money, and raise our kids. 
    Is it money makes strange bed fellows? Friends are one thing, lenders are another thing entirely. 
    It is possible that at some point in the future, my wife may qualify for a grant; but I wanted to get some business under our belt first.
    I guess this is just gitters and we just need to take the final leap. Under normal circumstances I would just go for it; but at the same time I have to consider my wifes apprehensions.
    Justin     
  • JimSprouseJimSprouse subscriber Posts: 3
    Hi Justin,
    Welcome to SuN!  I understand the aprehension before the leap.  I`m tooooo careful most of the time and I am always afraid to take big risks (or small ones).  I`m raising funds by designing logos part-time to raise my start-up costs, which are about the same as yours.  I would just borrow the money, but I don`t want to risk it.
    Jim
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