I am being given a business

Brad2770

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My last name isn’t very common, but it will work very well with a slogan as it’s a daily item every person on this planet uses. I already have my logo design idea. If anyone wants to help a long time FoH’er out, that has some computer art skills, I would be forever in your debt and I would donate to the board in your name if you’re interested.

Also, my original question- I need my business license number. Where would I find that? My Certificate of Formation? Do I need to contact my certified agent for that?
 

Hateyou

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My last name isn’t very common, but it will work very well with a slogan as it’s a daily item every person on this planet uses. I already have my logo design idea. If anyone wants to help a long time FoH’er out, that has some computer art skills, I would be forever in your debt and I would donate to the board in your name if you’re interested.

Also, my original question- I need my business license number. Where would I find that? My Certificate of Formation? Do I need to contact my certified agent for that?
Brad Moiletwaper?
 
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pysek

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My last name isn’t very common, but it will work very well with a slogan as it’s a daily item every person on this planet uses. I already have my logo design idea. If anyone wants to help a long time FoH’er out, that has some computer art skills, I would be forever in your debt and I would donate to the board in your name if you’re interested.

Also, my original question- I need my business license number. Where would I find that? My Certificate of Formation? Do I need to contact my certified agent for that?

I seem to recall needing to get a license and an EIN from the Sec of State? That's where I got my business number, I think. It's all a blur.
 
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Brad2770

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I seem to recall needing to get a license and an EIN from the Sec of State? That's where I got my business number, I think. It's all a blur.

Yep. I got that, but there is nothing in the EIN or Certificate of Formation that flat out says it’s the business license number. And I don’t want to assume. And Google not really helping me out.
 

Sanrith Descartes

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Yep. I got that, but there is nothing in the EIN or Certificate of Formation that flat out says it’s the business license number. And I don’t want to assume. And Google not really helping me out.
The EIN is your Federal IRS Employee Identification Number. It is not a state number. It is telling the IRS how to treat you for tax purposes. Most States require your EIN as part of your licensing process. As does a bank.
 
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pysek

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Basically, the EIN is the IRS' way to track you for tax purposes. The state often uses the same for their license numbers, if they don't, they usually are pretty specific about needing a different number.

Here's the licenses needed for Tx: https://gov.texas.gov/uploads/files/business/2020TexasLicensesPermits.pdf

Pp. 8-9 has licenses needed for all business types and p. 106 has all the pest control specific licenses.

Call this number and ask them if you still can't get it resolved:

Texas Business Permit Office: (512) 936-0100. Additional information is also available on our website at: Business Permit Office.

Hope that was helpful!
 
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Nester

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Good luck Brad, keep us posted, very interesting story and hope it all works out for you.

My only advice that has already been said is just be smart about taxes, get professional help.
That and Automate your invoicing best you can and send invoices out with 24 hours of the work.

Cant get paid until the invoice is out, its literally more important then showing up to do the work !

The difference between the guys who have emailed me a bill in 24 hours vs snail mailed one 1 month later can be very big. Start these best practices now.

I cringe so hard at a few of my clients who do work like this out in the field but can not keep the back end bookkeeping together.
Like this one guy who uses his personal bank account for all business use....Tax man is going to lean heavy on him.
 
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Hateyou

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I completely agree about the invoicing. I have a dude that comes and does my yard for me. He’s cheap enough it’s worth paying him instead of doing it myself like I used to. The only problem is they use paper invoices and don’t seem to have any method of tracking them. They mail an invoice, eventually. Sometimes they never send one. He can’t be making a ton if he forgets other people too. It’s so unprofessional.
 
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Brad2770

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Good luck Brad, keep us posted, very interesting story and hope it all works out for you.

My only advice that has already been said is just be smart about taxes, get professional help.
That and Automate your invoicing best you can and send invoices out with 24 hours of the work.

Cant get paid until the invoice is out, its literally more important then showing up to do the work !

The difference between the guys who have emailed me a bill in 24 hours vs snail mailed one 1 month later can be very big. Start these best practices now.

I cringe so hard at a few of my clients who do work like this out in the field but can not keep the back end bookkeeping together.
Like this one guy who uses his personal bank account for all business use....Tax man is going to lean heavy on him.

Well, I’ll make the story a bit more interesting for you, but before I do, I’ll repost a poem I posted in the video thread a couple of weeks back. It’s not my drive, but a very good description of my drive.


Like I said in my original post in this thread, I am paycheck to paycheck. I am so tired of it. It took me more than a year to save up for a road trip I took in 2019 with my kid and one of his friends. I don’t have a lot of bills, I just don’t make much money. It was a $3500 trip. I bet that’s nothing for some of you, but that’s quite a bit for me.

So after I was fed up with the guy was supposed partner with, I adjusted a few things, had a real life conversation with my kid and I took a leap of faith.

