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  • Questions/concerns about starting a unique popup shop

    updated 3 years, 5 months ago 0 Member · 1 Post
  • Charles

    Member
    September 5, 2019 at 11:47 am

    I’m currently in the process of getting my ducks in a row for the business I am starting and wanted to get some thoughts/feedback from others who have started similar ventures and ask some basic questions about starting a business in general. I am starting an oddities/curiosities pop up shop. I will be selling things such as animal skulls, bones, wet specimens and other odds and ends along with some antiques that I have found along my collecting over the years. I live in Charlotte, NC where popups and weekend markets are huge. My long term goal is to open a store, one day but my focus is to get a local following through those pop ups and other events in the area. I have a number of questions even after doing a good amount of research/reading. For this type of business is starting as a sole proprietorship the right approach to take? My selling will be very part time but the hunting for inventory will be the most “active” part of the business until I get a few popups under my belt. I’m hesitant to register as an llc without knowing if the business will take off. For a business like this, what exactly can I expense? Buying inventory and other necessary things for setting up at a pop up can be expensed, right? But what about things such as a home office? Or traveling to get stock? Even though I’ve done a good amount of reading the expensing aspect of running a business still confuses me a little. I obviously have to pay for those things up front and I get the money back when doing taxes, right? Is the combination of Quickbooks and Square a good approach to take for selling and keeping track of everything? I plan on connecting my bank account/business credit card(s) to Quickbooks too so if having Square connected too is easy/helpful then it’d be great to be able to have all of that in one place and work seamlessly together. For a sole proprietorship would be the best approach to take when tax season rolls around? As long as I keep tracking of everything in quickbooks should it be easy to do on my own or would I be better off having someone do it for me? I have done by own taxes for the past five years while getting share payouts from my day job on a quarterly basis so I know a little more than just the basics when it comes to doing/filing taxes. The last question I currently have is how should I fund this? I have a bit of savings built up but plan on buying a house in the spring time. I planned on giving myself a small “loan” from my savings to start out and get the ball rolling. Is this smart or is there a better route I should take when it comes to initial costs? I’ve had a number of business ideas over the years but always got cold feet because I became overwhelmed with the process of starting the business and got worried that I would being throwing money out of the window. I am open to and would love any thoughts/feedback/guidance. – by hq overview andrewcilley – –

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