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Attempting to start a small business in college

  • #21
Pings probably grow faster than anything. I've gone from leaf pulling, to mature plant in like 4 months or so. But even then your only going to have a handful of $5-10 plants to sell.

Well, I don't expect to sell that much, so if I can get like 2 leaf pullings for a mature plant every month it will be good.
 
  • #23
You'll need a tax id number, resale and business licenses and permits. Many of them at the local level in the city/county you are doing business. The Small Business Association can help you get started.

http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business

I doubt he would ever sell enough to cover the cost of a business license or warrant the need for one. Also don't think the IRS would be worried about the $30 of taxes theyre missing because he didnt register for a tax ID.

More likely he would incurr a loss with the cost of water, lighting and heating, therefore no income would be earned and no taxes due and could maybe be offset against any income from other jobs. According to the IRS website, no tax ID is needed for small business and instead uses their social security number. Assuming he makes money (>$400) then this would be recorded as business income on a personal return.

http://www.irs.gov/Help-&-Resources...SS-4-&-Employer-Identification-Number-(EIN)-1
 
  • #24
I doubt he would ever sell enough to cover the cost of a business license or warrant the need for one. Also don't think the IRS would be worried about the $30 of taxes theyre missing because he didnt register for a tax ID.

More likely he would incurr a loss with the cost of water, lighting and heating, therefore no income would be earned and no taxes due and could maybe be offset against any income from other jobs. According to the IRS website, no tax ID is needed for small business and instead uses their social security number. Assuming he makes money (>$400) then this would be recorded as business income on a personal return.

http://www.irs.gov/Help-&-Resources...SS-4-&-Employer-Identification-Number-(EIN)-1

A Tax ID number is free and takes 10-15 minutes to get, there is no reason not to have one. The less you have to use your SSN the better with all the cases of identity theft that happen now.
 
  • #25
I don't think I'll get big enough to actually make that much, but if I do, I'll sign up.

I guess I should just call this a paying hobby for now...
 
  • #26
Youre doing the right thing; research and planning. It takes about 3-4 years to really get to a comfortable point of making money if youre starting completely from scratch. Once you figure out what you like you can then establish your growing areas, allowing room for growth of course.

I myself am doing similar but I have a wide array of things I'm building up for my business. I'm actually only a year away at this point. A lot of people around here like and grow palm trees and so I am able to get a fair range of babies and even sometimes entire plants.... For free. Agaves are similar too. Might be something dor you to consider. Wish you the best of luck. :)
 
  • #27
Alright, now I'm just getting distracted.
 
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