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Old 02-22-2018, 03:36 PM
 
Location: Silicon Valley
3,617 posts, read 1,631,616 times
Reputation: 6139

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Quote:
Originally Posted by ss20ts View Post
I own my own business. Trust me. I don't work part time! I don't work a few hours a day. I don't get up when I feel like it. I work 6-7 days a week. I work over 80 hours a week.

I'm all for others starting their own business, but be realistic. Many people have ZERO idea what it takes to make a business success. They really have no idea how much work is involved. They have no idea how much time is involved. They have no idea how much money is involved. It's really not just as simple as saying ok I'm opening a business....here I am...now I'm making money. If it worked that way, we'd all be rich!

Just because you own a business doesn't mean it's a cash cow....far from it! Most businesses fail within the first 5 years. Very few business owners actually make a profit the first 5 years.
This is very true. It hits especially hard when switching gears from a highly specialized profession. Yeah, that's you taking out the trash, fixing the shelf, ordering the supplies, keeping track of the books...and tracking the compliance requirements for everything.

Really the only way to do it is to do something you really like or enjoy, and even then will only succeed if you're solving a problem, and its a problem shared by enough people that are willing to pay for a solution.

If you don't like the law, and haven't learned anything else (because that's an all-encompassing career), you probably don't have many realistic options. Maybe walk in to a few small businesses you like...you can always tell the owners as they're the ones moving twice as fast as everyone else. They're not the top, they're the bottom...cuz all the problems nobody else can/will solve flow to them.
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Old 02-22-2018, 03:59 PM
 
1,631 posts, read 748,785 times
Reputation: 8914
No suggestions here.

I'm just glad that the "How to Win Friends and Influence People" franchise is already taken.
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Old 02-22-2018, 05:08 PM
 
1,255 posts, read 568,339 times
Reputation: 2324
Quote:
Originally Posted by ss20ts View Post
I own my own business. Trust me. I don't work part time! I don't work a few hours a day. I don't get up when I feel like it. I work 6-7 days a week. I work over 80 hours a week.
You're magical. Your comments really don't seem on point at all other than telling us how great you are. Presumably you do this to have an income and or because of the field you chose.

But I will not need to have an income and I can choose exactly what I want and how much I want... if, it becomes too much I can just end the business. But I suspect strongly it will take off like wildfire. I have several service providers that only work a few days a week but have a business.

I don't know a lot about antiques but I have considered a shop with "flipped" yard sale furniture (or selling them at yard sales) I enjoy taking like some 1960s piece of furniture and repainting it and doubling the profit.

I don't really have any other hobbies since I have time before retirement if there was something promising I could take classes etc while waiting.
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Old 02-22-2018, 09:57 PM
 
Location: Somewhere in America
12,304 posts, read 10,771,871 times
Reputation: 20540
Quote:
Originally Posted by EmilyFoxSeaton View Post
You're magical. Your comments really don't seem on point at all other than telling us how great you are. Presumably you do this to have an income and or because of the field you chose.

But I will not need to have an income and I can choose exactly what I want and how much I want... if, it becomes too much I can just end the business. But I suspect strongly it will take off like wildfire. I have several service providers that only work a few days a week but have a business.

I don't know a lot about antiques but I have considered a shop with "flipped" yard sale furniture (or selling them at yard sales) I enjoy taking like some 1960s piece of furniture and repainting it and doubling the profit.

I don't really have any other hobbies since I have time before retirement if there was something promising I could take classes etc while waiting.
Nope not magical. Wasn't telling anyone how great I am. I was saying how much I work to run a business. I'm exhausted every day. U don't make a million bucks a year......far from it.

The thing is a business has to make an income in order to be considered a business by the IRS. After a couple of years, it's considered a hobby and no longer tax deductible....at all.

Antiquing would be a great business to do part time if you're in one those antique malls. Be sure to see how the antique business is where you are. Antiques aren't booming everywhere anymore. In others areas, antiques are still selling well.
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Old 02-22-2018, 11:16 PM
 
Location: Planet Woof
3,139 posts, read 3,509,293 times
Reputation: 9889
Many opportunities exist to make some part-time money independently without the burden of owning a business. Driving for Uber or Lyft, doing contract delivery work, dog walking or pet sitting, selling on Ebay, Etsy, Facebook, or Craigslist. As an attorney doing some freelance work with ACLU, Legal Aid, senior agencies, tax services. Writing legal articles as a freelancer or blogger.
Whatever you do find something you enjoy and want to do. Good luck!
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Old 02-22-2018, 11:50 PM
 
Location: Silicon Valley
3,617 posts, read 1,631,616 times
Reputation: 6139
I think the blurred distinction between a freelancer, a serious and sometimes lucrative hobby and starting a business is coming into play here.

I like to trade equity markets, I'm pretty good at it and it's lucrative. I do not have an investment company.

I rent out homes to people. I've been fortunate and very lucky, and am good at getting good tenants, cashing a check and occasionally picking up a phone. I do not have a property management company.

I do consulting on a full time basis for area companies. I need to get new projects in the door and do them. I am a self employed consultant, but it's more freelancing than it is an established consulting firm.

