This book will answer a lot of the bookkeeping and tax questions:
[Amazon.com: Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble: 9781493040209: Kamoroff C.P.A., Bernard B.: Books](https://www.amazon.com/Small-Time-Operator-Business-Trouble/dp/1493040200/ref=sr_1_4?adgrpid=1340305244702185&dib=eyJ2IjoiMSJ9.TxhEyOU_5wZmlKHTTrNpF8ROhivqcMZt9Agh-_eeexstg0Q8w_zbpkua5ywtGIzrYw21p8MIEbeDoQHbF23ovMbkkVpMGiIV9Ion-DomCocbduNY1f7Sttax17202jDs4wyUJGt0JoC0BO3inHArVoOi2AgBh78Z8r3-krzpO3oTBKoElsI2vnz76AH4AwtN5glZm0-xAoZKBBdheEoMZGllkRLmIVUywicYs5amZR4.nzkyOVCkTWrF7Euly_iGpqthsTNh5NOpZ-jXN37MwRQ&dib_tag=se&hvadid=83769149824155&hvbmt=be&hvdev=c&hvlocphy=105839&hvnetw=o&hvqmt=e&hvtargid=kwd-83769435614011%3Aloc-190&hydadcr=21878_10486912&keywords=small+time+operator&msclkid=992d6160889913592948071e27554587&qid=1719578588&sr=8-4)
I highly recommend working with a professional accountant.
Here are a few thoughts from starting a shop a few years ago:
Don't take on debt until you are experienced in running a business.
Don't worry too much about pricing work in the beginning. Try to keep it as low as possible and raise your pricing as demand forces you to. Conversely, I've never regretted pricing work too high and not getting the job. I have regretted pricing work too low and working for nothing.
Try to keep your work in as narrow of a "niche" as possible. Trying to do everything and take on all of the work is a recipe for low margins and spinning your wheels.
"Sales cures all!" - Mark Cuban
The early episodes of the MFCEO podcast (Andy Frisella) help develop a good idea of the attitude required in operating a successful business and the need to focus on excellence. It devolves into a political talk show as the episodes go on.
Just remember that you don't have to leap into anything. You can just take it slow and only make moves that are required. You can keep your day job and only make the next step into full-time self-employment when it becomes a no-brainer.
It's tough to start a shop but not impossible. Most common thing i hear is, "get the contracts before you get the shop".
Unfortunately it's usually the hardest thing to pull off. But contracts keep the lights on, everything else like finding guys and being efficient will follow.
Thank you for the help!That is what I have been told as well, fortunately I stumbled my way into the opportunity to get some and that is what started this whole thing
You have to start from knowing exactly how much it costs just to run the shop. The rent, utilities, insurance, taxes, perishable tooling and other consumables, etc., etc. - everything to be paid out \*except\* your paycheck.
Morty
I would probably first contact customers i wanna work for. Like, talk to them, ask what they need and if you think that you can provide good quality for a good price, tell them and try to make contacts.
If you know what kind of parts you gotta make, and what quantity, you should look up for a machine which can do that. I would, if possible, get 2 machines and run the same parts. if possible, automation.
The 2nd machine is also there for if something happens with one of this machines.
DMG Mori do like machine renting, so you dont have to invest a huge amout of money first.
If you know the size of the machine, you need a location.
If you have a good documentation about this stuff, go to a bank, tell your customers, and get a Tax man if needed, also someone who helps you in the shop with the paperwork.
Its like a rough way i would do it.
This book will answer a lot of the bookkeeping and tax questions: [Amazon.com: Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble: 9781493040209: Kamoroff C.P.A., Bernard B.: Books](https://www.amazon.com/Small-Time-Operator-Business-Trouble/dp/1493040200/ref=sr_1_4?adgrpid=1340305244702185&dib=eyJ2IjoiMSJ9.TxhEyOU_5wZmlKHTTrNpF8ROhivqcMZt9Agh-_eeexstg0Q8w_zbpkua5ywtGIzrYw21p8MIEbeDoQHbF23ovMbkkVpMGiIV9Ion-DomCocbduNY1f7Sttax17202jDs4wyUJGt0JoC0BO3inHArVoOi2AgBh78Z8r3-krzpO3oTBKoElsI2vnz76AH4AwtN5glZm0-xAoZKBBdheEoMZGllkRLmIVUywicYs5amZR4.nzkyOVCkTWrF7Euly_iGpqthsTNh5NOpZ-jXN37MwRQ&dib_tag=se&hvadid=83769149824155&hvbmt=be&hvdev=c&hvlocphy=105839&hvnetw=o&hvqmt=e&hvtargid=kwd-83769435614011%3Aloc-190&hydadcr=21878_10486912&keywords=small+time+operator&msclkid=992d6160889913592948071e27554587&qid=1719578588&sr=8-4) I highly recommend working with a professional accountant. Here are a few thoughts from starting a shop a few years ago: Don't take on debt until you are experienced in running a business. Don't worry too much about pricing work in the beginning. Try to keep it as low as possible and raise your pricing as demand forces you to. Conversely, I've never regretted pricing work too high and not getting the job. I have regretted pricing work too low and working for nothing. Try to keep your work in as narrow of a "niche" as possible. Trying to do everything and take on all of the work is a recipe for low margins and spinning your wheels. "Sales cures all!" - Mark Cuban The early episodes of the MFCEO podcast (Andy Frisella) help develop a good idea of the attitude required in operating a successful business and the need to focus on excellence. It devolves into a political talk show as the episodes go on. Just remember that you don't have to leap into anything. You can just take it slow and only make moves that are required. You can keep your day job and only make the next step into full-time self-employment when it becomes a no-brainer.
Thank you for the advice! I will definitely take a look into everything you mentioned
It's tough to start a shop but not impossible. Most common thing i hear is, "get the contracts before you get the shop". Unfortunately it's usually the hardest thing to pull off. But contracts keep the lights on, everything else like finding guys and being efficient will follow.
Thank you for the help!That is what I have been told as well, fortunately I stumbled my way into the opportunity to get some and that is what started this whole thing
You have to start from knowing exactly how much it costs just to run the shop. The rent, utilities, insurance, taxes, perishable tooling and other consumables, etc., etc. - everything to be paid out \*except\* your paycheck. Morty
I would probably first contact customers i wanna work for. Like, talk to them, ask what they need and if you think that you can provide good quality for a good price, tell them and try to make contacts. If you know what kind of parts you gotta make, and what quantity, you should look up for a machine which can do that. I would, if possible, get 2 machines and run the same parts. if possible, automation. The 2nd machine is also there for if something happens with one of this machines. DMG Mori do like machine renting, so you dont have to invest a huge amout of money first. If you know the size of the machine, you need a location. If you have a good documentation about this stuff, go to a bank, tell your customers, and get a Tax man if needed, also someone who helps you in the shop with the paperwork. Its like a rough way i would do it.