starting a business?

Discussion in 'General Discussion' started by Drgracin72, Oct 30, 2011.

  1. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011
    For those of you who own your own business or have started one, can you give me some details that would be helpful along the journey? Do you like owning your own, or do you not enjoy it? what are the do's and do not's? Do you feel that it was worth all of the trouble to get where you are now? Please and thank you!
     
  2. pistolwretch

    pistolwretch Dremel jockey Supporting Addict

    Aug 26, 2011
    I can tell you how to make a small fortune pizzlesmiffing.......



















    start with a large one!
     

  3. Trent

    Trent Site Founder Staff Member Admin

    Aug 15, 2011
    I love being my own boss. Have been running my own business for a while now. Make good money, and don't have to answer to anyone other than myself.
     
  4. wrx04

    wrx04 Member

    73
    Aug 24, 2011
    It all depends on the business. It could be the best or worst decision youve ever made. Do you have what it takes?

    What type of business are you thinking about?
     
  5. 20South

    20South Active Member

    576
    Aug 19, 2011
    I left the Fortune 500 world in 2007 to start my own consulting business and have never looked back. The problem is sales/contracts/sources of revenue. If you can figure that out, it greatly alleviates the stresses of making payroll. Its a big commitment, not just to make a dime to put food on your plate, but to all the people you hire in that depend on you for their livelihood and the livelihood of their families. There is flexibility in being your own boss, but at the same time there isnt. You may not be punching a clock, but when people call out, do sub-standard work, etc... you have to plug the hole, regardless of that vacation you had planned or the football game you wanted to go to. These are just the first things that pop into mind. Like WRX said, you may get better feedback if we knew what kind of business you wanted to get going.
     
  6. Trent

    Trent Site Founder Staff Member Admin

    Aug 15, 2011
    I think he is wanting to start doing pistolsmith work.
     
  7. TexasRedneck

    TexasRedneck Well-Known Member

    680
    Sep 19, 2011
    Nothing - I mean NOTHING that crosses my threshold is owed for. If I want something, it's paid for when I buy it (or as soon as the bill hits my box). I don't "float" on ANY vendors billing - even those w/Net 30 terms. Yeah - there's times when things get tight, but I don't EVER worry about cash flow. Have an older F450 SD w/lift gate & utility box - it pinched when I bought it, and would've loved to have gotten a newer one....but the day I picked it up I paid cash for it. And I never make a "marginal" deal because I'm worried about making the bills next month.

    Oh....and ALL taxes due to whatever entitiy..... Those are banked away in a separate account - period. I NEVER touch them, even when I "know" I can cover it next week (or whenever). More folks have been done in by not having the money to pay taxes in one form or another - and you can NOT bankrupt delinquent taxes!
     
  8. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011
    I have been thinking of doing some smithing on the side. I've been doing it for fun and friends for years, and everyone I have talked to has said the work is on par with others they have seen. I have a talent, and I think it would be nice to maybe make a little extra cash. It wouldn't be something to do full time, at least for the foreseeable future, but if it ever took off, that would be very cool. I am also at a loss as to where to start out. I figure start up cost would be high initially for the tools and tooling that i do not already have. I wouldn't have anyone working for me, atleast for a long time, and I would not quit my day job. Anyways, thanks for the answers.
     
  9. newt

    newt Well-Known Member

    197
    Aug 31, 2011
    Well, I love shooting, and love nice guns. I've not worked in the industry but I've been part of three private sector startups and one non profit. It can be an emotional roller coaster, but it's worth it. If you enjoy it, and you think you can make some dough at it, give it a shot.
     
  10. WahWah

    WahWah Debbie Downer ... WahWah! Supporting Addict

    50
    Oct 26, 2011
    I was able to start mine with a business partner doing some work on the side. That's the best scenario. It makes for a long day, but you have the security of a day job. Once things start getting busy and you've established a client base of repeat customers and figured out how to generate more leads, then it is a good time to go solo.

    If you're doing things right, the amount of time working fulltime and moonlighting and then switching to full time solo shouldn't change in terms of time, but the enjoyment and doing it for yourself will.
     
  11. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011
    thanks guys! any more opinions on the subject would be greatly appreciated.
     
  12. deadguy

    deadguy Charlie Daniels Supporting Addict

    Sep 7, 2011
    Whatever work you can do yourself without the expense of an employee is crucial in the beginning stages. If you can handle it physically and mentally, keep doing it.
     
  13. CMG

    CMG Member

    835
    Aug 20, 2011
    If you haven't already done so, you'll need an FFL.
     
  14. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011
    been looking into the ffl for awhile now. think ill get the normal ffl and a class 3 (if i pass, which shouldn;t be a problem), and maybe sell a few guns along the way... any more opinions would be greatly appreciated!
     
  15. drcfirearms

    drcfirearms Forum Sponsor Sponsor

    517
    Aug 16, 2011
    Along with the FFL, you should look into separating the business from your personal assets (ie. LLC, ect). When doing anything related to firearms, look into some liability insurance to cover you in the off chance you are ever sued.....if you have never had any formal gunsmith training, you may want to look into it. A gunsmith with no formal credentials working on pistols would be an attorney's wet dream in the event of a unfortunate accident involving a malfunctioning firearms that you worked on......there is more involved than a talent and a desire to make some extra money. Cover your 6.....Just my thoughts. And one other thing.....a standard FFL does not give you a license to "smith" or "manufacture" pistols.....it is a totally separate FFL. A standard FFL just allows you to sell firearms, period.
     
  16. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011
    ah thanks, i didnt know they were different. thanks for the heads up!
     
  17. drcfirearms

    drcfirearms Forum Sponsor Sponsor

    517
    Aug 16, 2011
    A little more info for you....If you buy parts and assemble or modify a weapon prior to it having been in a customer's hands, you are a manufacturer and need an 07 FFL. If you sell and deliver a weapon to the customer who then has you perform modifications for him/her you are a gunsmith and need an 01 FFL. It all revolves around when the modifications are made. Pre-Delivery to the customer = manufacturer = 07 FFL Post-Deliver to the customer = gunsmith = 01 FFL
     
  18. Drgracin72

    Drgracin72 Supporting Addict Supporting Addict

    Oct 9, 2011

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