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I had a commercial real estate oriented venture. That was the 10 year business.
The longer term one, 24 years, was related to consumer packaging.
I sold both in 2020.
I'm truly impressed with people who start and build businesses from the ground up
I have a decent paying stable job so no urgency to start one [ nor do I mind working for someone else], infact when I orient new people I tell them bluntly "you will be just another brick in the wall, a cog in the wheel, follow the guidelines and don't make waves"
But the real impetus for this has been that I have made some prototypes of devices /with provisional patents and was looking to get them in production /market them. This started as a hobby and just because of a need I identified in my field and was encouraged by some friends to pursue this further.
But now that the fun part is over , the "boring" part marketing, legal issues, dealing with production , regulation etc etc is what I have in store. So I was not sure whether it will be even worth pursuing it , I feel [and to those whom I have shared this with ] feel like these devices are simple practical and useful.Ofcourse I'm biased and obviously anyone in my position will probably feel the same.
SO I was trying to take the lazy approach of letting family members handle those parts and they can keep the lion share of the profits as long as they give me a small cut [ this is a big IF they are successsful ! ].Most likely this will just fizzle out be just another list of patents that never saw the light of the day.However for the very small chance it will be successful I could atleast get part of the profit w/o putting in too much time and effort into it.
I'm truly impressed with people who start and build businesses from the ground up
I have a decent paying stable job so no urgency to start one [ nor do I mind working for someone else], infact when I orient new people I tell them bluntly "you will be just another brick in the wall, a cog in the wheel, follow the guidelines and don't make waves"
But the real impetus for this has been that I have made some prototypes of devices /with provisional patents and was looking to get them in production /market them. This started as a hobby and just because of a need I identified in my field and was encouraged by some friends to pursue this further.
But now that the fun part is over , the "boring" part marketing, legal issues, dealing with production , regulation etc etc is what I have in store. So I was not sure whether it will be even worth pursuing it , I feel [and to those whom I have shared this with ] feel like these devices are simple practical and useful.Ofcourse I'm biased and obviously anyone in my position will probably feel the same.
SO I was trying to take the lazy approach of letting family members handle those parts and they can keep the lion share of the profits as long as they give me a small cut [ this is a big IF they are successsful ! ].Most likely this will just fizzle out be just another list of patents that never saw the light of the day.However for the very small chance it will be successful I could atleast get part of the profit w/o putting in too much time and effort into it.
what do you guys think ? any suggestions ?
Have you considering licensing to someone already in the space? You’ll get paid on every one they sell and do little.
If you have a small office building does that help with deducting rents
Business credit cards are they easier to apply for with higher lines of credit?
What was your driving force that makes you a business owner and How did you find the patient and the skills to overcome the initial obstacles
You are looking at these deductions like they are a benefit to you. They are not.
As a business owner, you don't pay tax on things you buy for the business - that tax is paid by the company you purchased it from.
Example - you pay office rent to ABC Leasing. You don't pay tax on the rent because you don't have that money anymore, you paid it to ABC. They pay tax on it. Same with inventory, advertising, equipment, etc.
In general, you only pay income taxes on the money you have left after paying all your business expenses.
Getting credit for the business is NOT easier than personal credit. It's the same when you start.
My family is full of entrepreneurs, we grew up with the ups and downs, long hours, waiting for customers to pay, stressing because payroll or payroll taxes were due, etc. I think you're born with the ability to take that level of risk and willingness to work 70-80 hours a week when necessary.
I'm truly impressed with people who start and build businesses from the ground up
I have a decent paying stable job so no urgency to start one [ nor do I mind working for someone else], infact when I orient new people I tell them bluntly "you will be just another brick in the wall, a cog in the wheel, follow the guidelines and don't make waves"
But the real impetus for this has been that I have made some prototypes of devices /with provisional patents and was looking to get them in production /market them. This started as a hobby and just because of a need I identified in my field and was encouraged by some friends to pursue this further.
But now that the fun part is over , the "boring" part marketing, legal issues, dealing with production , regulation etc etc is what I have in store. So I was not sure whether it will be even worth pursuing it , I feel [and to those whom I have shared this with ] feel like these devices are simple practical and useful.Ofcourse I'm biased and obviously anyone in my position will probably feel the same.
SO I was trying to take the lazy approach of letting family members handle those parts and they can keep the lion share of the profits as long as they give me a small cut [ this is a big IF they are successsful ! ].Most likely this will just fizzle out be just another list of patents that never saw the light of the day.However for the very small chance it will be successful I could atleast get part of the profit w/o putting in too much time and effort into it.
what do you guys think ? any suggestions ?
Family - no one wants to work for free for very long, everyone thinks they're doing more than the other person, it's never fair, it's someone else's fault, and on and on. This is your baby.
I don't know what to tell you. I brought one new product to market in the 80's with lots of hard work, no one helped me for free, and it lasted a few years until the Chinese started providing it at a fraction of the cost.
If you don't want the headaches, reach out and see if you can sell your idea to someone in your industry. It's very rare to be able to build a business with just one product.
Family - no one wants to work for free for very long, everyone thinks they're doing more than the other person, it's never fair, it's someone else's fault, and on and on. This is your baby.
I don't know what to tell you. I brought one new product to market in the 80's with lots of hard work, no one helped me for free, and it lasted a few years until the Chinese started providing it at a fraction of the cost.
If you don't want the headaches, reach out and see if you can sell your idea to someone in your industry. It's very rare to be able to build a business with just one product.
I thought about that but is a NDA really effective? someone might copy the same idea
esp as they have much deeper pcokets and afford to pay attorneys to back them up
You are looking at these deductions like they are a benefit to you. They are not.
As a business owner, you don't pay tax on things you buy for the business - that tax is paid by the company you purchased it from.
Example - you pay office rent to ABC Leasing. You don't pay tax on the rent because you don't have that money anymore, you paid it to ABC. They pay tax on it. Same with inventory, advertising, equipment, etc.
In general, you only pay income taxes on the money you have left after paying all your business expenses.
Getting credit for the business is NOT easier than personal credit. It's the same when you start.
My family is full of entrepreneurs, we grew up with the ups and downs, long hours, waiting for customers to pay, stressing because payroll or payroll taxes were due, etc. I think you're born with the ability to take that level of risk and willingness to work 70-80 hours a week when necessary.
isnt that a BIG benefit , my taxes on my W2 are deducted BEFORE I pay any expenses
isnt that a BIG benefit , my taxes on my W2 are deducted BEFORE I pay any expenses
No. "You" are not a business.
Maybe you should take some intro to business classes.
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