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12-04-2011, 05:24 PM | #11 |
Gone Wild
Join Date: Jul 2008
Location: Reddick IL
Posts: 11,217
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Re: Starting an EZ-Go cart conversion business! Any info?
Johnb is right, armor all a seat and a kid slides off
poof your house and future are gone. |
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12-04-2011, 10:35 PM | #12 |
Astronautilator
Join Date: Sep 2011
Location: North Idaho
Posts: 1,494
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Re: Starting an EZ-Go cart conversion business! Any info?
All great advice. Be informed, use thought not your heart, and finally make a true business plan.
I had a computer build biz in the late 90's early 2000's and would have done it all differently if I had made a true biz plan vs. being "That guy who knows computers". The fun of tinkering turned into wholy hell after a few bad monitor/video card warranties and stupid phone calls of the drink holder broken (exaggeration) not by much though. If you do start a biz, I wish you all the best. There is no reason you can't do well if your heart is in it. It also sounds like it could be profitable and maybe even fun. Shon Last edited by Gonkulor; 12-04-2011 at 10:40 PM.. Reason: encouragement |
12-05-2011, 05:15 AM | #13 | |
Gone Mad
Join Date: Oct 2009
Location: Buford, GA
Posts: 8,988
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Re: Starting an EZ-Go cart conversion business! Any info?
Quote:
Never underestimate the stupidity of your customers (or their kids, visiting relatives, anyone who may drive "your" buggy)! |
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12-05-2011, 08:09 AM | #14 |
Gone Wild
Join Date: Nov 2010
Location: Charleston, SC
Posts: 539
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Re: Starting an EZ-Go cart conversion business! Any info?
Why not just fix them and sell them on Craigslist. not as a business. This is what I do. It is slow(at my own pace). When I'm done, I keep and play for a while then sell it. Not a business. Just someone selling something I know longer want.
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12-05-2011, 08:24 AM | #15 |
Astronautilator
Join Date: Sep 2011
Location: North Idaho
Posts: 1,494
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Re: Starting an EZ-Go cart conversion business! Any info?
Great advice Fish!
We all forgot one thing. Lcordell02 first post. not your regular first post. Welcome to BGW Lcordell02 Don't get discouraged from what everyone has said, it's reality. What I would have done different is make $4000 computers vs. a 12pack, put flashy on them and stuff. Kinda Alienware vs. Dell, yes I know they are now the same A biz plan will get you into demographics and the whole make a $1 off a million people or $1 million off 1 person stuff. If you do cart stuff that others see as stuff they can do, well they might just do it themselves. |
12-05-2011, 08:45 AM | #16 |
Happy Carting
Join Date: Dec 2007
Location: Southern California
Posts: 73,358
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Re: Starting an EZ-Go cart conversion business! Any info?
Get some manuals and learn the basics.
Be careful where you get your advice. There are people doing this who don't know how to adjust a brake shoe buying and selling carts and offering their tech support on the internet. |
12-05-2011, 08:59 AM | #17 |
Getting Wild
Join Date: Nov 2011
Posts: 108
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Re: Starting an EZ-Go cart conversion business! Any info?
Lcordell02 ,
When you ask for advice....you'll get it from all sides. Some of it will be good, some bad, and some is just advice. But it's really up to you to “sift” thru it and talk with people who have some knowledge about what your are thinking of doing before you in fact do it. For the liability issues, you for sure need to form your business as an LLC (Limited Liability Company). That way your personal assets are protected should any lawsuit be filed from stupid customers, or should you sell a defective product. Talk to a Lawyer and a CPA (yes a CPA...not just a “tax guy”) about this. And talk to both. Don't let $600 to $1,000 of initial fees cost you twenty to thirty times that down the road. Be smart. If a CPA can't save you twice his annual fee in tax savings, then your dealing with the wrong guy. Business Plans? If your going to do this with a store front, advertising ect...and your going to need to borrow some money from the Bank.....then your going to need a “Business Plan.” This written Plan describes your background, what your business is going to be about, defines your suppliers, your market, your product pricing, how your going to reach out to your market, ect. It's a fundamental document that writes down every “thinking” aspect of how you are going to make money at your business. Banks today usually require this before they will give any small business a loan. Now, you can have CPA's do these for a big cost....or you can ask Banks or even local business Colleges for sources that will do them for free. We have a local Business College here that does a fine job of 'em and the cost is nothing. They also will tell people who are thinking of opening a small business that after an interview....it may be a bad idea. Yeah, they are brutally honest. Of course, the “start small” build a few....sell 'em on Craigs List is really not a bad approach. Actually, you could still do this through an LLC you could have set up to protect you, but you offer no warranty and your sales document states this. However, you should collect and remit all state sales taxes as if you don't, you are personally liable for these. (I would assume your State has laws similar to Pa. On this. Most States do.) Being self-employed has it's benefits. It also has it's drawbacks. You will work like a dog and forget about 9 to 5. That just won't happen anymore. But, if you have a market and you enjoy it, the rewards are many. Don't.....and I mean DO NOT underprice your products. Don't over price 'em either....but you HAVE to make a profit. That will leave you some room for the warranty “gives” and the “freebie” phone calls that will come down the road. Think about it.....starting small isn't bad. I know a lot of people who started in their garage. Hey....Bill Gates did!!!! And remember.....if you don't take a chance, you can't make any money!!! But the most important thing is to obtain sound, quality good advice from some solid professionals!!! (Hey....you wouldn't give yourself a heart bypass!!!) Good luck. Dave |
12-05-2011, 09:18 AM | #18 |
Gone Wild
Join Date: Nov 2010
Location: Charleston, SC
Posts: 539
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Re: Starting an EZ-Go cart conversion business! Any info?
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12-05-2011, 10:43 AM | #19 |
Astronautilator
Join Date: Sep 2011
Location: North Idaho
Posts: 1,494
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Excellent post Dave
Sent from my SCH-I510 using Tapatalk |
12-05-2011, 10:53 AM | #20 |
Gone Mad
Join Date: Oct 2009
Location: Buford, GA
Posts: 8,988
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Re: Starting an EZ-Go cart conversion business! Any info?
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