call me crazy? - Page 2

Kodiak5500 · 09/02/2008, 10:15 PM

WOW!

Thanks so much for the advice. I read it ALL and took notes. I want to turn something I love into something I can make money off of. I understand keeping business/pleasure separate and I liked the idea of using plastic tubs and such as farm tanks.

I am working A LOT now. I plan to start with around 7-10k. I will budget and plan EVERYTHING. I will set up a new bank account and keep track of every dime I put into it.

I plan to get the system/corals all set and fine tuned for about 6 months. I will wait for however long it takes to have a very big supply of corals. I want to market them locally for very cheap to get my name out there. I am going to have a buddy make a website were people can place orders ect..

A good thing is I live with my mom and we have a finished basement. I am planning on taking half of it and laying down a tile floor for all the tanks. I can also run all the plumbing to the sump in our basement and drainage holes that go outside to the street. This will make it easy to do water changes and maintenance.

I have a couple of questions...

Do i have to have a "Farm" license to sell livestock? such as fish and corals...

How do i go about getting a whole sale license?

How hard/ how much does it cost to register a business?

From experience and guessing, how far could 7-10k take me. (this would include redoing a part of my basement floor from carpet to tile)

I am a very good writer I am just kind of scrambling this all down.

PLEASE keep adding to this thread. I am taking this very seriously.

seapug · 09/02/2008, 10:52 PM

great you are taking it as what it is...good advice, not discouragement.

You don't have to have a special license to "farm" the corals, but if your business grows to the point where you are importing directly, there may be some Customs and Fish & Wildlife issues to deal with.

Contact your local tax regulator on getting a business license. You will need to register a DBA alias (Doing Business As) which will give you a tax ID #. It's usually less than $100 to do the whole process. This is what wholesalers use to track your purchases from them. It's also how they know you are a business and not a hobbyist looking for cheap livestock. Your purchases from wholesalers get turned into the state and federal tax boards. You will pay taxes on your inventory and sales tax on what you sell. Keep good records and find a good tax preparation service.

7-10K will probably get your floor done and buy a couple lights and a few vital pieces of equipment (grow out tubs, big skimmer, calcium reactor, etc.). Save anything that's left over to pay your electricity bill.

Hope this helps.

09/02/2008, 10:52 PM	#27
seapug Registered Member Join Date: Dec 2006 Location: 4980 ft. Posts: 7,954 Blog Entries: 1	great you are taking it as what it is...good advice, not discouragement. You don't have to have a special license to "farm" the corals, but if your business grows to the point where you are importing directly, there may be some Customs and Fish & Wildlife issues to deal with. Contact your local tax regulator on getting a business license. You will need to register a DBA alias (Doing Business As) which will give you a tax ID #. It's usually less than $100 to do the whole process. This is what wholesalers use to track your purchases from them. It's also how they know you are a business and not a hobbyist looking for cheap livestock. Your purchases from wholesalers get turned into the state and federal tax boards. You will pay taxes on your inventory and sales tax on what you sell. Keep good records and find a good tax preparation service. 7-10K will probably get your floor done and buy a couple lights and a few vital pieces of equipment (grow out tubs, big skimmer, calcium reactor, etc.). Save anything that's left over to pay your electricity bill. Hope this helps. __________________ insert clever saying here. Current Tank Info: 200 gallon custom Marineland DD peninsular tank. LPS dominated mixed reef. Previous 90 gallon mixed reef TOTM April 2009.

09/02/2008, 10:15 PM	#26
Kodiak5500 Registered Member Join Date: May 2008 Posts: 112	WOW! Thanks so much for the advice. I read it ALL and took notes. I want to turn something I love into something I can make money off of. I understand keeping business/pleasure separate and I liked the idea of using plastic tubs and such as farm tanks. I am working A LOT now. I plan to start with around 7-10k. I will budget and plan EVERYTHING. I will set up a new bank account and keep track of every dime I put into it. I plan to get the system/corals all set and fine tuned for about 6 months. I will wait for however long it takes to have a very big supply of corals. I want to market them locally for very cheap to get my name out there. I am going to have a buddy make a website were people can place orders ect.. A good thing is I live with my mom and we have a finished basement. I am planning on taking half of it and laying down a tile floor for all the tanks. I can also run all the plumbing to the sump in our basement and drainage holes that go outside to the street. This will make it easy to do water changes and maintenance. I have a couple of questions... Do i have to have a "Farm" license to sell livestock? such as fish and corals... How do i go about getting a whole sale license? How hard/ how much does it cost to register a business? From experience and guessing, how far could 7-10k take me. (this would include redoing a part of my basement floor from carpet to tile) I am a very good writer I am just kind of scrambling this all down. PLEASE keep adding to this thread. I am taking this very seriously.