Any small business owners or entrepreneurs on the sicc?

[$ileNt_eNe_ATL]

2015 was a monumental year for me. After the back and forth of climbing of the "corporate" ladder or pursuing self employment, I finally took the leap. As this year I now own an LLC and operate my own small landscape business. Im learning as I go and trying not to make many amateur mistakes that could potentially slow me down or affect my assets. I read a lot of self help and financial education books,attend seminars and always looking for opportunities to learn. Are there any like minded people on here? I mean I know we troll on here and talk shit for the most part but are there any small business owners on here or entrepreneurs that can shed a little light or wisdom and a first time start up?

 

[ALL BOUT CHICKEN]

I've been the CEO of www.fubuoverstock.com for about 05 years now.

 

[DuceTheTruth]

2015 was a monumental year for me. After the back and forth of climbing of the "corporate" ladder or pursuing self employment, I finally took the leap. As this year I now own an LLC and operate my own small landscape business. Im learning as I go and trying not to make many amateur mistakes that could potentially slow me down or affect my assets. I read a lot of self help and financial education books,attend seminars and always looking for opportunities to learn. Are there any like minded people on here? I mean I know we troll on here and talk shit for the most part but are there any small business owners on here or entrepreneurs that can shed a little light or wisdom and a first time start up?

Congrats chief!!!....I wish you much success in the years to come.

Treat people how you want to treated!!!

 

[Sicc Dawg]

Congrats breh. Did you set up that LLC on your own or did you go thru a lawyer? looking into starting an LLC for real estate investing.

 

[phncke]

I own 2 biz.

I started as an LLC but now I'm S Corp. LLC you will get taxed twice. Once on biz income and once on payroll when u pay urself.

The best part about being my own boss is I never do anything I don't think is a good idea.

 

[K.C.]

I've been working on my own for about 2 years now running my own concrete business. I don't employ anyone but I can give you a little insight. Get a lawyer to write up contracts to use in your bids, it will help save your ass in the long run, you can't always trust people to pay you. Get a good accountant, save everything damn receipt you have. Try to always put back 40% of what you are being paid for taxes. Keep reinvesting in your company and writing it off.

 

[$ileNt_eNe_ATL]

Congrats breh. Did you set up that LLC on your own or did you go thru a lawyer? looking into starting an LLC for real estate investing.

thanks! I went online and registered then paid the fee.. I got the paper work in the mail for the llc

 

[$ileNt_eNe_ATL]

I own 2 biz.

I started as an LLC but now I'm S Corp. LLC you will get taxed twice. Once on biz income and once on payroll when u pay urself.

The best part about being my own boss is I never do anything I don't think is a good idea.

Is it true that once you file taxes as an LLC that you can't switch to S Corp for 5 years? I feel like I'm too small to be an S Corp and LLC seems to fit more. Im just not excited about the Self Employment Taxes I'm going to have to pay at least as an S Corp I would be able to pay my self payroll and get a W2 at the end of the year.

 

[$ileNt_eNe_ATL]

I've been working on my own for about 2 years now running my own concrete business. I don't employ anyone but I can give you a little insight. Get a lawyer to write up contracts to use in your bids, it will help save your ass in the long run, you can't always trust people to pay you. Get a good accountant, save everything damn receipt you have. Try to always put back 40% of what you are being paid for taxes. Keep reinvesting in your company and writing it off.

What can I expect to pay for a good CPA? I met with a couple but I feel like they see I'm young and starting off so they try to take advantage. One particular is trying to charge me $100 monthly for record keeping and banking. + $600 a year for filing taxes as an S Corp and an extra $25 per check I do with payroll.. does that sound right?

 

[phncke]

Is it true that once you file taxes as an LLC that you can't switch to S Corp for 5 years? I feel like I'm too small to be an S Corp and LLC seems to fit more. Im just not excited about the Self Employment Taxes I'm going to have to pay at least as an S Corp I would be able to pay my self payroll and get a W2 at the end of the year.

It wasn't for me. I live in Seattle tho. Could be different. An accountant can tell you.

 

[phncke]

What can I expect to pay for a good CPA? I met with a couple but I feel like they see I'm young and starting off so they try to take advantage. One particular is trying to charge me $100 monthly for record keeping and banking. + $600 a year for filing taxes as an S Corp and an extra $25 per check I do with payroll.. does that sound right?

seems fair.

 

[StillHustlin]

I would say the potential to grow that business is strong, as long as your profit margin is healthy and you aren't afraid to increase the price as needed. Some good tips I heard recently about growing a landscaping business is 1) offer your current clients a free cut for every referral, 2) go to real estate offices with a couple dozen donuts in hand. The 2nd option may lead to jobs for houses on the market, but also as a referral to potential homeowners. Also, contact agents listed on homes for sale in the areas where you already have clients.

