Im going to start off with a little background, so I started flipping cars a month ago and so far I have bought and sold 2 after fixing them. Its going well each car im getting 3x my money returned. Now I am experiencing a cash crunch, problem being I overextended haha took on too many projects. Its ok the cash crunch is being resolved, and the painful lesson is learned. As a business though I think my numbers are fantastic, even with the amount of money I have to put in the next two cars I am still making 3x my money back. I dont have the greatest credit around 624 but will I figure with the profits I am earning a bank should be impressed. The deals have all been cash no receipts or anything just flip em quick never change title to my name or anything, I do however want to become more legit possibly open up a small lot down the road, how should I start keeping track of sales I bought a receipt book at walmart is that official enough to show sales? Also the banking question if I wanted to get a loan from a bank what would they want from me as a business?
Hey there I was wondering if anyone is currently using a cellular POS system. I do not have a brick and mortar location, I make my sales on the boardwalk and could process a lot more transactions if I had a cellular POS. The only one that I could find that I understood was Square, according to their website its just 2.75% per swipe.
Hey there, I know it's late but I've been up finishing up on my business plan and I have a
question. I thought I was done with this part but I keep returning to it.
Setting up how my business will run.
we begin Ill let you in on what exactly my company will produce. A
friend and myself have created a product and are currently seeking a
patent. After completing a very thorough (2 weeks) patent search we
found nothing like it. We are in contact with an attorney and having
him prepare the patent app. It is a product we sell directly to
retailers Wal Mart, Tom Thumb, Kroger, K-Mart. That their employees
will use it will make the workplace much safer and is more efficient
than the tool currently in use. Every floor employee will need it. However like I said Ive never started a business and Im not sure how to set it up!
These are the options I have considered 1. Leasing: it appears to be the easiest way lease the rights of my invention
and sit back and collect royalties it will yield a lot less of a return but it
assumes no risk. 2. Manufacture the product abroad or at home and sell it to companies through a
company I set up: This is where I am having the greatest trouble as I have
never set up a business and I'm not sure what all I need. Basically I'm
considering does it cost less to have an office here in the states consisting
of.... accounts receivable, they get the orders from the companies on how many
products they'll need then pass them on to the manufacture. They keep track of
the payments coming in and process the payments to the manufacture. Then we have a secretary I guess who sends the calls to the appropriate
What other departments are necessary I imagine we don't need much
marketing as it's
not a consumer good. Sales could be handled by myself and my partner as
we invented the product and therefore know its potential. This seems
like a middle return option. With business insurance and payroll and
what not 3. Run it as a home business: I have read a lot about money saved outsourcing your backroom to
china or India you can even get a personal assistant. So I could have the
operation running remotely through the internet have a home office have my
account receivable outsourced along with everything else and have companies
contact me directly if there is a problem. I would appreciate any knowledge you could impart I have my business plan set
up along the lines of the home office option. But see then I get into supply
chaining issues would I have to open up a DC to send the product to each
company or could I have it shipped straight from the manufacturer to the
companies. Ha a lot of questions sorry feel free to get to them whenever you
have the time yet again thank you for reading this.
Army Corps of Engineers