Question:
Take for example an electronic alarm
clock. What do I need to do to set
up a company that will make such
clocks, where do I start on this
? What will the "action
plan" look like?
Answer:
Buy a few books about setting up
a business.
have - loads. Alternatively find
a company that can make the product
for you and - cheap enough (China).
- -- - Michael Turner I suspect
the question is a home work one.
There's hardly any reason
to set up a business to make
yet another clock. Why go
into construction when you can import
an existing product, or at the very
most simply give the end design
to a foreign company who will not
only design it, but build it too.
So realistically, it isn't an electronic
question,
but one of business.
And if one has no handle on even
where to start, they either won't
succeed in business
or they are merely doing homework.
What will
the "action
plan" look like?
get liability insurance( more for
each employee) then notify your
local and state government for the
business in question and location
of operation if this is to be a
business employing people requiring
parking space, shipping lanes etc.
many towns etc. have to ordain
the area in which you want to operate.
if you work for your
self or with your other half with
in your own home and not
have employee's on a payroll nor
do you use the land skate ping for
your business, have signs, or have
a public office that allows
walk in's then most of the time
all you need is a Tax number.
the mail system/UPS/FEDx
etc will do your delivery's etc.
you will need to create a
name for your self etc. if
you go anywhere to set up for displays
make sure you have your tax number
doc with you, if you go out of state
to set up most of the time you must
get a tax permit and pay taxes based
on what the rate is there.
some states have a USE tax,
that is tax charged to you on items
you collected money for from people
out of state or items you purchased
for your business from out
of state..
P. S.
you will get quarterly coupon's
to use make out estimated tax
payments to uncle sam and your state
and possibly local government.
