I want to start an online self defense buisness?
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I want to start an online self defense buisness?

Landing Page Forums Business Opportunities I want to start an online self defense buisness?

This topic contains 1 reply, has 2 voices, and was last updated by Avatar of Anthony Anthony 4 years, 10 months ago.

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  • #7676
    Avatar of jems
    jemsander
    Member

    How do I start and what about taxes. I dont have alot of money for inventory, so if I just post a picture of a product , then they buy it and I use the money to buy it and send it to them ? will that work. I just want to start a small online buissness. Nothing huge. What do i have to be concerned about ? taxes,irs ext ? legal liability ?

    #7734
    Avatar of Anthony
    Anthony
    Moderator

    Your first step will be setting up your website. You need a domain name and a hosting service. If you have a fast distributor you can do what you describe while you work up your pool of captial, and then you can decide whether you wish to keep operating that way or if you want to have your own stock. This method of distribution is called drop shipping.Your main concern should be making sure that the products you are sending are legal in the destination territory. For instance, if you are selling self-defense weapons, it is worth noting that some places, like Canada, prohibit spring-loaded batons and knifes. Do your research and you should be fine.Taxation is another matter. You ask about the IRS, so we can assume you are from the United States. I am more familiar with Canadian taxes, but it should be fairly similar. As with any kind of income, you are expected to pay income tax on revenue earned from this business. You will also be expected to have a provincial/state tax account so that you can properly charge people in your own tax jurisdiction.Liability should be clearly outlined in your website’s Terms of Use agreement. Have a lawyer assist you if you don’t know how to do this properly.

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