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Message:: [QUOTE="GoldBug999, post: 4618570, member: 78003"]As a CPA with over 30 years of experience working with small businesses, I think the number one thing that any business needs to do is make detailed projections of all income and expenses for at least 3 years, and preferably more. The second thing you need to do is set up an excellent bookkeeping and accounting system. As a coin dealer, you will need to have an inventory system that allows you to track the cost of everything you buy, and determine the amount of gross profit you have on each sale. Gross profit is the profit made from sales of your inventory, and net profit is determined after subtracting all your expenses from your gross profit. You can expect of have expenses like rent (if you are brick and mortar), shipping, business insurance, office supplies, coin supplies, displays and travel if you will attend shows, a good safe for high value coins, advertising, web presence, telephone, etc. Depending on what you sell and where you sell it, you may have to collect sales taxes, file sales tax returns and pay the sales tax to the relevant States monthly, quarterly, or annually. That can take a significant amount of time, and should be factored in to how much you will make per hour. When estimating how much you will make on your sales, and what expenses you will incur, err on the side of low sales and high expenses. I have had several clients that would have saved a lot of money if they had seriously analyzed their income and expenses before they started their business. They may have realized that they would end up losing money, or perhaps make about $5.00 per hour (or other small amount) for all their time and trouble. Dip your toes into the water before jumping in![/QUOTE]

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