Mitch23 Posted March 9, 2006 Share Posted March 9, 2006 I might be asking this too soon, and I'm sorry if I am, just stuck in a position and am looking for a little guidance, please.How do you know if you are ready to start a business? Now, the thing is I don't want an actual business, just to be able to sell some of the stuff I make... legally. Right now it's just one kind of candle I'd feel comfy selling, but still working on a couple of other kinds.I gave one to my husbands nanny last week, and now her daughter is wanting to bring them into her office to sell for me. My neighbor's GF wants to put some in her salon for me. I'd give anything to be able to do this, but I'm terrified of the whole biz setup?Hubs is trying to talk me into it, and I sat down with him and explained it the way I thought it was done. (1st-ins, 2nd-acct'nt, 3 registering with every biz dept in the state, and half the fed ones...) He said "So, what's the prob?".I know I haven't been at this for long at all, so I shouldn't even be thinking of this yet, prolly. Believe me I am not looking to get rich. I know alot of people might see it that way. I'm just hoping I can get a few bucks here and there to help pay for some of the things I like to mess with. I'm actually starting to feel guilty and find myself hiding some of my orders from DH. I can understand needing ins even if it is a hobby, but will I have to go through all of the biz stuff? Any thoughts?Mitch Quote Link to comment Share on other sites More sharing options...
cas Posted March 9, 2006 Share Posted March 9, 2006 Insurance is the big thing. If someone buys one of your candles, and something were to happen... they can come after you. You should NEVER sell a candle without at LEAST having insurance. It protects you!You'd also have to have a sales tax number. It may be state specific, and something you want to to look into. If you sell anything, you're required to collect state sales tax (if that's something that is required in your state). Check with the county or city you live in, and they can give you more information.If you DBA (doing business as), you do not need to worry about getting a federal id number. Once you become an actual incorporated business, then you have to get a federal id number.2 other things I'm sure you already know - 1) This is definately not a get rich quick business. 2) Test test test! Good luck! Quote Link to comment Share on other sites More sharing options...
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