OK. One thing I'd really like to do is to be able to turn my hobby of building and restoring bikes into a business, or at least a venture that lets me earn enough money to re-invest into the hobby. One huge obstacle is the price of new/reproduction parts when I'm paying retail (as if the cost of powdercoating and chroming when required wasn't enough). At the end of the build, turning a profit can be difficult. Take, for instance, my '50 Panther restoration. By the time I had finished it - doing all the sandblasting, painting, pinstriping, and rebuilding myself - I had $1200 into it. It's a show-winner, and garners raves whenever it's in public, but what's the market price for it? I'd like to say $2000, but in reality, it'd probably sell for $1500 max. For all the time invested, that's no way to make money. But, if I could build bikes using old and new pieces acquired at a decent price, and apply some creativity and artistry to them, then ??
So, do I get a business license if I want to start building bikes to sell? Maybe form an LLC? Or, are both of those things too much of a PITA? What I'm hoping is that some of the guys here who have side businesses or have built full-fledged indie bike shops could lend some advice, stories of what they've gone through, or cautionary tales to give me some things to ponder or maybe encourage me in a direction that leads me where I want to go.
Thanks!!
Eric
So, do I get a business license if I want to start building bikes to sell? Maybe form an LLC? Or, are both of those things too much of a PITA? What I'm hoping is that some of the guys here who have side businesses or have built full-fledged indie bike shops could lend some advice, stories of what they've gone through, or cautionary tales to give me some things to ponder or maybe encourage me in a direction that leads me where I want to go.
Thanks!!
Eric
