How to start a new business?
silhouetteincounter asked:
Hi,
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Hi,
I thinking about becoming a Auto-Broker and wanted to know how to go about it? I plan to work from home (small) something I can do part-time, but I want to be the real deal, I want a trademark, Name, ect,ect… And I don’t know what to do first beside the obvious,
I dont think I need to file with the IRS? Do I? Are there free public resources I can check out, or even small business grants:
Any infomation will be greatly appreciated!!
Thanks
April 16th, 2009 at 6:27 am
You will probably need to register as a used car dealer in your state of residence. In my state the regulations state that you have to register if you sell more than 4 cars per year. Unfortunately for me, that means having to have a physical location (with separate phone) for my business separate from my house, with signage and a parking lot for cars that are listed for sale. These requirements made me decide on a different line of business.
As far as start up requirements, check out the small business administration website (www.sba.gov) for procedures. You will have to choose how you wish to be organized (sole proprietorship, partnership, limited liability company or corporation.) If you choose sole proprietorship you don’t need a business tax ID number from the IRS - you can use your Social Security number instead and file your business income taxes along with your personal taxes.
Also - for your state’s business requirements, go to google and type in your state name and “small business” for the state’s website info. That should walk you thru any additional state requirements.
Good luck.
April 19th, 2009 at 1:09 pm
The best way to begin a business from your home is starting with friends and family. Working on there vehicles, satisfying them, then asking them to request you to others. You do not need to file at the begining with the IRS, but after you get enough business to provide income in your home you do want to begin keeping records. Records of money you have spent, mileage you have had to use, phone bills (if the phone is used to schedule appoints), electric bills (you need for the equipment you are using) all the equipment you buy, and the money you make. The money you make a % has to go into taxes. All the other records you keep can be deleted from the taxes to lower the bill or even make you end up paying nothing. After you have ran this through your home for 2 or more years it should be easy for you to get a loan to open your own auto repair shop (business). I know this because my husband has done the same, except his is fencing not auto repair.
April 20th, 2009 at 3:47 am
Go to to find the nearest SCORE chapter. In the upper left hand corner is a box to enter your zip code. Your nearest SCORE chapter will be on the next screen. Contact them to arrange for a free one on one meeting with a SCORE counselor about starting your auto broker business.
SCORE is a nonprofit organization and is part of the Small Business Administration. They provide a public service by offering small business advice and training
SCORE’s 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.