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Wanting to start a bead business and have questions

by brians34, Window Shopper

  • Created: November 8, 2012, 5:14 pm
  • Updated: November 8, 2012, 5:24 pm
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3 comments
My wife and I are wanting to start a bead business in a few years when I retire from my day job. 1. Should we put in as a sole proprietorship or partnership? 2. What type of bookkeeping will I need to do for keeping up with earnings and expenses? Two part question here, Can I deduct everything I spend including what I spend on the beads for resale and claim all the money we bring in as earnings instead of having to keep up with inventory? 3. If I have to keep up with inventory, how would you do that? I mean is there an easy way to keep up with the thousands or tens of thousands of beads we'd have in the store without going crazy? 4. We are going to have a small shop that we will run ourselves. For anyone that owns their own business like this, what do you do if you decide you want to take a vacation at some point?
Tags: Discuss Popular Topics, Starting & Registering a Business
‹ Grants Can I link a business/domain to an LLC? ›

BizResearcher | Window Shopper | 11/14/2012 - 10:53 am

You may want to visit with an accountant. She/he can tell you what state and
federal tax laws you will need to comply with and help you create an
appropriate bookkeeping system. You may be able to use a system like
QuickBooks once it is set up to fit your business's situation.

CorporateK8e | Window Shopper | 11/9/2012 - 5:21 pm

Have you considered filing a corporation or LLC? LLCs are extremely popular for smaller businesses that have 1-2 owners. An LLC will legitimize your company, and more importantly separate your business from your personal assets, offering liability protection. A lot of small business owners are wary of LLCs, but they are extremely simple to maintain, and if you have a document filing service (rather than an attorney) it will save you literally hundreds (maybe even thousands) of dollars. Please note that Community members may include only one (1) link in their signature line. Any additional links to websites, social network profiles, or email addresses will be removed.

JGabriel | Community Moderator | 11/9/2012 - 10:20 am

Check out the resources available in our Starting a Business section, including information about business plans, financing, and marketing. SBA has resource partners like SCORE, Women’s Business Centers and Small Business Development Centers located across the country that provide free business counseling to individuals looking to start or expand a small business. Visit our local assistance guide to find your local SBA resource partners by entering your zip code. Another approach that may be useful is talking to a mentor who could offer you specific guidance. Best of luck in your business ventures!