Any Entrepreneur's out there? - Mountain Buzz
 



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Old 09-08-2005   #1
 
Join Date: Feb 2005
Posts: 21
Any Entrepreneur's out there?

Hey Fellow boaters,

I'm starting my own buisness and want to make sure I do it right the first time, and avoid any major pitfalls. I'm looking to talk with different people in different industries to gain some insight as to what to do and what not to do. I thought I would check in with people who I share common interests with first. Any help or recomendations for people to talk with would be great. Thanks for your support and please contact me if you are interested in helping me figure this out.
Thanks,
Brian Felse
303-579-2724
[email protected]

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Old 09-08-2005   #2
 
ski/kayak bum
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what kind of business?
-aaron
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Old 09-08-2005   #3
 
Join Date: Feb 2005
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The business is in the outdoor retail and not for profit realm. It is for the good of all outdoor athletes and the sports we pursue. I'm not at liberty to say much more at this point. But if you are intersted in more let me know how you can help
Peace
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Old 09-08-2005   #4
 
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Eagle County, Colorado
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I'm interested in mixing paddling with business. What kind of questions do you have? PM me if you would like to talk.
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Old 09-08-2005   #5
 
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Systems & Process Design, Colorado
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#1 Pitfall to avoid when starting a business.... don't ask boaters how to run a business.
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Old 09-08-2005   #6
 
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Glenwood Springs, Colorado
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Get a good CPA and talk to them BEFORE you do anything. They can advise you on what type of entity to form, tax implications, filing requirements, financing, etc. I've seen some very unhappy people when it comes to tax time after their first year of business. Yes, this is the boring, non-creative side of business. However, it is critical to have things set up correctly from the beginning.

If you are planning on being a non-profit, there are a bunch of hurdles to jump through to get your 501(c)(3) designation to have a tax-exempt status.

Laurie
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Old 09-08-2005   #7
gh
 
pnw, Colorado
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Most accounting firms can also help you set up your corporation or partnership. S class, etc.
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Old 09-08-2005   #8
 
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Eagle County, Colorado
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Posts: 970
There is a lot of initial expense that you might not have (I didn't) thought about before starting. Use your CPA (Like Laurie said) and an attorney to set up your business entity. Schedule S corporations are pretty standard out there for small businesses, but I don't know much about non-profit. Trade names are through the Secretary of State. If you are a sole proprietor or partnership, then you will have to register trade name with dept. of rev. An attorney will help you set it up right the first time if you use an S corp or LLC (articles of incorporation, etc.) so you don't have to drop a bunch of cash later fixing mistakes.

You'll probably need some insurance, computers and stuff (I'm in I.T., so let me know if you have questions on that), accounting and bookkeeping, etc.

If you are doing retail, you'll have to get a tax ID number from the state for sales tax, and you'll need a federal tax ID to get started. Distributors and vendors don't get charged sales tax if they are selling to a reseller, so they will need to see this information before you start getting inventory at wholesale cost.

If you are getting funding from a bank, you need a business plan. You should probably have this anyways as it will help you forsee problems before you get to them. The SBA has some programs to help business people get financing. You may also need additional permits and licenses for your business. Here are some links of interest:

Occupational Licenses: www.state.co.us/oed/index
Small Business Development Center: www.coloradomtn.edu/sbdc
Dept. of Labor www.coworkforce.com
Department of Revenue www.taxcolorado.com
Secretary of state www.sos.state.co.us
IRS www.IRS.gov
Small Business Administration www.sba.gov
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Old 09-08-2005   #9
 
Join Date: Jan 2005
Posts: 305
My best advice is....

Start with alot more money than you think you will need...
That way you can count on making alittle money!!!!!!!!!

This is after starting 2 different bussiness one that was a love turned hobby turned job. The other was with a friend which I HIGHLY ADVISE against doing!!!!!!
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Old 09-08-2005   #10
no tengo
 
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Baytopia, Colorado
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my advice is not to do a not for profit. business is about profit.
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