It’s a new year, meaning it’s a new you, right? While most people are setting fitness goals and planning ways to “focus on themselves,” you’ve got bigger plans. This year, you want to start a metalworking business, which is no small feat. You’ll need to build a business plan, go over your finances, register your business, and so much more.
Wright CNC is here to give you a few pointers for the process. If you need equipment, we’re also here with CNC plasma cutting tables and plasma cutting systems that will help your business produce the quality products you dream of creating. Check out what makes our CNC plasma cutting tables so great and invest in one today for your new business.
Create Your Business Plan
What exactly do you want to sell? Do you want to create metal lawn ornaments, custom vehicle parts, or something else entirely? Research other companies already doing what you want to do and figure out how you can do it better.
Next, you’ll need to answer some key questions if you want your business to succeed:
- What is the purpose of your metalworking business?
- Who is your demographic?
- What are your goals for your business?
- How are you going to finance the startup costs?
Once you’ve answered these questions, it’s time to do some marketing research. If you’re selling your products locally but no one you’re targeting is interested, you’ll need to change your demographic. Conducting surveys, holding focus groups, and researching SEO keywords (terms people are searching online to find your type of business) as well as public data are all ways you can refine your demographic and products. Check out this free business plan template to help you get started.
Review Your Finances
The initial cost of starting your business is going to be much higher than month-to-month expenses once you’re established. You’ll be paying for things like a website, logo design, renovations if you rent a space, and equipment. There will also be ongoing costs that you’ll have to factor in, like rent and payroll.
It’s important to create an accurate estimate of how much this is going to cost and then figure out how you’re going to pay for it. You can apply for a business loan, commercial mortgage loan, apply for a cash advance on credit cards, and take out loans for or lease equipment. At Wright CNC, we offer to finance your CNC plasma cutting table for as little as $138 per month. Find the perfect CNC plasma cutting table for you and apply for financing.
Register Your Business
You’ll need to register your new metalworking business with the IRS and government, but first, you’ll need to decide what type of business you want to register as. As a sole proprietor, you are legally responsible for the business, which can affect your credit. You can also register as a partnership and split the responsibilities.
Another option is to register as a corporation. This makes the business entirely separate from you, the individual. The business can build credit, pay taxes, and own property under its name. One of the most common types of corporations is a limited liability corporation (LLC).
You’ll be required to fill out different paperwork depending on the type of business you decide to register your metalworking company as. For corporations, you’ll fill out articles of incorporation. This will include your business name, business purpose, the structure of your corporation, stocks (if you have them), and other information.
As a sole proprietor, all you need to provide is your business name. This can be your legal name, a made-up name that you’re doing business as, or another name you’ve come up with for your company. Trademarking your business, whether as a corporation or sole proprietor, is also a good idea for legal protection.
Building Your Business
Now that you’ve laid the groundwork, it’s time to start building your metalworking business. Stay tuned for Part Two of this series when we’ll talk about building your team, branding your business, choosing vendors, and more.
There are plenty of resources online to help you get your business started, but for the best CNC plasma cutting tables and affordable financing for your metalworking business, trust Wright CNC to deliver. Contact us today.