I gave up my place to live and the expenses that come with an apartment. It was the only place I could cut. I wired up my vehicle to run an inverter and ever since May 22nd of 2020, I moved into my SUV. I talked with the managers of a Walmart, the Bedford Police Dept and I sleep at night in the parking lot while working 6 days a week. Everything is paid off except the truck, but I put a big down payment on it. I’m the happiest I have been in a long time and I KNOW I’m going to absolutely change my kid’s future.

I have everything I need for the business now to start slowly. I’m in no rush. I will soon, within a month or two, have a place again. I could always afford it, but I couldn’t do both. I’ll be operating out of my house until I get the business to where it can support me 100% and I’ll see where I can go from there.
 

Sanrith Descartes

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Well, I’ll make the story a bit more interesting for you, but before I do, I’ll repost a poem I posted in the video thread a couple of weeks back. It’s not my drive, but a very good description of my drive.


Like I said in my original post in this thread, I am paycheck to paycheck. I am so tired of it. It took me more than a year to save up for a road trip I took in 2019 with my kid and one of his friends. I don’t have a lot of bills, I just don’t make much money. It was a $3500 trip. I bet that’s nothing for some of you, but that’s quite a bit for me.

So after I was fed up with the guy was supposed partner with, I adjusted a few things, had a real life conversation with my kid and I took a leap of faith.

I gave up my place to live and the expenses that come with an apartment. It was the only place I could cut. I wired up my vehicle to run an inverter and ever since May 22nd of 2020, I moved into my SUV. I talked with the managers of a Walmart, the Bedford Police Dept and I sleep at night in the parking lot while working 6 days a week. Everything is paid off except the truck, but I put a big down payment on it. I’m the happiest I have been in a long time and I KNOW I’m going to absolutely change my kid’s future.

I have everything I need for the business now to start slowly. I’m in no rush. I will soon, within a month or two, have a place again. I could always afford it, but I couldn’t do both. I’ll be operating out of my house until I get the business to where it can support me 100% and I’ll see where I can go from there.

If you don't already have one, get a local library card. after reading your situation I wont suggest buying books. Instead I suggest using the library. When you are working, you should be reading. Normally I would say when you are working you should be sleeping because every waking hour of the day should be working to increase revenue, but in your case, you have some important basics you need to have a grasp of. Look for this in the library. You dont need all of them. But read creating a business plan, finance basics, Managing time and getting work done.

After you have read them, actually build your business plan. And then follow it as your guide, modifying it when needed. I am not saying you wont succeed without reading things, but it will help you avoid pitfalls that will cost you time and money.

You need a plan. You need a financial model. You need a budget. The book I previously mentioned "entrepreneurs guide to business law" should probably be next. Especially the sections on company formation, contracts and funding. Im sure this can be found in a library as well.

1614015588574.png
 
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Hateyou

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Well, I’ll make the story a bit more interesting for you, but before I do, I’ll repost a poem I posted in the video thread a couple of weeks back. It’s not my drive, but a very good description of my drive.


Like I said in my original post in this thread, I am paycheck to paycheck. I am so tired of it. It took me more than a year to save up for a road trip I took in 2019 with my kid and one of his friends. I don’t have a lot of bills, I just don’t make much money. It was a $3500 trip. I bet that’s nothing for some of you, but that’s quite a bit for me.

So after I was fed up with the guy was supposed partner with, I adjusted a few things, had a real life conversation with my kid and I took a leap of faith.

I gave up my place to live and the expenses that come with an apartment. It was the only place I could cut. I wired up my vehicle to run an inverter and ever since May 22nd of 2020, I moved into my SUV. I talked with the managers of a Walmart, the Bedford Police Dept and I sleep at night in the parking lot while working 6 days a week. Everything is paid off except the truck, but I put a big down payment on it. I’m the happiest I have been in a long time and I KNOW I’m going to absolutely change my kid’s future.

I have everything I need for the business now to start slowly. I’m in no rush. I will soon, within a month or two, have a place again. I could always afford it, but I couldn’t do both. I’ll be operating out of my house until I get the business to where it can support me 100% and I’ll see where I can go from there.
How’s this going? How do you shower, truck stop?

I knew a guy who lived out of his car and one out of his truck. They just slept in the parking lot at work. Sometimes the truck guy would be late, someone would run out to the lot and wake him up. The car guy smelled like shit and had no teeth, think he worked multiple jobs. Truck guy didn’t have teeth but he didn’t smell bad. I think he’d just lose his residence once in a while like getting booted from place to place.

Takes balls to do what you did on purpose. Glad it worked for you so far.
 

Brad2770

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I have a Planet Fitness membership and I have friends that let me shower at their place. I don’t ever smell. I’m a clean freak. My son has even commented how clean my car smells considering someone lives in it full time.

