Hello SFF.Net,
I am the sole proprietor of J-Hack. For the next few years, I will quit my industry job with a salary of 60-70K, to take on minimum wage and see if I can start a manufacturing company in 2020. This thread will chart my progress. I hope it will be useful to anyone who passes by and want to learn about starting their own business, and following their dreams.
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I have a lot of thoughts to put out on manufacturing in USA. I'm not quite sure I can put it pen to paper. I have always thought it was strange that we build metal chassis an ocean away. I have lamented the lack of a manufacturing opportunities in USA, for consumers and inventors. Oh, there is plenty of capabilities for our other industries, aerospace, heavy machinery, etc. But you will see tons of kickstarters by American companies, projects, being outsourced. I don't think all of them can be captured in USA, but I have always at least felt, some of them are possible.
Sometimes, if you believe in something so strongly, are you willing to put your livelihood on the line? That is my reasoning. Well, there are plenty of reasonings. But at the heart of it all, sometimes you want to see if your dream and beliefs pan out. So that at least one day, you can say you really tried.
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Aside from my daily duties of fulfilling orders, I'll be working on the legal side of the business operations. Growing up, I was taught, or had the impression, that our government was something to be cautious of. They "steal" our dollars, and are incredibly inefficient. Yet there are so many benefits to operating as a proper company.
The last two years, and this year especially, I have made a point to operate like an actual company. 2 years ago I submitted my application for DBA. Doing business as. If you are a starting out small, this is the path I recommend to take. It's just a quick submission form, and it's inexpensive. You do your taxes like normal, except you declare your expenses. Leftover income is treated as profits. If you don't make more than you spend, you reduce your tax obligations.
This week, I will submit my application to convert my DBA to an LLC. This will grant me more protection, at the cost of increased expenses and accountability.
I am the sole proprietor of J-Hack. For the next few years, I will quit my industry job with a salary of 60-70K, to take on minimum wage and see if I can start a manufacturing company in 2020. This thread will chart my progress. I hope it will be useful to anyone who passes by and want to learn about starting their own business, and following their dreams.
----
I have a lot of thoughts to put out on manufacturing in USA. I'm not quite sure I can put it pen to paper. I have always thought it was strange that we build metal chassis an ocean away. I have lamented the lack of a manufacturing opportunities in USA, for consumers and inventors. Oh, there is plenty of capabilities for our other industries, aerospace, heavy machinery, etc. But you will see tons of kickstarters by American companies, projects, being outsourced. I don't think all of them can be captured in USA, but I have always at least felt, some of them are possible.
Sometimes, if you believe in something so strongly, are you willing to put your livelihood on the line? That is my reasoning. Well, there are plenty of reasonings. But at the heart of it all, sometimes you want to see if your dream and beliefs pan out. So that at least one day, you can say you really tried.
----
Aside from my daily duties of fulfilling orders, I'll be working on the legal side of the business operations. Growing up, I was taught, or had the impression, that our government was something to be cautious of. They "steal" our dollars, and are incredibly inefficient. Yet there are so many benefits to operating as a proper company.
The last two years, and this year especially, I have made a point to operate like an actual company. 2 years ago I submitted my application for DBA. Doing business as. If you are a starting out small, this is the path I recommend to take. It's just a quick submission form, and it's inexpensive. You do your taxes like normal, except you declare your expenses. Leftover income is treated as profits. If you don't make more than you spend, you reduce your tax obligations.
This week, I will submit my application to convert my DBA to an LLC. This will grant me more protection, at the cost of increased expenses and accountability.
