#Decked builder serial how to

If you’ve organized an LLC or corporation, your lawyer will provide you with all the paperwork you need to open a business bank account. Your county clerk should be able to help you with that. If you’re the sole proprietor and include your name in your business’ name (e.g., John Smith Decks), you can open a business account without any extra paperwork.Ī sole proprietor using a business name that doesn’t include their name (e.g., Red Door Decking) will need to get a fictitious name certificate.

You’ll need a checking account for receipts and deposits, as well as a savings account to help you set aside funds or pay taxes when they are due. If you are partnering with anyone else in the business, keep clear records of all the equipment used and who owns it. You may already have a truck and a variety of power tools, but it’s still a good idea to make a list of everything that you need before each job. Keep an inventory of your tools and make sure you have what you need, when you need it. Your clients will expect you to understand all local building permit rules and have any necessary permits for your work, so it’s in your best interest to stop by your city or county permit office and ask them for a clear set of rules. If you’re not sure what’s required in your area, contact your local chamber of commerce or a lawyer to determine if there are any restrictions on starting up a business where you live or any contractor licenses you need to qualify for. Licenses and permitsĭifferent states have different requirements for permits and licenses. You may also want to consider hiring a business broker or agent who can help with the nuances of the different markets where your company operates. What types of insurance do you need? Business owners need general liability, equipment, and property coverage. Break your overhead expenses down into a weekly or daily figure and factor that into your calculations when you create estimates. It’s easy to overlook these costs in your calculations when you create bids for jobs, but they have to be covered before you can show a profit.

Rent, phones, marketing, insurance, and payroll for office staff are typical overhead expenses. Get a clear picture of your overhead expenses - these are the expenses you’ll have to pay whether you’ve booked any jobs or not. How will you track all of these details? Will you pay a bookkeeper, or will someone on your team be entering transactions regularly and creating reports? Expenses You’ll also need to keep track of the exact amounts you make and spend on each job. It’s essential that you keep your personal finances separate from your business finances. It’s generally best to hire a specialist for this task, as any errors or misunderstandings could be catastrophic for your business. Will you hire employees or work with independent contractors? If you are hiring, you’ll need to make sure that your company complies with all laws regarding workman’s comp insurance, payroll taxes, health insurance, and workplace safety.

#Decked builder serial how to

When deciding how to structure your deck-building business, you’ll need to set up a working plan for your day-to-day operations. The most popular legal entities for deck-building businesses are limited liability companies (LLCs) and corporations.Īn LLC offers protection from liability, while a corporation offers limited liability protection and the option for both shareholders and employees to receive stock options.Īn attorney can help you choose the right structure and set up your business as a legal entity. Instead, you’re better off choosing a business entity that protects your assets in case the company goes bankrupt or incurs debt.

Some business owners opt for a simple sole proprietorship, but this is not recommended if you’re looking to scale your business over time.