I told my coworkers recently and they freaked out. Not really in a bad way, but had several offer me a couch and a room. I want to do this on my own. I want to know that I truly succeeded and I need the memory of doing it to remind myself that I never want to be paycheck to paycheck again.

As of right now, I have about $7k in the bank. After next month, I’m going to break $10k. I’ll be going out of town for work for three weeks. When I get back, I’m going to rent a house, but a cheap computer for the business, get everything switched over to my home address and get the insurance and business license. Which I figured out how to get.

I have to buy a cabinet to keep my chemicals under lock and key. I also have to get a locking mini fridge because one of the chemicals I use has to be refrigerated. Then I have them come out to inspect my facility/house. Then I get the insurance and then the license. Once that happens, I’ll spend about 2k on advertising flyers and put them out myself at first.

My main goal is to do all of this without loans (except the truck loan). It’s taking longer than expected, but I don’t feel stressed.
 

BrutulTM

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That's an interesting way to go about it. Keeping your expenses super low will definitely help you while you're getting established. Doing it without loans is also smart, but don't get religious about it. Interest isn't a good thing to spend money on, but you don't want to be turning away business because of cash flow problems. Borrowed money can be a trap but it can be a tool as well and if you're just borrowing money for a month or two it's really not very expensive.
 

Sanrith Descartes

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I have a Planet Fitness membership and I have friends that let me shower at their place. I don’t ever smell. I’m a clean freak. My son has even commented how clean my car smells considering someone lives in it full time.

I told my coworkers recently and they freaked out. Not really in a bad way, but had several offer me a couch and a room. I want to do this on my own. I want to know that I truly succeeded and I need the memory of doing it to remind myself that I never want to be paycheck to paycheck again.

As of right now, I have about $7k in the bank. After next month, I’m going to break $10k. I’ll be going out of town for work for three weeks. When I get back, I’m going to rent a house, but a cheap computer for the business, get everything switched over to my home address and get the insurance and business license. Which I figured out how to get.

I have to buy a cabinet to keep my chemicals under lock and key. I also have to get a locking mini fridge because one of the chemicals I use has to be refrigerated. Then I have them come out to inspect my facility/house. Then I get the insurance and then the license. Once that happens, I’ll spend about 2k on advertising flyers and put them out myself at first.

My main goal is to do all of this without loans (except the truck loan). It’s taking longer than expected, but I don’t feel stressed.
Loans aren't necessarily bad. One of the oldest lessons in business.... use other people's money. The trick with a loan is that you have to model in the debt service. For example, the truck is a loan which you will write of as an expense. If you didnt initially, you want to eventually try to have the business own the truck so it can depreciate it against the businesses profits. Especially with the current administration, you want to minimize you taxable businesses expenses as much as possible. If you only learn about 3 different business documents your entire life, learn intimately the income statement, the balance sheet and the statement of cash flows. These are the vital organs of any business. They wont be complicated for a small business like yours, but you need to be able to read them, make them and understand them. Especially the income statement (so you can truly understand the cost of each customer) and the statement of cash flows because cash flows are your business' life blood.
 

Fogel

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I'll also agree with the others about loans/dept not necessarily being a bad thing. I could pay off my house tomorrow if I wanted to, but why pay off a 3% loan/mortgage when I make 10%+ more keeping that money in stocks/index funds. My credit cards on the other hand get payed off every month and they're more for convenience than actually needing the credit because fuck 12-20% interest.
 

Tmac

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Brad2770 Brad2770 awesome reading your progress here. Be sure to let us know when you get your insurance and first gig. Also let us know the bumps along the way.

I would recommend following your gut. If you want to do it with zero debt, do that. Don’t take advice from here that doesn’t fit your own perspective.

Six or seven years ago I made $12k, I had no purpose, and no goals. Last year my business pulled in over $600k. We’re not where I want to be and we may go bankrupt next year, but it’s still cool.

How? My heart changed. I humbled myself. I wanted to do better. I took an honest account of my situation. I visited my uncle, a millionaire, and asked what I needed to do to be like him. He told me to listen to The Art of Exceptional Living. I did. I made a plan, I started holding myself accountable, I started reading every business book I could (I have since moved to reading relationship and healthy emotions books), and focused on getting to every next step.

I’ve overcome a lot of fear, shame, probably depression, I’ve read 25+ books, and have become more valuable as a result. And I’m excited to see what you do with this opportunity.
 
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Brad2770

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A few updates:

I have all of my old debt paid off except one bill. Currently working on that.

I should be moving into my new place this weekend. Once I move in, I set my business to the address, get insurance for the business and merge my license with the business.

I’m getting a wrap for my truck. They are working on the graphics now and will have a mock up by Monday. They will be giving me my logo so I can get that made up into some door hangers some business cards and maybe a t-shirt because I can.