 

[troythemac]

2015 was a monumental year for me. After the back and forth of climbing of the "corporate" ladder or pursuing self employment, I finally took the leap. As this year I now own an LLC and operate my own small landscape business. Im learning as I go and trying not to make many amateur mistakes that could potentially slow me down or affect my assets. I read a lot of self help and financial education books,attend seminars and always looking for opportunities to learn. Are there any like minded people on here? I mean I know we troll on here and talk shit for the most part but are there any small business owners on here or entrepreneurs that can shed a little light or wisdom and a first time start up?

I used to run a landscape company full time, I scaled back and gave some accounts to my pops and fellow landscapers cause I got a job for the state, still kept my favorite maintenance ones for myself though. Studying horticulture at srjc helped me move up quite a bit, introduces you to people and creates lots of opportunities. The biggest mistake I see smaller landscape companies around here make is expanding too quickly. Don't start hiring people if you haven't already maximized the amount you can make with only yourself. Don't buy mowers or equipment you assume you'll need down the line, wait until there is a clear need to make the investment and go from there. Don't buy walk behind edgers in general, they only really help if you're edging super long straight lawns all day lol. Stick edger or weed whacker should be more than enough. Moving into irrigation repair enabled me to make a lot more money cause I'd send a guy or 2 out on my maintenance accounts while I did all the irrigation shit solo for a much higher rate. People will pay big time when there's a problem lol. There's qwel classes all over California that only take like 3 days then you're a qualified water efficient landscaper, people like to see that kind of stuff

 

[SC_408]

2015 was a monumental year for me. After the back and forth of climbing of the "corporate" ladder or pursuing self employment, I finally took the leap. As this year I now own an LLC and operate my own small landscape business. Im learning as I go and trying not to make many amateur mistakes that could potentially slow me down or affect my assets. I read a lot of self help and financial education books,attend seminars and always looking for opportunities to learn. Are there any like minded people on here? I mean I know we troll on here and talk shit for the most part but are there any small business owners on here or entrepreneurs that can shed a little light or wisdom and a first time start up?

Wishing you nothing but success, breh.

 

[Mike Manson]

I started my own trading company back in 2010. We design and export tableware, decoration items, gifts, promotional items, and offer a qc service as well for companies that produce in China! Been in that business for over 15 years now and hate it. We don't invest much into the company anymore, just let is run with the customer base we establish. My wife handles most. We just shut down the Hongkong Offshore Company (no taxes paid since we started), and opened a Chinese Company in the local free trade zone.

Then I have a Bball coaching company. We have more than 100 kids that we teach bball on weekends for good money.

Last but not least, I have a Hotdog & Beer shop. I make my own sausages that go on my hotdogs, and have more than 30 beers from around the world. Also sell my sausages in supermarkets, and produce special sausages for other restaurants.

 

[macczilla]

I opened a furniture biz (llc) a few months..Doing pretty good and tax season is here!!! GOTTA LOOK INTO THAT S CORP THING ASAP.....

 

[Rossibreath]

My brother opened his own bar in July. I just drink there.

 

[Snakegang]

What can I expect to pay for a good CPA? I met with a couple but I feel like they see I'm young and starting off so they try to take advantage. One particular is trying to charge me $100 monthly for record keeping and banking. + $600 a year for filing taxes as an S Corp and an extra $25 per check I do with payroll.. does that sound right?

Seems high. I pay my CPA $50 a month, but Im in a small town

 

[Snakegang]

I own 2 biz.

I started as an LLC but now I'm S Corp. LLC you will get taxed twice. Once on biz income and once on payroll when u pay urself.

The best part about being my own boss is I never do anything I don't think is a good idea.

I pay myself through my LLC and don't get charged on payroll. Talk to your accountant there is a way to take a "draw" where you don't pay normal payroll taxes.

 

[Snakegang]

2015 was a monumental year for me. After the back and forth of climbing of the "corporate" ladder or pursuing self employment, I finally took the leap. As this year I now own an LLC and operate my own small landscape business. Im learning as I go and trying not to make many amateur mistakes that could potentially slow me down or affect my assets. I read a lot of self help and financial education books,attend seminars and always looking for opportunities to learn. Are there any like minded people on here? I mean I know we troll on here and talk shit for the most part but are there any small business owners on here or entrepreneurs that can shed a little light or wisdom and a first time start up?

Happy for you bro! The main advice would be to get a business account with a local bank and run everything through it. I paid cash for so much shit when I started my LLC and wasn't able to write a lot of it off. You can keep receipts and try to account for it all, but if you are like me you'll lose half of them and forget the rest. Owning your own business is a blessing and a curse. It's awesome that you can do what you want, but at the same time you lose your off time. Im basically working all the time. But I get to do what I want. Right now Im watching Mozzy videos and smoking weed and posting on the siccness while working haha. If anyone wants grow supplies hit up our website:
Dan The Grow Man™ | Hydroponics | Grow Lights | Nutrients
or
Discount Advanced Nutrients™ | pH Perfect | Bundles

you can use "freeship" as a code to get free shipping. I don't think I'm the best business man in the world by any means, but if any of the siccness brehs have any small business questions feel free to hit me up.