Going full time!

Tonychanman

As of November, I'm going to be building poker tables and games related furniture/items full time. Any advice for a newcomer into the big world of business?

I'm likely going to register my business in the coming weeks in preparation. I just need to figure out the changes I need to make to home insurance and such with a business going on in the garage, and proper tax forms I'd need to get and probably accounting software. I'm familiar with quickbooks, I just figure I should be using something better than an excel spreadsheet to track my finances.

BlondeFish

You will probably want a tax accountant to do your business and personal taxes every year on time. Good luck, you have a better chance than "throwing everything away to play poker full-time."

Tonychanman;359451 wrote... proper tax forms I'd need to get and probably accounting software. I'm familiar with quickbooks, I just figure I should be using something better than an excel spreadsheet to track my finances.

GTA Poker

Hey, if it doesn't work out you are already out West...all you have to do is find some couches and a Starbucks. EZgame.

PS -- could you make a table with walnut for the wood portions? How dirty would white get as the rail?

Tonychanman

I've moved many a couch in my day... And the Starbucks near my house is open extra late, I think I'm set.

I've built 2 tables with white rails so far. I sold one of them early on (my first personal table) which didn't show any wear after about a year. I saw the other one recently online and it still looked brand new after 3 years.

And walnut is no problem, just costs a little extra

kwsteve

Good luck on going full time.

wildbill7145

I wish you the best of luck at joining the world of being self employed. Sometimes I love it, sometimes I hate it. It would be very difficult to go back to dealing with a boss now. Tho.

Tonychanman

Thanks all for the support. I'd have to say that I'm pretty nervous about the whole thing but will do my best to take advantage of the situation. I'm just trying to figure everything out at the moment with accounting, getting a business number or incorporated, etc..

wildbill7145

The freedom of being self employed is something I hope I never have to give up. I'm sure you'll enjoy that. You're the boss. Nobody tells you what to do. Do good work and you'll make money. Slack off and word gets around quick. You seem quite proud of your work, so in that regard you'll be fine.

However, like everything else there are downsides. You have to do all your own accounting unless you hire someone to do it for you. I'm terrible at this part. I plan and plan to have all my shit together by the time tax time comes, then in a hurried frenzy I do it all at the last minute and I'm a miserable prick for a few days while this happens. Find a system for maintaining organization that works for you and schedule time weekly to address it. It's your job. Otherwise you become a shoebox type organizer where everything gets jammed somewhere and you don't see it so you don't do anything about it.

Plan for swings. Some times you're going to be so busy you'll be going seven days a week with long hours making boatloads of money. All of a sudden you'll hit a wall and have no sales for a while. Don't panic like I do and totally stress out over it. Enjoy the time off and also use it to organize and do the things you can't do in your business when you're busy. LIKE PAPERWORK.

Try to imagine planning as if you are going to get audited tomorrow. When the government sends you the letter, they're going to send a team of people and you'll wish you were dead if you're not organized or can't back up every claim you make.

There are so many advantages to being self employed it's incredible. I started working in unions when I was 14yrs old. Lived that life for 20 years until I became self employed. I can't imagine ever going back to that life ever again.

BlondeFish

Go to the free small business services in your city, e.g., look over your business plan (or help you create one if you forgot to do this), how to comply with the paperwork and red tape required yearly, and network with other entrepreneurs. If you get incorporated, you will have to file more complex corporate tax returns yearly at a different date than personal taxes, which will be a big headache unless you have more discipline than wildbill7145 and me. :-[

Tonychanman;359620 wroteI'm just trying to figure everything out at the moment with accounting, getting a business number or incorporated, etc..

trigs

gl!

i've dreamed of becoming self employed (mostly so i don't have to deal with people/bosses on a daily basis). problem was though, i have nothing to offer people :(

wildbill7145

trigs;359636 wrotegl!

i've dreamed of becoming self employed (mostly so i don't have to deal with people/bosses on a daily basis). problem was though, i have nothing to offer people :(

Being self employed doesn't necessarily mean you don't have to deal with people or bosses. Each customer becomes your boss to an extent as they are the ones paying you. I was trained early on by the first actual painter I worked for that you have to learn to subtly control your customers and not let them control you. It's a complicated process but incredibly important. The more they value what you explain to them, the easier/less messy/less expensive/better job they get. This is why in general I tend to dislike people more and more over the years.

