U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Business
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-23-2018, 09:12 PM
 
1 posts, read 242 times
Reputation: 10

Advertisements

Looking for some insight on starting up an inflatable business. Iíve been doing research and thinking abut LLC. So my question is if I buy two inflatables to rent out how do I know what taxes will be like? It will just be me, I wonít be in a partnership. Who do I talk to to figure this out? What if my business doesnít make money or I donít break even? Iím well aware of the manual labor and everything I will need to start up. Just clueless on where to get all business related info.i donít want to get into something without fully understanding every aspect. I also know I will need liability insurance, so with paying taxes and insurance how much profit could I make. Is this business worth it?
Reply With Quote Quick reply to this message

 
Old 09-24-2018, 04:44 AM
 
1,066 posts, read 705,752 times
Reputation: 1186
Quote:
Originally Posted by Brianna S View Post
Looking for some insight on starting up an inflatable business. Iíve been doing research and thinking abut LLC. So my question is if I buy two inflatables to rent out how do I know what taxes will be like? It will just be me, I wonít be in a partnership. Who do I talk to to figure this out? What if my business doesnít make money or I donít break even? Iím well aware of the manual labor and everything I will need to start up. Just clueless on where to get all business related info.i donít want to get into something without fully understanding every aspect. I also know I will need liability insurance, so with paying taxes and insurance how much profit could I make. Is this business worth it?

All businesses are going to come with risk. Its great that you are researching, but keep in mind analysis paralysis is a very real thing. You're also not going to understand every aspect before you even get started. I learned plenty along the way while starting my business. As things come up you adapt, you find the answer, and you make it happen.

There will also be speed bumps. I came from a similar business when I started mine. I knew that we randomly made about $35,000 a year on ebay sales so that was my benchmark starting point. Early on I realized eBay puts a cap on how much a new business can actually list for sale.. so I adapted and looked for a new answer, I figured out how to get items on Amazon to capitalize on low hanging fruit. I figured out how to do a DBA, I got an LLC on my own, all the filing paperwork.

Point is there's a lot, and chances are if you're looking for a way to be 100% comfortable moving forward because you've "figured it all out" its just not going to happen.

You can also always estimate high. Figure 50% is going to go to taxes, as you write things off like your phone and fuel you'll start to see the advantages. Sounds like you should talk to an accountant about many of your answers.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Business
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top