Small Businesses Failing Across The Country
All Season Karaoke and D.J.
Long gone are most of the " Mom and Pop " businesses of yesteryear, they have been forced out of business by the big businesses of stores like Wal-Mart, K-Mart, and many huge malls and mini malls across the country. I am a small business owner, and in my business, I am doing relatively well. I have no overhead, no lease to pay for office space, Here's how I do it,
Make sure you are in a business where you are engaged in performing an all service business. In my business, (I am in entertainment), I am a DJ as well as a KJ, and I perform DJ/KJ Services for corporations, local businesses, and private parties, ranging from mobile home park entertainment, weddings, birthday parties, and even recreational parties for recreational parks, also hotels, and lounges.
There are several different benefits to having a full service business. You have a host of write-off's that you may used to benefit your tax situation. There are many things that you can write off such as mileage to and from a " Gig " , or " Show " . You can write of your equipment, the music, and even your office space at home, gas, rental of tux for weddings etc. Being in a business where you have to buy things " wholesale " is not a great business to be in now-a-days, as you have to report these buys quarterly, and must pay taxes on them, both state and federal taxes. Your have to charge a tax for your sales as long as you bought your merchandise at " wholesale " prices. This is a worry I do not experience, unless I make over a certain amount in " Profits " . Let's say over 5 or 6K a year.
My advice is to own a business where is to make sure it's a full service business. Avoid excessive overhead, although you can write it off, it also cost you extra for that overhead that you don't necessarily have to spend. So keep your business small, no huge overhead. If you want, you can recommend a caterer, or a live band, or a clown for a party, face painters by parternering with these " contractors " that you would receive a 10 per cent kickback for recommending them at your next party or gig. They love the exposure, and love the profits as well.
Article submitted Sunday, March 22, 2009 & read 71 times.
Gary W. Halsey Sr. has been writing since he was in high school. His love for poetry, and writing about "Life's Little Hiccups" are ongoing, and are hopefully entertaining and informative to all. Mr. Halsey is a third cousin to Admiral William "Bull" Halsey, and has served three tours of combat in the Vietnam conflict. He has been published in several books of poetry, childrens books, through the International Poets Society. He is a proud husband of Christine A. Halsey, and a proud father of two sons, and a daughter. He has four grandchildren, to whom he dedicates all of his articles to, and his poetry. He hopes that you find his article and poetry both informative, as well as inspirational, and will enjoy them as much as he enjoys writing them.
Please log in to leave your comments.
» left by Joel Hendon(179)(2 years 325 days ago.)
Hi Gary, welcome to Webgazine! An excellent article with great advice. I went in business once myself, I did just about the opposite of what you recommend, and guess what? I almost bankrupted in about 10 months! I just got out in time. Good to have you aboard friend. Keep them coming.» left by Gary W. Halsey Sr. (2 years 324 days ago.)
Thanks Joel, I know its hard to keep afloat with your own businesses nowadays, but I have managed some how, and glad that I got into the "Full Service Connection" from the advice of my tax attorney. She said I needed a write off, and gave me some advice as to where she has seen businesses either succeed, or fail....So far so good....Thanks for the comment, and what a pleasent surprise to see that you are manageing this site.....good to see great support!!!! Your friend in pen.....Gary
» left by Tex Norman (2 years 325 days ago.)
I wish I had more courage to start a business. I actually did try with art jewelry but I ended up spending more money than I was making. I think I have more skill in the art side than on the selling side. Good advice. Good writing. Thanks. tex» left by Gary W. Halsey Sr. (2 years 324 days ago.)
Tex!!! Howdy buddy....I didn't know you were on here....great to hear from you....maybe you could start a business in the poetry field.....that is actually a good idea, and I would like to talk more about that venture, perhaps you can fill me in on what your idea is......you know me...I love a great challenge....Thanks for commenting, and its great to see you on here.....your pal, and friend in pen.....Gary
» left by David Pekrul (2 years 325 days ago.)
Good advise, Gary. I've had a couple businesses in the past. The first one was the best. It was a used book store. There was no purchasing of stock, as it was traded with my customers in exchange for a store credit from which they could buy books from me. I started this store in a small northern Canadian town which was going through an oil bust. Stores around town were being boarded up, as also were some apartment buildings. But my business was thriving; absolutely recession-proof.My brother went broke on a retail business, so he went into gas-fitting instead. Going from a retail business to a full service business was the best thing he could have done.» left by Gary W. Halsey Sr. (2 years 324 days ago.)
David, I agree with you !!! And the best business is either what you had, where no "Invest" was needed and more profit than losses, (P&L), and you really can't loose with a full service business especially when you partner up with other businesses as well....I had a caterer the other day call me, there is a gig that I will be DJ'ing thanks to the caterer....I make 100.00 per hour, minimum of four hours on a four hour gig....then it's 100.00 every hour after that....it is quite a lucrative business I must say....Thanks for you comments, and your reading the article....Your friend in pen.....Gary
» left by Linda DeWitt from Oregon (2 years 323 days ago.)
Enjoyed reading your very informative article. I am retired real estate broker and the overhead was horrific. I retired because it quite being fun.» left by Gary W. Halsey Sr. (2 years 322 days ago.)
Thank you Linda, it is always a pleasure to hear from you I hope you are doing well. I am glad you liked this article, as I enjoyed writing it....and I enjoyed your comment even More!!!! Thanks for reading it, I will be by soon to she what article you have handy.....Thanks again for your support, and comments....Your pal, and friend in pen.....Gary.