mainor5251 Posted October 14, 2010 Share Posted October 14, 2010 Now that I know 100% bulk vending is for me, I want to sure up my business. Currently its a sole proprietorship. This is what I'm looking at doing for next year. Form an LLC through Florida Department of State Divisions of Corporations Filing Fee $125 + $30 for certified copy. Next file for an EIN (Federal Tax ID #). Open a business account ( this should have already been done, its a pain having business mixed with personal finances). Register for a new state sales tax id # (cant remember is this for the county that the business is located or where the products are being sold). Get permits for machines inside the city limits (no occupational license required from city or county but am required to buy permits stickers for every machine located inside the city limits). Business insurance currently waiting for a call back with quotes for $1,000,000 general liability. New business cards made: using vistaprint again. And finally resubscribing to VendTrak to help keep me organized. Now what I need help with is looking over this and seeing if there are any holes in it, anything else I might need. Any advice or info appreciated. Link to comment Share on other sites More sharing options...
alboy88 Posted October 14, 2010 Share Posted October 14, 2010 i hope you have a lot of money to give for all those fees!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 i hope you have a lot of money to give for all those fees!!!!!!!!!!!!! If you plan on doing this full time, it is my opinion that at some point these are essential steps that have to be taken. Got 2 small debts on the business to knock off then will focus on getting this stuff completed by Jan 1. Hopefully I can grow alot faster in 2011 since the business will be debt free. Goal is to be able to make a full time living at this by mid spring 2012. Link to comment Share on other sites More sharing options...
dperry Posted October 14, 2010 Share Posted October 14, 2010 How much will it take to reach that goal? How many machines/locations? How much money do you plan to invest in your business? Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 I would say between 350-400 locations. After Dec. 100% of the profit from the business will be reinvested back into the business along with another $300 a month. Link to comment Share on other sites More sharing options...
The Mage Posted October 14, 2010 Share Posted October 14, 2010 The second I started vending, I started a seperate account, but I never put it as a business account. Just a separate personal account to separate my business and personal funds. I have been wondering if I will even need to worry about having one, even if I get an LLC myself. I would simply act like once the money is taken out of a machine, it is disbursed, and every time I spend money, it is an investment into the company. You could do that right now, and get a real business account later after you have your LLC. Link to comment Share on other sites More sharing options...
will.vend Posted October 14, 2010 Share Posted October 14, 2010 At my bank there are fees associated with having a "business Account" so I have 2 free personal accounts. One for business and one for personal, they are linked together so I can transfer funds as needed. Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 At my bank there are fees associated with having a "business Account" so I have 2 free personal accounts. One for business and one for personal, they are linked together so I can transfer funds as needed. They just added a new small business checking account at my bank. $100 Minimum opening deposit 250 Free items: .25 per item in excess of 250 - including all paper debits, paper credits, and each item in a deposit. Free Visa Checkcard - no transaction fee for use at Bank ATMs* Free Online Banking & Bill Pay Link to comment Share on other sites More sharing options...
Hillbilly Posted October 14, 2010 Share Posted October 14, 2010 My bookkeeper told me that the main thing is to keep everything seperate. Don't really matter if it is a bus account or not. With a LLC it should roll on to your personal 1040 schedule C I think. When you operate everything out of one account it will trigger an audit is what she said. Course she's just a hillbilly too. Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 Be sure to use your Emplotee ID# on your business acct and not your SS#...........I dont know how strict they are in Florida,but, I wouldn't even bother with the permits for bulk vending, do what you want , that is just me. yeah probably gonna pass on the permits Link to comment Share on other sites More sharing options...
Hillbilly Posted October 14, 2010 Share Posted October 14, 2010 If I was a betting man I'd say a lot do pass on it. Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 If I was a betting man I'd say a lot do pass on it. i havent seen a bulk machine with one yet. seen them on full line equipment Link to comment Share on other sites More sharing options...
mainor5251 Posted October 14, 2010 Author Share Posted October 14, 2010 i havent seen a bulk machine with one yet. seen them on full line equipment I'll take that back, the one at walmart. I'm sure they got them on all the big chain stores and restaurants. Link to comment Share on other sites More sharing options...
Hillbilly Posted October 14, 2010 Share Posted October 14, 2010 Only ones I have seen were on machines I've bought off Ebay. Link to comment Share on other sites More sharing options...
Jax Snacks Posted October 15, 2010 Share Posted October 15, 2010 I would say between 350-400 locations. After Dec. 100% of the profit from the business will be reinvested back into the business along with another $300 a month. From everything I have read and experienced over the years, it takes at least 5 years to build a profitable route. Just make sure your goals are realistic. 325 more locations in 18 months is a massive number to reach. Adding new locations is usually not a linear function and it will get harder and harder to get new ones and increase that precious location count as your business grows. One way of looking at that is the physics of air resistance on an air plane. The plane can accelerate for a while then as it gets faster, the air resistance pushes so hard back that the energy required to keep accelerating becomes overwhelming. Maybe a strange analogy, but at some point almost every vendor hits a brick wall in terms of locations and has to make serious adjustments to the business model in order to continue on. Have a realistic plan ready to hit that number, not just a prayer! Just trying to be realistic, not negative. Good luck as always. Link to comment Share on other sites More sharing options...
mainor5251 Posted October 15, 2010 Author Share Posted October 15, 2010 Thanks, I always appreciate your comments Jax. But don't want to limit myself by what others have done so I'm gonna stick to my goal. Looking forward to having an exceedingly and abundantly blessed 2011. Link to comment Share on other sites More sharing options...
mission vending Posted October 15, 2010 Share Posted October 15, 2010 Maybe a strange analogy, but at some point almost every vendor hits a brick wall in terms of locations and has to make serious adjustments to the business model in order to continue on. Have a realistic plan ready to hit that number, not just a prayer! Just trying to be realistic, not negative. Good luck as always. I would agree with that comment as a full line vendor. As your business grows you need to adapt to the changes that increased revenue and route size will force you to do. If you keep an open mind and don't get stuck doing things a certain way then rapid growth is possible, if you can't change as the needs of the business change then like Jax said at some point you will hit the wall. I wish you the best as you prepare for your takeoff and look forward to reading how things develop. Link to comment Share on other sites More sharing options...
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