Advice for a new business?
July 27, 2011 7:12 AM Subscribe
My husband and I are taking our used bike sales & service side business to a new level - the local farmer's market! We're getting our ducks all in a row and getting ready, but have we missed anything? Advice?
posted by kpht to Work & Money (16 answers total) 1 user marked this as a favorite
I am a business student at the local state college, and I'm nearly done, so I feel reasonably confident at what I'm doing (plus, I have ten years of work experience at companies of varying size).
What we're going to be doing is setting up a spot at the Cape Ann farmer's market a few miles from our house. We will have a few ready-to-ride used bikes for sale every week, as well as things like baskets, racks, tires, tubes, and other accessories. We will be offering on-site tuneups and we will also hold free bike clinics - how to change a tire, how to lube a chain, etc. My husband has been fixing up yard sale bikes and selling them on Craigslist for two years, and he's able to fix nearly everything at this point (with the two sticking points being carbon-fiber and disc brakes - but there is a high-end bike shop in the next town).
I'm pretty excited, since this is a logical next step towards the eventual storefront we want and doesn't require a hell of a lot of startup costs. We set the company up as an LLC, which may be overkill, but I'd rather spend the relatively short money to separate the company from our personal assets. We're applying for $1m in farmer's market vendor insurance, which is the only thing not in place yet. We have an EIN and a MA state DOR number to collect sales tax, and a business checking account. My husband is doing the logo, I would rather get one done professionally but at this stage in the game we don't have the budget for it. I'll be doing the accounting work, but we will likely have an accountant take care of filing taxes.
You aren't my lawyer, and you're not giving me legal advice, but have we missed anything? Can you think of anything you'd like to see at our stand if you were coming to our farmer's market?