Business Is Starting Off
December was so busy that I didn’t write a single post for this blog emphasizing the fact that it really is a hobby for me and when life gets busy, the hobbies have to take a back seat.
Why was it so busy? Well, things finally got moving on the legal front with purchasing a business and lots of things had to be done before my wife, family, and me left on vacation from December 19th to the 30th. We hustled for the two weeks before leaving and could do absolutely nothing while away due to lack of internet access. Now we are continuing to finalize things and hope to have things in order and running smoothly over the next few weeks.
Items we have had to deal with:
- Negotiating and dealing with bank on the final loan documents through the lawyer. Hopefully these will be signed in the next day or two despite having hoped for 1/2.
- Finalizing the LLC Operating Agreement. Got final draft yesterday and running through the few members. Should not be a problem.
- Getting Federal and State Tax ID numbers. This is done along with the certificate to collect sales tax. Now we just need to go through the process of filing at the end of each month.
- Working on getting health insurance for employees. Somewhat of a cluster. Getting short term monthly policies while working out the details of a more permanent solution. The insurance broker was a little slow in getting it together.
- Getting leases for production equipment. This was a little tough given the circumstances. We have the majority of equipment, but no official lease yet. In process but more of a formality.
- Meet tomorrow to go through payroll process. And the good news is we will collect enough money to meet payroll this week.
- Getting credit card machine and ability to run cards on site and direct deposit.
- Host of other little decisions involving vendors, credit apps, website, etc.
Needless to say, it has been quite busy. The polar vortex and foot of snow has slowed some things down, but all should work out by the end of the week when the weather will warm up. Obviously, I will know a lot more by the end of the month and have a real good sense of business at the end of the first quarter.
The good news is that I suspect it will ultimately be worth it, but I still want to maintain a healthy skepticism.
Bottom line for me is: No time for new year’s resolutions, I have a business to run.