Grow some self esteem young man! Everyone has something to offer! You just need to market it properly!

Tonychanman

I should be alright with the paperwork side of things. I was a temp bookkeeper for about a year in a medium sized company with a dozen employees so I'm familiar with Quickbooks which is the program I'm going to get for myself. I plan on keeping on top of my paperwork at least twice a week, I know there will be times I just don't want to be in the shop like the days after I upholster a rail because my fingers will be so sore. My day job now involves a LOT of paperwork so I should be ok.

I realize that corporate taxes are a different beast, but from what I understand it's better to be a corporation than just registering a business. I need to complete my research on this though to make sure I'm making the right decision.

Thanks for the tip about the small business services. I'll see what I can find in my area.

Tonychanman

wildbill7145;359640 wroteBeing self employed doesn't necessarily mean you don't have to deal with people or bosses. Each customer becomes your boss to an extent as they are the ones paying you.

And the wife. She's the biggest boss of them all.

pkrfce9

Don't be in a rush to incorporate. There are benefits but a lot of hassles with this. Based on the amount of business you expect to do you can determine if the tax savings outweigh the reporting costs and time for extra paper work.

Best of luck with the venture. From the photos I've seen you do great work.

No, Tapatalk says this can't be changed.

Tonychanman

Thanks, I'm going to talk to an accountant or someone who can advise one way or the other. It always depends on the situation, but I know that I will either be registering as a business or a corporation, I just have to figure out which one.

piggypie123

I wish you good luck at this, you are very good at what you do.

[deleted]

Hey, I'm in Vancouver also so best of luck with your venture. Like a lot of folks out here I'd love to have a table at home, but we're living, quite happily, in a thousand square feet in east van. There's simply no space.

Quick question, the table you have on your webpage made to look like a hockey rink looks amazing. I was wondering though, and I'm no attorney, but is it kosher for you to feature that table on your website when it prominently features the logos of so many companies, which I assume you're not associated with? Companies with trademarks and what have you?

At any rate, best of luck with everything. If you happen to be the host of, or a participant in any home games that need players, please get in touch.

Tonychanman

Thanks piggy and dinobot.

I can relate to not having enough space for a poker table as I also live in a small apartment and don't have a space for a table myself. I built just a topper which can be put on top of my dining table, but storing it when not in use is a bit of a hassle. I've found that any of my customers who live in cramped quarters buy the poker tables with wood dining covers so that they can use it as a regular dining table.

Regarding the logos, I've dealt with the issue. It's all good.

I am planning to host a charity even sometime in the future, if things go according to plan then probably in the winter. I'll be sure to send you an invite when it comes around.

JimmyHo

Tonychanman;359451 wroteAny advice for a newcomer into the big world of business?

How much are you charging on average per table? what is the average profit margin per table? How many tables do you have to sell per month to make a decent living? how long does it take you to make one table? didn't realize that there was that much demand for poker tables.

You don't need to incorporate to run the business. If you anticipate losses in the first year, it might be easier just to run it as a sole proprietorship and that way you can offset the losses against other sources of income (salary from other jobs for the first part of 2013, etc.). Even if you are profitable from the start, running the business may be easier if you want to have a home office and deduct a portion of your mortgage interest, utilities, etc., which I don't think is possible if you are incorporated. There is no real need to incorporate for this type of business. Find someone you know that has a good tax background and they can give you some advice on the best form of business for your needs. Incorporating will cost you $1k plus for legal fees and there are many annual filing requirements that just add more unnecessary costs to running the business.

JimmyHo

One more thing, you don't have to register for GST if your income is less than $30k per year. Maybe discuss this with your accountant as it may be an incentive to start if you don't have to charge your customers GST. Cash is king and if you have clients that are ok paying you cash with no receipt for the poker table purchased, its the best way to go. Although you didn't hear it from me :)

http://sbinfocanada.about.com/od/startup/f/registerGST.htm