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35 Replies Last post: May 6, 2009 2:22 PM by BizSolutions

Rental Hall

Jul 13, 2009 12:49 PM

Click to view alona50's profile Professional alona50 4 posts since
Jul 13, 2009
I'd like to buy a building and start renting it out for parties, weddings, reunions, etc. I will be the sole owner. I have no idea what to do first. I have been told many times if I don't know the first thing about business I shouldn't even start, but that has not discouraged me. I am very good at decorating for events and would like to incoporate that into the business also. I already have things I need for that part of it. I have been looking at buildings in my city and have narrowed it down to 3. My husband and I will take out a loan for it. I have looked in chairs, tables, etc. I know about the DBA. I have no idea how to setup taxes. I looked at and read up on it at the IRS site and it seems simple enough to do myself, but should I? How do I know the occupancy space? I guess I would need more restroom space depending on the occupancy. Anything I can learn would be great....I think I need some sort of step by step guide.
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Click to view puzzleman's profile Mogul puzzleman 293 posts since
Oct 11, 2007
1. Re: Rental Hall Jul 13, 2009 5:05 PM
in response to: alona50
Alona50, Welcome. As "Luckiest" will tell you a great source of information is SCORE. It's free.

Another source is take business classes at your local community college or high school. the people teaching these courses can help you in a one on one direct way that we can't do here.

Search for books and information concerning business plans. You will need a plan to make the business run. SCORE can help with this as well.

Jim
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Click to view alona50's profile Professional alona50 4 posts since
Jul 13, 2009
2. Re: Rental Hall Jul 13, 2009 5:22 PM
in response to: puzzleman
Whats score? I will contact our area college and find out about the business courses offered. Thank you.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
3. Re: Rental Hall Jul 13, 2009 8:01 PM
in response to: alona50
SCORE "Counselors to America's Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide.SCORE is FREE
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Click to view puzzleman's profile Mogul puzzleman 293 posts since
Oct 11, 2007
4. Re: Rental Hall Jul 14, 2009 11:10 AM
in response to: LUCKIEST
Hello, Luckiest. I knew this was right up your alley.

SCORE stands for "Service Corp Of Retired Executives" . It is a volunteer organization of retired business people that want to help people starting out in business. They can be hard on you but they have been around the block. You wouldn't want someone to sugar coat it for you

Jim
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