Mountain Buzz banner

Any Entrepreneur's out there?

3K views 14 replies 12 participants last post by  dasunluva 
#1 ·
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
bfelse@juno.com
 
#3 ·
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
 
#6 ·
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
 
#8 ·
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
 
#9 ·
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!!!!!!
 
#12 ·
+1 to what Alex said. I was in the OR industry in guiding and then retail managment for six years -- most outdoor retail people don't know jack about running a business (yes, that is part of why I got out - the owner and VP of our six stores were ludicrous). If you want to suceed in business partner with or at least get mentored by someone who understands business and then listen to them when they tell you there is a better way.
 
#13 ·
Thanks all for the Advise! It is much appreciated. Definitely some good points out there. What I'm really in search of is someone that has taken an idea and turned it into a lucrative business.
I have been working in the outdoor business and recreation realm for the last 10 years, and Im finally over dealing with bullshit and designing programs and business ideas that I don't reap the benifits for.
Like I said before the business that I am starting is a win-win for everyone involved...Athletes, retailers, the sports we pursue and the of course myself, because I get to give back to the communities that have given me so much.
Please keep the flow if information coming, and if any of you have started a grass roots company and turned it into a success, or know someone who has it would be great to talk with you. I'll keep you all posted when the product goes to market!
Peace!

Bfelse
 
#15 ·
Bfelse,
Way to go on the ideas, that's where it all starts! There's a book by Michael Gerber called the "E-Myth Revisted" which I highly recommend. He made the phrase of "working on your business not in your business" famous. You have to realize, and it seems that you do since you've asked the question, that doing is not the same as designing. I'm currently reading a more in depth book by Gerber called "E-myth Mastery", in my opinion invaluable. The most important thing to remember is to focus your efforts on revenue, i.e. marketing and sales. If you've got cash coming in everything else can follow. No cash coming equals not being able to pay the bills, not paying the bills equals going out of business. I agree that infrastructure, systems, financial strategy is important, but not as important as cash flow and from that most importantly profit. Being an entrepreneur means being a leader, of yourself and others, and a lot of the times you're going to feel alone. Don't be afraid to trust your gut after you've researched everything. Shoot me an e-mail if you want to, I'm happy to answer questions. Best of luck to ya!

Luke
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top