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Just an update on the business, everything is going well, I made up a business plan, my hydroponic system is working really well and I have an appointment with a SCORE "council of retired executives" mentor today, he's coming over to my house to discuss the business and have a look at what I've got going. He said "Your new venture sounds very interesting. My expertise is in marketing and business development. My partner counselor here is the financial expert should you need him."
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Consider forming a grower's co-op 'mobile-farmer's-market'. It saves everybody time and money + is a very 'sustainable' solution. It can work well with a rte to underserved areas with health conscious and affluent buyers (folks that actually have real jobs).
Here is a link to a local group that has done this quite successfully. As a grower and fresh fruit marketer I can really appreciate the value of knowing how much stuff your sending, and what day, then only taking 10 minutes to load a truck, vs. EVERY grower loading, unloading, driving, setting up booths, competing, sitting all weekend, loading / unloading back at home, figuring out what to do with excess... The Mobile market can ideally take 'pre-orders' via web, and distribute needs to growers. 1-2 employees can run the truck and sales and the rest of you can be WORKING (as usual, and as necessary during growing season). Gorge Grown Mobile Farmers' Market | Gorge Grown Food Network
My wife and I have a small garden (50 sq ft) which does really well. The biggest problem we've had is insects eating our pepper and broccoli plants and we can't keep them healthy. Also our squash was completely obliterated by squash bugs. Glad you've found a natural way (or don't need it in FL) to protect your crops.
Good luck it sounds like fun, growing stuff is a lot of fun!
Hydrophonic food is going to get huge real fast. I have a friend in Iowa who grows tomatoes like that. If you are interested, send me an email and I can try to get you in contact with her. I am sure she will be an invaluable resource of information.
Registering the LLC should be done so that you can operate under the corporate entity. I am not sure how you opened your business bank account, but I don't see how it can be the same as you LLC account as the LLC will have a different federal tax number.
To keep the expenses paid so far appropriate once you have an LLC you should repay yourself from the LLC bank account.
The comment that a good CPA is priceless is spot on.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,700 posts, read 58,022,681 times
Reputation: 46172
Quote:
Originally Posted by jrjacoby
Registering the LLC should be done so that you can operate under the corporate entity. ...
To keep the expenses paid so far appropriate once you have an LLC you should repay yourself from the LLC bank account.
The comment that a good CPA is priceless is spot on.
And that good CPA will emphasize "Do not co-mingle funds" (LLC > Personal)
bpbdrummer: keep us posted, so we can be wise on other advice we give. SCORE can be very beneficial, and if at first you don't get the right counselor for your operation, have them find you one from their staff or adjacent chapters. You can also get cyber counseling / classes on their national website. I will bet they can find you a handful of folks in your area of need.
Other options for you are the County Extension agents (some are Business developers), and local economic development specialists. (tell them how many jobs / economic growth you will create and they will fall all over you.) Actually, they are very helpful, but get their funding on successful job creation. (that includes your job if it works out to that).
If I were you I'd send out a press release about your new venture. This can help you with free
publicity. Which may in turn get you some new customers.
I read on a newsletter that Community Supported Agriculture programs, or CSAs, are popping up all over the country. Through a CSA, consumers choose to buy shares in a local farm and then receive portions of the farm's produce once it is harvested.
In some areas, CSAs have become so popular that there are waiting lists to join. One of the draws is the chance to buy locally produced food. That means food that tastes better because it has not been genetically altered, harvested prematurely or infused with chemicals to be able to withstand a 1,000 mile or longer journey from the farm to your table.
I hope to hear more about how you are doing with this venture.
Sounds like you're off to a great start. Best of luck on your new venture...
I don't know much about your market, but I've found that targeted direct mail pieces can be a very cost-effective way to market a new business/product. E.g. You could do a series of postcards to local restaurant buyers to announce your new company/products/website. I've found good prices for printing at Vistaprint. You can track your web traffic to guage the effectiveness of a print or eblast campaign.
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