My wife has a business. She's at it a minimum of 60 hours a week. She opens in the morning and closes at night. She does it all, and is a public resource that can be relied upon to be open and servicing by any John Doe. She has a business.
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Old 02-23-2018, 01:21 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
5,486 posts, read 4,100,409 times
Reputation: 7298
I have no dog in this fight, but I am amazed the op came here for advice and is snarky to some of the respondents who took the time to write a response.

If anyone follows the real estate forum, this reminds me of the Abby schmitters thread.
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Old 02-23-2018, 02:03 AM
 
Location: Tampa, FL
27,798 posts, read 26,222,762 times
Reputation: 14611
Quote:
Originally Posted by aslowdodge View Post
I have no dog in this fight, but I am amazed the op came here for advice and is snarky to some of the respondents who took the time to write a response.
Noticed that as well.
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Old 02-23-2018, 04:13 AM
 
10,604 posts, read 14,208,493 times
Reputation: 17203
Quote:
Originally Posted by HappyDogToday View Post
Many opportunities exist to make some part-time money independently without the burden of owning a business. Driving for Uber or Lyft, doing contract delivery work, dog walking or pet sitting, selling on Ebay, Etsy, Facebook, or Craigslist. As an attorney doing some freelance work with ACLU, Legal Aid, senior agencies, tax services. Writing legal articles as a freelancer or blogger.
Whatever you do find something you enjoy and want to do. Good luck!
A commonly misunderstood belief. Every single occupation you mentioned qualifies as a BUSINESS. Even passively renting out a condo you own is a business. (and not "passive" either)The only one you can sneak by with, is Craigslist which is essentially a bunch of personal ads which obviously don't generate a 1099 as long as you're doing your transaction in cash currency.

Chose to operate a business in cash only? Good luck. That's tax evasion and fraud. And many customers will NOT pay cash. And won't hire you in a service business if you seem sketchy.

My PROFESSIONAL dog walking/pet sitting BUSINESS costs me two hours per day at LEAST, in documenting everything for the IRS and doing my bookkeeping and accounting. I'd say I actually spend 2 hrs per day JUST on IRS and not including my own bookkeeping for my personal purposes. And that's on a SIMPLE day. Not a busy day.

Do you know what they demand for ONE DOG WALK? AND you must keep records for ALL YOUR PERSONAL MILEAGE, too.

Just for mileage (and you better fully understand the regulations for "home office"):

Each way:
  • Date and Time
  • Starting odometer reading
  • Starting address
  • Ending odometer reading
  • Ending address
  • Total miles
  • Client name
  • Purpose of visit
Oh, and if you make a side stop on the way, your deduction is disallowed. Oh, and it makes a difference whether you go from home office to the job or from one job to another. Oh, and does the average person know all about the IRS regs for car depreciation? Just a minor detail that may TANK your business forever if you do it wrong from day one or anytime thereafter.And you can't rely on apps. Every single trip must be manually massaged because they're not accurate. And they run your data up to the moon.

I do literally THOUSANDS of visits per year.

AND these are all IRS audit triggering deductions.

Here's just a few of the things you have to track:

And this doesn't included PAYING income tax and Social Security & Medicare taxes as the business owner AND employee. And knowing WHEN, HOW, HOW MUCH, estimated taxes etc.
  • Communication costs, for example, cell phones, data plans, internet or wireless services, land or fax lines, long-distance charges, voicemail or answering services, call waiting, etc.
  • If also used for personal reasons (for example, internet service), then only the proportion used in business is allowed as an expense
  • Office supplies (paper, toner, writing instruments, etc.), software, stamps, envelopes, shipping materials, cleaning supplies
  • Home Office details (utilities, sq footage, etc)
  • Any licenses or permits that are required for your profession
  • Fees and membership dues you paid to professional associations or unions
  • Continuing education or certification related to your work
  • Mileage accumulated during the course of your work
  • However, regularly commuting to and from a fixed office wouldn't qualify
  • Advertising costs, including business cards and websites
  • Fees for attorneys, consultants, accountants, and other professionals
  • Liability insurance, errors and omissions insurance, surety bonds
  • Credit card and bank fees
  • Health care premiums
  • Bad debt
  • vet tech certification or training
  • Miscellaneous supplies such as leashes, food, toys, treats
  • Vehicle expenses or standard mileage

And the IRS doesn't cut you a break even if you say it's a "hobby". There are regs.

Last edited by runswithscissors; 02-23-2018 at 05:31 AM..
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Old 02-23-2018, 04:27 AM
 
1,255 posts, read 568,339 times
Reputation: 2324
Quote:
Originally Posted by ss20ts View Post
The thing is a business has to make an income in order to be considered a business by the IRS. After a couple of years, it's considered a hobby and no longer tax deductible....at all.
This has nothing to do with anything. Seems you just want to post what you want to talk about. I won't need a tax deduction.

Quote:
I am amazed the op came here for advice and is snarky to some of the respondents who took the time to write a response.
Amazed? I find that hard to believe. It is basic that a message board should keep people on topic. If people want to blather about irrelevant information designed to make them feel superior.. gonna call it out.
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