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>
> Interesting post. I have fantasized about doing the
> same thing you are doing.
> Maybe there's hope for me yet.
> Ed Laning
> Spring Lake, Mi.
Well, Ed, I'm going to give you the opposite advise to what most will. If
you really want to get into this business, just do it without any research
into manufacturing, marketing or financing. Don't plan anything and don't
ask for guidance.
If you do any of these you will never start in the first place. What with
State and Federal withholding taxes, Social Security taxes for employees and
employer, Medicare taxes for employees and employer, Unemployment taxes,
County and City business taxes, Your own estimated taxes, not to mention
sales taxes to drive you nuts. Jeeze, here we have a "Contingent
Unemployment Liability Tax" - I've no idea what it is for. Then there is
the business licence, the web site, the telephones, the fax line. Don't
forget the employee worker's compensation insurance, the business property
insurance, the business liability insurance, the product liability
insurance, vehicle insurance, and the medical insurance plan for you and the
employees.
So the trick is to invest every penny you own, mortgage your house, borrow
from all your friends and sink it all into a product that has lots of
competition and a very limited market. That way your whole life is on the
line and you are totally COMMITTED. Only then will you have the incentive
to make it a success since the alternative is suicide.
Colin Foster,
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