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Small Business Organizing/Money management

1,228 Views | 13 Replies | Last: 2 yr ago by Agilaw
AggieFabricator
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Hello,

I'm looking for some info and help on getting the business end of my small business shored up and organized.

Business started as a hobby/crazy idea, I was laid off from my day job as a automation tech for Marathon Oil, and it finally gave me time to build the prototype pit I'd been wanting to get into. Fast forward almost a year and a half I have about a year plus a few months of back log on building smokers.

Due to the rapid growth, I've operated up to this point I'd say fast and loose, money in and money out. I'd really would like to begin organizing and establishing a budget for the business to make sure I'm on a great foundation moving forward. I'm also looking at wanting to expand the business to bring in hell and expand to a larger shop. As my dad keeps reminding me "you need a money man". I'm here for help.

Advice or referrals on how best to begin this process would be appreciated. I have my llc, a business account, and that stuff in place, I just need a plan to start to implement.
administrative errors
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Good job! Keep up the good work and I hope you find the resources for continued success
Charismatic Megafauna
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AG
I'm not as ambitious as a lot of people, but my question when i see someone in your situation is: Do you want to design and build smokers, or do you want to run a business? From my perspective you're an artist. You're advertising yourself well and you're in high demand. If you're enjoying it and making decent money why not just keep at it? When you take on help and try to ramp up production you have less time to practice your art and less control over your product. Seems that's where things go downhill for a lot of folks.
BO297
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Ha. When he said bring in hell instead of help, I wasn't sure if it was a typo.

I'd find a local cpa firm to help. They will either do bookkeeping or have a suggestion for one.

Try to find someone in your age range. My CPA and I are friends and go to lunch every 3 months or so. I feel it helps to have that kind of relationship, but it's certainly not necessary.
cjsag94
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AG
As stated, start with a local bookkeeper firm (probably don't need CPA at this point) just to get organized with your books. From there, you should be able to get a good grasp on your P&L and your true profitability (or loss), and can start to calculate margins and the impact to bringing in that hell.. I mean help!

My guess, you are going to have to do a lot of additional volume to justify adding payroll (especially if you plan to maintain the same quality you brought yourself). If you truly want to run a business, you should always be looking at ways to diversify into additional products and services utilizing your skills and workshop, especially high margin low overhead things like small welding or metal painting projects.

In other words, will you make more money by"growing your business", or will all the extra be eaten up by the added overhead?

Good luck, great to make a living following your passion!
Ag92NGranbury
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AG
what's a price tag on something like that?

asking for a friend
YouBet
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AG
First of all, that pit is f'ing hardcore. Love it.

Secondly, agree with others on getting a CPA. I would go CPA and bypass the bookkeeper.

I'm biased though. My mom (retired) had her on CPA practice for decades and was an expert in small business startup, consulting, etc.
TxTarpon
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Doing food trailers yet?
EclipseAg
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AG
A CPA who has a Quickbooks assistant can be a huge help. The assistant can help you get set up properly in the QB system and give you inexpensive guidance going forward; the CPA can help with tax issues, end of year accounting, etc.

dtdag
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AG
AggieFabricator,

Shoot me a note. I'd love the opportunity to chat so we can see if we are a good fit. If we aren't, I'll be able to put you in touch with someone who is.

jmprewitt@prewittcpa.com
BizBroker97
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AG
Check out these guys:

[url=https://zenkeep.com/][/url]https://zenkeep.com

I've referred them to several small businesses over the years for various accounting projects. They specialize in small business bookkeeping, as well as cleaning up books to prepare a business for sale. Good folks - let me know if you'd like an introduction.
AggieFabricator
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For what's pictured, about 25k. Takes about two weeks to build one.
AggieFabricator
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This is actually why I'm asking about getting organized, for the hopes of eventually borrowing money or gaining an investor. I currently spend on average a couple grand a month in powder coating, I'd like to eventually buy my own oven (about 70k for the oven) to open a secondary powder coating business as well as have my own in house access. I estimate I could pay the oven off in two years just off my own work.
Project Gemini
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AG
Check your PMs - and congrats on the success thus far!
Agilaw
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AG
Asset protection/insurance a must with what you will be selling to a consumer.
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