I would do the firearm portion in your spare time, this would give you more flexibility to learn without the pressure of having to make a profit. I think you can find products that will sell in any swing of the firearms industry but it will take some time. Once you find your niche and prove its profitable then you pursue it full time.

Since you're not getting a paycheck, are you eligible for unemployment?

Just get a job for now before your wife gets pissed. All this sounds amazingly unstable.

If you're married with children, then start-up companies are the worst way to go for stability. I had a great offer on a start-up and turned it down. A year and a half later, they went under and the guys ended up working where I work now. They all left the company to do their start-up. Their Chinese investors backed out and they went under. Their product was great but the financing killed them.

I could not imagine stating up a gun manufacturing business in this market today. My gunsmithing business happened accidentally. I did my hobbyist videos in a market that had little to no technical information out there on the internet, at least in video form. As a result, people got to know my name and face and urged me to get my FFL and start doing work for people.

I started my home business the opposite way. I built my customer base and reputation before I opened my business. I've only had my FFL for less than 2 years but business picks up every year.

I do my business as a side-business to my regular job but as time goes by, I should be able to do more of what I like and throttle back on my day job. I have minimal equipment but I plan on changing that as the business grows.

If nobody knows who you are, what you do, and the quality of your work, they will shy away from you in favor of the business that already has an established reputation.

Try making gun parts instead of complete rifles or anything that requires an FFL. Do it small and do it well and get people's attention first. Demo your own stuff first and see if it gains traction. Adjust accordingly.

Tony.

quote:

Originally posted by RAMIUS:
Since you're not getting a paycheck, are you eligible for unemployment?

Just get a job for now before your wife gets pissed. All this sounds amazingly unstable.

Maybe, maybe not. In TN I am a self employed LLC member and we are excluded from unemployment the way we are structured. We don't pay unemployment tax on ourselves just our employees so we can't file for benefits.

The gun industry is flooded with new startup "companies" doing something "new and innovative".

They usually last about 6-12 months.

quote:

Originally posted by Patriot:
Better idea:

Put money into the exotics.

He wants you. Write up deal to make you partner in exotics. Start second shift and maybe separate value stream in exotics.

Kill it and make a ton.

Do what you know well...

I think maybe this is the right angle. Rich people drip money when they reach for shiny things they like. Make shiny things they like. Get a good lawyer to help you with the agreements.

I'll say it. Pack it up and get a regular job. Give 110% to this new job and approach it as a career venture.

If you have a career job, but are always looking for some new exciting startup adventure, you will likely not be contributing 110% to the job that provides the income needed for your livelihood.

I know too many people that have bounced from job to job hoping to one day strike it rich or satisfy that itch for some new creation. Most have failed and the results have destroyed family relations.

Time to support your family, plan for that rainy day that will surely come and prepare to meet the needs so vital in retirement.

Dan

I didn't seen anything specific about making and selling products for a profit or any sort of a business plan and both of you admit you know nothing about that particular business.
This sounds like a well equipped hobby.

Build a business on Excel.

Plug in costs, of everything, rent, labor, coffee, sales trips, etc. How many employees will you need, and when? What will they cost, all in? Insurance?

Guesstimate what revenue you might do, month by month. No idea? Hmmmmm. Pricing realistic? How do you know?

What regulations must you comply with? Reports, licenses, compliance inspections, records?

How much capital will you need to meet inventory and expenses while you wait for inventory to become receivables thence cash?

How will you get the word out? Marketing? Ads? TV specials? Cost?

These models are hard to do unless you know what you are doing. This may be the first clue that you are biting off more than you can chew.

Do you have any experience managing all this, or will it be a matter of trying to survive mistakes?

quote:

Originally posted by JALLEN:
Build a business on Excel.

Plug in costs, of everything, rent, labor, coffee, sales trips, etc. How many employees will you need, and when? What will they cost, all in? Insurance?

Guesstimate what revenue you might do, month by month. No idea? Hmmmmm. Pricing realistic? How do you know?

What regulations must you comply with? Reports, licenses, compliance inspections, records?

How much capital will you need to meet inventory and expenses while you wait for inventory to become receivables thence cash?

How will you get the word out? Marketing? Ads? TV specials? Cost?

These models are hard to do unless you know what you are doing. This may be the first clue that you are biting off more than you can chew.

Do you have any experience managing all this, or will it be a matter of trying to survive mistakes?

I just assumed everyone did that, ie make a business plan, estimate costs / fees, then decide to jump.

Or maybe thats just the business that end staying in business for more than 6-12 months? IDK.

quote:

Originally posted by RHINOWSO:

quote:

Originally posted by JALLEN:
Build a business on Excel.

Plug in costs, of everything, rent, labor, coffee, sales trips, etc. How many employees will you need, and when? What will they cost, all in? Insurance?

Guesstimate what revenue you might do, month by month. No idea? Hmmmmm. Pricing realistic? How do you know?

What regulations must you comply with? Reports, licenses, compliance inspections, records?

How much capital will you need to meet inventory and expenses while you wait for inventory to become receivables thence cash?

How will you get the word out? Marketing? Ads? TV specials? Cost?

These models are hard to do unless you know what you are doing. This may be the first clue that you are biting off more than you can chew.

Do you have any experience managing all this, or will it be a matter of trying to survive mistakes?

I just assumed everyone did that, ie make a business plan, estimate costs / fees, then decide to jump.

Or maybe thats just the business that end staying in business for more than 6-12 months? IDK.

A lot of businesses that do this still go out of business. Why, because a lot of business owners paint a much rosier picture of what their sales might be, what costs are, other expenses, because they don't want to see the business they're dreaming of starting won't work.

