Most Challenging Aspect of starting a New Business

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Semper Fi
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Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 7th, 2018, 5:06 am

So, what is the most challenging aspect of starting a new business that those just starting out will have to face and how did you old timers meet the challenge?
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Re: Most Challenging Aspect of starting a New Business

Post by ghost rider » December 7th, 2018, 7:50 am

Your most challenging aspect will be what ever you perceive it to be. Everyone probably has a part of their business that challenges them. For me it was the bookkeeping. For many others it will be sales. From what I've seen out in the field in poor repairs, quality must be a challenge for many. The best advice I ever heard was "don't think of it as a challenge, think of it as an opportunity to grow and learn something new".

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Re: Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 7th, 2018, 11:50 am

You mentioned bookkeeping. Do you provide mobile service? Tent or brick and mortar? If you are mobile how do you collect taxes for different locations, cities and counties? How do you pay them to the different jurisdictions?
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Re: Most Challenging Aspect of starting a New Business

Post by ghost rider » December 8th, 2018, 3:56 pm

Semper Fi wrote:
December 7th, 2018, 11:50 am
You mentioned bookkeeping. Do you provide mobile service? Tent or brick and mortar? If you are mobile how do you collect taxes for different locations, cities and counties? How do you pay them to the different jurisdictions?
I am 99% mobile. No tents for me. I do have a shop, but I live out in the country and only a few customers a year come to my shop. If you're doing retail work you will probably need to collect sales tax, check with your state to make sure. I work in 3 states so I have 3 times the headache. This is how it works for me, The state sets me up with a sales tax account and provides me with a list of amount to charge based on where I do the work. This could include - state tax, county tax, city tax, stadium tax, etc. etc.. I collect the lump sum amount of tax charged for that area. Then when I do my report and send the money in, the state collects all of the tax and divides up the tax and sends it on to whoever is supposed to get it according to what you tell them in the report. My software has a tax code line in the invoice so I can print out a report that tells me where the work was done and how much tax I collected for that area. I have ten different tax codes for all the areas that I work in. I don't do all that much retail so it isn't really too hard. I do a lot of car dealer work and that is considered resale so I don't have to collect tax on those sales. If you are doing fleet work you should be charging sales tax on those vehicles. If you think this is confusing try doing income tax in three states.
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Re: Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 8th, 2018, 4:19 pm

Ghost Rider, thank you for the information. I couldn’t imagine three State income taxes every year. I did two States twice in my life and that was trouble enough.

If you don’t mind sharing, what software do you use?
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Re: Most Challenging Aspect of starting a New Business

Post by ghost rider » December 9th, 2018, 8:09 pm

Quest. After re-reading my post I think I should clarify one point. The report you send to the state is produced by the state, you just need to fill it in. The report I make from my software is just for my use for the numbers I need to fill out the state report. Hope that wasn't too confusing.

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Re: Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 9th, 2018, 8:34 pm

I understood that. I still need to get my sales tax account set up with the State before I go to much further.

Thanks for the info
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Re: Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 9th, 2018, 9:29 pm

I was unable to find quest software. Is there anything more to the name?
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Re: Most Challenging Aspect of starting a New Business

Post by Brent Deines » December 10th, 2018, 10:51 pm

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Re: Most Challenging Aspect of starting a New Business

Post by Semper Fi » December 11th, 2018, 4:36 am

Thanks again Brent. As always you rock!
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