Question about starting a new business

Discussion in 'Starting a Business' started by ashelby67, Jan 15, 2013.

  1. ashelby67

    ashelby67
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    Hi all,
    This is my first post to this forum. I am looking for help and some answers to some questions I have about starting my own business.
    So here goes...
    I want to start up my own business selling retail{think stripper clothes, assc.} I have a very small amount of inventory at this moment. I am not looking to jump into a store front right now. I have no investor{don't know how or where to find one} so I am doing this all on my own income. I realize and am willing to start small, and go from there. I was thinking about just having a "party" kind of like the slumber parties, or candle parties, and doing it out of my house for now. I was told by someone that I would have to have a license, and do the IRS thing and all that coming right out of the gate. So my question is Do I need a license just to sell it out of my home? Do I need to report to the IRS right away? I am looking for answers, advice, and suggestions. I'm not sure if it makes a difference, but I reside in NV.
    Thank you all so much in advance
     
  2. Ted

    Ted
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    Read this document as it applies to you specifically - http://tax.state.nv.us/documents/tpi 01.03 nv business license.pdf

    According to that document, whether or not you need a Nevada license looks like it depends on how much money you are going to make selling your lingerie.

    Also read this info - http://nvsos.gov/index.aspx?page=273

    You probably also want to check for a city license or county license in your area just in case.

    And check here - http://tax.state.nv.us/ You probably need to collect sales tax on every sale. In New York State, small businesses pay this tax either monthly, quarterly or annually depending on how much they collect. I don't know what the rules are for Nevada, but you better find out because it is a big deal.

    You would report your income to the IRS on your annual income taxes.

    You will pay self-employment tax on your income. SE tax is what self-employed people pay instead of social security. If you work for someone else, then your employer pays 7.5% of your wages into SS and you pay another 7.5% into SS. But, when you are self-employed you have to pay the whole 15% yourself as a self employment tax.

    Oh....and if you decide to put a catalog together for your lingerie where you have girls model everything, do me a favor and send me a copy.......lol
     
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  3. EKey.biz

    EKey.biz
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    I would not even think about a store front. This would be an excellent online niche. These products are perfect for shipping (light) and you could easily create an online store. I'm thinking a classy website that anyone could look at ( Victoria's Secret for stripper clothes) and could be shipped anywhere. I would create the store online first. After everything is online and you have done some testing I would then have your parties to get the ball rolling. By setting up everything online first you can start off small but everything is in place for when you begin doing well. In summary get any licenses you need, set up the e-commerce store, have different parties to begin marketing, meet with a cpa to set up quarterly taxes so that you don't fall behind. If you need anymore advice please visit ekey.biz

    Good luck!
     
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  4. Fergal

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    Have you considered starting your business by selling your products on eBay and growing from there?
     
  5. ashelby67

    ashelby67
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    Thank you so much, If I am reading that right, it says that as of right now I do not need a license. I have thought about doing it online as well. But It takes a lot of work to manage a site, and get it running, and all. I have no idea how to make a web site or anything. A book has been talked about, but with this kind of thing the merchandise is always going to be changing, which means always changing the book. Which in turn means a lot of money every couple of months, so maybe not right now, but eventually;)
     
  6. Fergal

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    Thanks for replying back ashelby67.

    You could start by selling on eBay. The set-up costs would be very low and it wouldn't take long to learn how to list your products there.
     
  7. PS9

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    I sold adult novelties for a while (if you're going for stripper clothes and what not, it's similar enough where you could use the same suppliers). I'll just talk about general business, maybe you'll find something helpful. The licensing depends on the state, so I wouldn't know.

    I'd do an online store, it's not THAT hard... it can be done if you read up. The way I did it was pretty simple but the income wasn't fabulous because it was all drop-shipped. Having your own inventory usually increases margin (and work). - The process basically was setup a store with ZenCart, import the inventory (I got it from sextoyclub.com and from them it's a few clicks), and advertise the site. The issue being you're basically advertising for them as you hold no inventory. The good part for you, the site updated itself with their inventory. Making the site takes time, running it really didn't... I'd copy/paste the orders from the website to the supplier when they came in. - I'd say a person who is completely new to websites could have it up and running in 20 hours, or less, of work.

    Personally I would recommend against eBay in this case; I tried it and the competition is ridiculous (most people don't hold inventory, they all drop ship) and once you deal with novelties and such you really need a vast inventory which costs you money on each listing per month. On your own site you can have thousands of items, I think I had close to 28,000 things online, all drop shipped from other suppliers so I had zero inventory. In the end I couldn't get my heart behind it, I'm a geek... I like technology, so I quit doing that.

    Partys, they could work but I'd think they would be expensive for the return. It could be fun but the return per hour, I dunno... I'm not sure it's a business. Depends if you want to make a living doing it or just some extra money for a vacation.

    So yeah, just some thoughts.
     
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  8. ashelby67

    ashelby67
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    Thanks PS9

    Thanks for all the info PS9. Great help. I didn't think the ebay thing would work either, there is to much of the exact same stuff on there already that people are selling. I appreciate the suggestions.
     
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  9. williamjames732

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    To start a new business money is most important factor. if you have small amount to start a business make sure you have to use full of your money wisely. And i also suggest if u want to some money problem you can also go for business loans.
     
  10. Minerva

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    I agreed above, if you have small capital, start your business online first. it is easy and cost less. You dont need to be a genius to open an e-store. Tried ebay, you basically put products pictures and specifications into it, then you good to go(of course you need other stuff, but you get the ideas).
     
  11. BFjohn

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    First of all, congratulations on your new business. I hope you have found a name for the shop. The first thing is to get the license for the business and after that you have to register the business. If you are at a loss about how to proceed about registering a business, then the best thing you can do is to contact a Business Incorporation Service. When I began a business Ontario Business Center, an incorporation service in Canada helped me a lot with all the procedures. They know everything about a business registration and so will be able to help you in each and every step.
     
  12. vanessa110

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    i think Ebay is a good idea for you to start your business...
    It is cheap and easy to join. Hope you can choose the most suitable products for starting your store :3
    Fighting!
     
    #12 vanessa110, Sep 30, 2015
    Last edited: Sep 30, 2015
  13. dynamicbearing

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    License is security of business but that's depends on your business. and you have money problems then start your business with online social media. social media is a best way to promote your business products. Facebook, Twitter, G+, Linkedin and Pinterest are the best social media platforms to promote your business product Free.
     
  14. francisstevens

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    • Promotional Links are not allowed in normal forum posts. This post has been edited to remove a promotional link and associated content.
    I agree, the most important thing to start a new business is fund and license which includes trademark, and copyright problems. If you have a few cash related hassles then you must take each step accurately. Trademark associated problems are maximum common in start-up business.
     
  15. Gerry Speck

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    Congratulation for your business in advance. First focus on the local market to grow your business. This will help you get some amount of money as a future investment for your business. If you are looking for a business loan, then there are so many banks which are giving business loan to such innovative business persons. Else you can also try to raise capital from friends or relatives also. I would like to suggest you to also have a business, insurance for avoiding any further financial or any other crisis.
     

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