it is easy.
just have wealthy family willing to give you start up capital, and who will give you money when you crash and burn your business.
Comment on Anon is 23
bridgeenjoyer@sh.itjust.works 1 day ago
Yet folks on my Lemmy post said its the best time ever to start a business and everyone can do it. I do not understand how. Even though I have hard work ethic and a ton of ideas. I do not get how it works.
TubularTittyFrog@lemmy.world 1 day ago
WoodScientist@lemmy.world 1 day ago
Have to say, this is an extremely self-defeating attitude.
Yes, you’ll have trouble if you want to start a business that requires millions in startup capital or highly specific skills or hard-to-obtain licenses. But immigrants come to this country, often not even knowing the language, and they manage to start up businesses without any family help or advantages.
The key is they focus on businesses with minimal startup costs, or ones where you can start small and reinvest the profits into growing the business. You don’t try to open a car factory. You start mowing your neighbor’s lawns, possibly even using their mower. Use the money from that that to buy more equipment. Iterate. Pretty soon you’re operating a whole lawn care business.
You can search for lists of business types that require little start up capital or licensing. Research those, find something that appeals to you, and give it a go. If it fails, try something else. If everything fails despite your best efforts, at least you can sleep at night knowing you tried your best.
WhiteOakBayou@lemmy.world 1 day ago
If you really want to know how I can help with some of it. I started a business last year. I am a skilled laborer by training but my business isn’t in the same field. The main steps are:
- Go to your Secretary of State website
- Start your LLC (maybe something else but LLC covers most things for most people)
- Get your ein from the IRS website
- Use whatever monies you (proprietor) have to buy equipment, advertising, whatever. Save your receipts.
- When you file your (personal) taxes deduct everything you spent money on that is common and appropriate for your business.
- Get all the money you spent back. Now you have the things you bought plus they money you spent on it.
- Try to profit the second year and hopefully not have to use your (personal) money anymore.
- Once you get to the point your revenues exceed your costs try not to embezzle from yourself (LLC.) the tax code favors businesses to the point that stealing isn’t really necessary.
That’s a general idea of how it goes. It cost me $75 I think and took a week for the SoS to approve my filing. I did all of the paperwork on my phone and it took less than an hour total. How to make money from a business is another topic but if you got a good idea or marketable skill don’t let the official/legal part put you off.
HerbGrower@slrpnk.net 1 day ago
I have been home brewing for a few years and looked it up out of curiosity. Fucking hell the taxes and regulations are oppressive if I wanted to try selling anything. Then there is distilling that I would probably not even be given permission to do and the vast majority of the cost of your end product is gone to alcohol tax and VAT.
Also all the ingredients I use? Illegal if I wanted to sell any product made with foraged berries. So I couldn’t even sell jam.
Bytemeister@lemmy.world 1 day ago
You can always start a business. It only takes a little bit of money to setup an LLC or something.
Whether or not that business makes money… Probably best not to talk about that.