If you're as talented in sales as you say you are, why not do sales for a reputable, and stable company?

I'm in pharmaceutical sales/medical device sales and there's shit tons of money to be made, plus it's fun as hell.

A woman on my team in the Blackwood, NJ territory routinely makes $60k-$90k QUARTERLY bonuses on top of her 100k salary.

Granted, most Pharma companies want a college degree...any degree suffices, but trainability and salesmen ship are priority.

^ Most people are pretty terrible at making useful and accurate estimates of such things, far too rosy, far too abbreviated, far, far too much wishful thinking and too little reality.

Even bright and otherwise successful folks, too.

A great many never would have achieved what they have without extraordinary luck.

And yes, luck favors the prepared and all that, but a full half of the successful people I know owe it all, more or less, to one lucky deal, one fortunate decision that went the right way, and after that they had enough padding to weather the rest and still come out ahead. It's that, as much as anything, that makes it seem sort of easy for some, but few admit it.

quote:

Originally posted by RAMIUS:
If you're as talented in sales as you say you are, why not do sales for a reputable, and stable company?

I'm in pharmaceutical sales/medical device sales and there's shit tons of money to be made, plus it's fun as hell.

A woman on my team in the Blackwood, NJ territory routinely makes $60k-$90k QUARTERLY bonuses on top of her 100k salary.

Granted, most Pharma companies want a college degree...any degree suffices, but trainability and salesmen ship are priority.

What company is she with? My sister and soon to be ex BIL are both specialty pharma reps for different companies and have been for a long time......they're both good reps and make around $140k a year with bonuses.

She's with Horizon Pharma. I used to be with them too, but my territory was shitty (Philly) and got absorbed into another territory.

Horizon Pharma is known for its obscene bonus structure for reps. I wouldn't suggest working for them though. If you have a week territory, you're removed quick. It's also selling ibuprofen that goes for $3000 a month for your insurance company.

quote:

Originally posted by RAMIUS:
If you're as talented in sales as you say you are, why not do sales for a reputable, and stable company?

I'm in pharmaceutical sales/medical device sales and there's shit tons of money to be made, plus it's fun as hell.

A woman on my team in the Blackwood, NJ territory routinely makes $60k-$90k QUARTERLY bonuses on top of her 100k salary.

Granted, most Pharma companies want a college degree...any degree suffices, but trainability and salesmen ship are priority.

I need to get into your field, damn.

quote:

Originally posted by 46and2:
^ Most people are pretty terrible at making useful and accurate estimates of such things, far too rosy, far too abbreviated, far, far too much wishful thinking and too little reality.

Even bright and otherwise successful folks, too.

A great many never would have achieved what they have without extraordinary luck.

And yes, luck favors the prepared and all that, but a full half of the successful people I know owe it all, more or less, to one lucky deal, one fortunate decision that went the right way, and after that they had enough padding to weather the rest and still come out ahead. It's that, as much as anything, that makes it seem sort of easy for some, but few admit it.

I agree that luck plays a big factor.

quote:

Originally posted by Skins2881:

quote:

Originally posted by RAMIUS:
If you're as talented in sales as you say you are, why not do sales for a reputable, and stable company?

I'm in pharmaceutical sales/medical device sales and there's shit tons of money to be made, plus it's fun as hell.

A woman on my team in the Blackwood, NJ territory routinely makes $60k-$90k QUARTERLY bonuses on top of her 100k salary.

Granted, most Pharma companies want a college degree...any degree suffices, but trainability and salesmen ship are priority.

I need to get into your field, damn.

Pharma sales can definitely be a good money maker. It's just a challenge to get into a position because it's a sought after job for obvious reasons.

Perks include: Getting a company car, or having the company paying you $600 per month for your car.
Company pays for your home internet.
Company pays for your cell phone.
Company pays for gas and tolls.
Company pays for routine car maintenance.
Company pays for all food (breakfast and lunch) during the work day as long as it has to do with work.
Company pays for gym membership.

quote:

Originally posted by RHINOWSO:

quote:

Originally posted by JALLEN:
Build a business on Excel.

Plug in costs, of everything, rent, labor, coffee, sales trips, etc. How many employees will you need, and when? What will they cost, all in? Insurance?

Guesstimate what revenue you might do, month by month. No idea? Hmmmmm. Pricing realistic? How do you know?

What regulations must you comply with? Reports, licenses, compliance inspections, records?

How much capital will you need to meet inventory and expenses while you wait for inventory to become receivables thence cash?

How will you get the word out? Marketing? Ads? TV specials? Cost?

These models are hard to do unless you know what you are doing. This may be the first clue that you are biting off more than you can chew.

Do you have any experience managing all this, or will it be a matter of trying to survive mistakes?

I just assumed everyone did that, ie make a business plan, estimate costs / fees, then decide to jump.

Or maybe thats just the business that end staying in business for more than 6-12 months? IDK.

Many give some thought to some of these issues, but few do a rigorous comprehensive model, because it forces confrontation with items they have no feel or idea about.

The purpose is different than a budget. It’s a model, like Boeing does when it designs a new plane. “Let’s built it on the computer and see if it flies!”

It also brings out questions you have no answers for nor much information about. You then set about getting those answers, best you can.

Doing this doesn’t guarantee success but it might reveal that failure is inevitable if your information is accurate. Can that be fixed?

Most businesses fail and many of these failures are due to inadequate capital. Doing the model can reveal that you will need more than you think. Also, it will give an opportunity to evaluate whether “the game will be worth the candle.”