My business just got wings

[Janderso]

The small business I had was all above board, I registered it with the state, paid for everything with a CC so I always had records of anything coming off my taxes, kept a separate account just for the business, and paid myself regularly. Never had any problems, legal or tax wise.

We don’t hear from you very often.
Welcome back.
Nice to see your post!

 

[Winegrower]

For me, this would really mess up a nice hobby in retirement.

 

[wachuko]

For me, this would really mess up a nice hobby in retirement.

Same here... Reason why I kind of regret turning the G0704 to CNC.... what was I thinking... I work 12-14 hours in front of a computer... I got the milling and lathe machines to get my mind off work... and what do a I do??? I connect a computer to my milling machine! Goodness!!

Reason as well why I do not pay attention to my friends when they tell me that I should setup a small shop and get people to pay for small mechanical work... working on my cars (or sometimes friend's) is also a hobby and something that I enjoy a lot... because it is not work... The minute I turn any of my hobbies into a job/work it is ruined for me...

But having said that, @Janderso, I wish you the best of luck in your new endeavor !! Do whatever you like to keep you happy and busy. And the minute it stops being fun... f* it and close shop!!

 

[mickri]

What I learned from my experience is that as long I wasn't running my business in my garage I could fill my garage with stuff. Didn't have be able to park a car in it. Just had to have the possibility to park a car in the garage.

That said you need to read the CC&R's for your property. In the peoples republic of Irvine CA in some neighborhoods you have to park your cars in the garage at night No cars parked in the driveway or the street over night. That was 30 years ago. Don't know if the residents got fed and changed the CC&Rs.

 

[mmcmdl]

The only car I could fit in my garage is a Hot Wheels

Let's hope they're the 68 Red Lines . I have all the originals up in the attic .

 

[Janderso]

Let's hope they're the 68 Red Lines . I have all the originals up in the attic .

Of course you do.

 

[dkemppai]

Reason as well why I do not pay attention to my friends when they tell me that I should setup a small shop and get people to pay for small mechanical work... working on my cars (or sometimes friend's) is also a hobby and something that I enjoy a lot... because it is not work... The minute I turn any of my hobbies into a job/work it is ruined for me...

Same thing here! Doing custom knives, when and how I feel, is awesome. As soon as someone orders a commission, it's hard to even drag myself into the shop. Spent the last couple summers during and following covid doing contract work (pretty large contracts). But it gets old fast. It just means work at work, then work at home after dinner. I'm in a 'need a break' cycle.


@Janderso
That said, my shop has been growing by leaps and bounds due to the hobby contract, machining, and custom knife stuff. All the funding coming in from that gets reinvested into tools and materials. It basically zeros out the tax liability, and builds a really nice shop without dipping into other household finances. So, from this perspective, if you're bored and have the ability and aptitude I'd say go for it! Then use that to buy newer or better tools, then have fun doing it!

You may be able to do hobby work as a sole proprietor. You just need to include your sales and purchases as income and deduct cost of goods sold (tools, tooling, raw materials, etc.). If you do work under your own name, you don't need a DBA. If other work is with businesses you sell services to as wholesale, you might not need a sales tax license, etc. (There advantages to sales tax lisc, tho). Keep a good spreadsheet, and find a good 'one man show' tax guy. After you learn the ropes, feeding the tax guy your paperwork is very cost effective way to do the fun stuff and outsource the 'not fun stuff'.

 

[Janderso]

Made some visits today to try to generate some business.
Kind of frustrating.
Do you resurface flywheels? Cylinder heads? Do you do tig welding on sheet metal (R&R a door skin).
I was in automotive repair for 46 years. I’m really not interested, but……maybe.
I would have to build a large drum flycutter.
Anybody make one? I’d love to see it.

I was thinking of using commercial round carbide tools mounted to the drum.
I hve a 30 taper so a 1” shaft would work fine. Slide it into my 1” 30 taper holder. Easy
I wouldn’t know how to make the tapered hole to mount the insert as shown. Ideas?

 

[DKMC]

IMO that's the harder money. The easier money is at the University Labs, The "Bearings, Belts, and Pulleys" industrial supply houses (they many times have customers that need specials). Might poke around those places.

 

[benmychree]

I doubt that you could be competitive on cylinder heads due to the setup time necessary to do cylinder heads, automotive shops have special machines that cut setup to a very small part of the job.