Hey guys,
I plan on starting a small business soon. What are some tools to make startup/operating costs as low as possible? I've always felt like small businesses fail because they are overpaying for stuff or not using the right tools.
I plan on using Rocket Lawyer for legal documents and forms and Odesk for designing a website.
I'll also be using Google spreadsheets and Google apps to organize everything.
Any other suggestions? Anyone started a small business here? What are some unexpected costs?
That's not the reason why the vast majority of small businesses fail.
What type of business?Any other suggestions? Anyone started a small business here? What are some unexpected costs?
You can do everything else wrong in business except sales. Tools and processes do matter, but it's an issue more when you become mid-sized. I've seen many poorly run and wasteful companies keep going because they did sales well.
That's not the reason why the vast majority of small businesses fail.
Gotta love your replies. Does it make you feel good to correct someone without offering a reason? Bet it makes you feel smart.
Hey guys,
I plan on starting a small business soon. What are some tools to make startup/operating costs as low as possible? I've always felt like small businesses fail because they are overpaying for stuff or not using the right tools.
I plan on using Rocket Lawyer for legal documents and forms and Odesk for designing a website.
I'll also be using Google spreadsheets and Google apps to organize everything.
Any other suggestions? Anyone started a small business here? What are some unexpected costs?
The problem is it's not one answer fits all. Legit business or side work (maybe under the table)?I'm in the same boat doing the leg work to start a small pc repair business in my area. I'm using business in the smallest sense however, it'll just be me in my garage working on someone's pc or traveling to their house to work. I'm just getting started learning things and trying to figure out different processes of owning a business.
I don't think anyone should be a sole proprietorship... they should be an LLC
hey, just curious, did anything ever come out of this?Hey guys,
I plan on starting a small business soon. What are some tools to make startup/operating costs as low as possible? I've always felt like small businesses fail because they are overpaying for stuff or not using the right tools.
I plan on using Rocket Lawyer for legal documents and forms and Odesk for designing a website.
I'll also be using Google spreadsheets and Google apps to organize everything.
Any other suggestions? Anyone started a small business here? What are some unexpected costs?
I've been wanting to start a side business and would consider making it my primary, but don't really have a product or idea. It's the toughest thing trying to come up with a plan, unless you've got a healthy amount of cash to invest in a restaurant or B&M business. I feel like everyone these days are just doing online drop shippers and other similar spinoffs. It's even worse that all these foreign entities are getting in on it and they often aren't delivering. It's just driving more money to Amazon at the end of the day as people are less willing to do business with online storefronts they don't know.I'll actually weigh in on this thread, since I've been running a small business now for almost two years (<$120k gross receipts) and we've attempted to keep operating costs as low as possible while we start up.
LLC paperwork we did ourselves, it was fairly simple and no lawyer needed
EIN assignment was easy and didn't need to be done by anyone
We don't have an accountant - I am generally saavy enough to do all our accounting in spreadsheets, which isn't ideal, but as long as you stay on top of it and categorize through the year, it's fairly manageable
We have no employees, and no contract staff at this time
We pay sales taxes, and property taxes (TX), but due to low receipts there is no franchise (basically income) tax for us in TX
We file as a single member LLC (basically same as sole proprietorship) so end of year taxes are simple
In terms of operating costs that are web tied:
- We started with google sheets, but ended up ponying up for office 365 for outlook and word - this is about $80 / year. The google sheets/drive/etc integration was nice, but sometimes felt limited.
- We built out our website with Wix, which is around $200/year, however the tools that are built into it were well worth it. There are certainly some free or lower cost options but generally they have trade offs (eg you can't directly have domain parking, you must advertise their services, etc)
- We have our domain through GoDaddy, and we purchased multiple years up front to save money. You can certainly find free or lower cost domains but it all depends on how professional you want it to look.
- For a logo, you can make it yourself and keep it cheap. I've used both Adobe Spark and Canva, which both have free versions which seem to work fairly well. If you are not artistic or can't come up with an idea, you can hire someone on Fiverr (be warned you might have mixed success)
- Credit card processing is important - most of them have about the same fees but you can shop around to find the lowest cost one. If you don't expect a lot of CC charges, you can also take payment by Venmo, Zelle and other cash type apps to help minimize your expenses if you don't expect huge amounts of sales