Business Startup Help

[Jeff Sudmeier]

My dad and I are currently in the planning stages of starting a side business. We would like to start searching out customers starting Feb 1st.

Our Business would be building, delivering and installing small backyard storage sheds to large garages. The smaller sheds would be built at my home and the larger projects would be built onsite.

We already know that we are going to become an LLP.

Does anyone have any other advice to get the business started off right?

How to advertise?
Insurance?

Any tips would be greatly appreciated!

Jeff

[Dan Stuewe]

My wife and I have found this book to be pretty helpfull

http://www.amazon.com/gp/product/0793179270/002-3887955-5341613?v=glance&n=283155&s=books&v=glance

One part that was a bit confusing at first was the order to get things done to be official.

It probably wasn't as big of a deal as I thought it would be since when my wife went to get her bank account they were surprised at how her ducks were in order.

Good luck to you. This September my wife went to part time and tomorrow is her last day. She probably won't be able to stay full time on her business, but she needed to get away and spend some time kicking it up a notch.

I'll be keeping an eye on the advice here to help us too.

[Wes Bischel]

Jeff,

One of the biggest things is putting together a business plan. Not to say all of the required accounting, legal things aren't important - they are the "givens".

Some of the key items are things like competition - direct and indirect. What are their strengths/weaknesses (you have to be honest here) What do you think their business model looks like. What is their product line. Then after dissecting them, what do you have to offer? Where do you fit in the market, what are the key drivers to get customers to choose your product over the competition? etc. etc.

Once you have a good plan, it will be much easier to focus your efforts. It will also be easier to say "no" to jobs which might take you into territory which won't be profitable.

One example is this company:
http://www.lilliputplayhomes.com/
Consider the basic construction process, skill, overhead are very similar to a shed builder. But by going national and creating a focused high-end product, and zeroing in on one customer segment, they have become successful. Granted this is an extreme example.:eek: ;)

I'm not sure if this is what you were looking for, if not, just ignore the above:D

Wes

[Scott Loven]

Put up an advertisement at work, the grocery store, etc. Build a shed for someone for cost along Highway 18 with your advertisement on it. Build one and take it to the county fair. Buy/rent a piece of land along the highway and put a few idea sheds there. See if you like this kind of work before you get to far into it! You have a full time job, a hobby, you like camping, wife and kids, why do you need this? I have a side business also that I love to do, but it does suck-up a lot of time.
Scott

[Peter Gavin]

In my public accounting experience I saw too many people who weren't charging enough for their work. They would work 60 or 70 hour weeks and wonder why they weren't making any money. If I suggested that they raise their prices, they would say they were afraid to lose business. Most of them couldn't understand how if you are losing money on your jobs, the more you work the more money you lose.

Just my .02

Peter

[Jeff Sudmeier]

Put up an advertisement at work, the grocery store, etc. Build a shed for someone for cost along Highway 18 with your advertisement on it. Build one and take it to the county fair. Buy/rent a piece of land along the highway and put a few idea sheds there. See if you like this kind of work before you get to far into it! You have a full time job, a hobby, you like camping, wife and kids, why do you need this? I have a side business also that I love to do, but it does suck-up a lot of time.
Scott

Great ideas Scott!! :)

My dad and I have always worked together on "side" jobs; decks, garages, roofing, remodeling, etc. We have always thought that we should focus our efforts into one area. So we looked and looked and this is one area that there doesn't seem to be too much competition.

Dad and I's goal is a nice supplemental income to invest in other things. If this grows into a buisiness where we could work at it full time, great! That is one of the long term goals, but if it stays as a side job, that will be fine too :)

My grandpa once told me "You will never be truely wealthy working for someone else". I firmly belive that and really enjoy working for myself, not someone else :)

[Daniel Rabinovitz]

Jeff
Get set up with a Federal ID number
and
A state sales tax number
If you haven't already done that.
Daniel

[Jerry Olexa]

Jeff, carefully analyze your competition before you start. Examine their price points and size/value sheds they offer. Also, visit the local Borgs and price the ready mades. Then see if you can make them profitably at that or slightly lower level. You should actually be better value and have a point of difference (better quality, cuppolo on roof, better siding or roofing material, etc). Think about why a customer should buy from you rather than the others. G Luck..

[Dennis Peacock]

May also want to review the IRS pulication about starting a business and keeping records. You can find it here: http://www.irs.gov/publications/p583/index.html