To establish and run a dog grooming business, you’ll need a minimum of $750,000, according to the U.S. Small Business Administration. And if you decide to do so as a side hustle, the tax burden on your business is even greater, depending on how you allocate your profits.
The good news is, you can save money with the right guidance. When you decide that a business is worth expanding beyond merely making sure you clean your house—and that you’re going to make a profit if one day you decide to grow a business—you’ll want to get some professional training.
That training includes a “dog master’s degree” course, said John Pfeifer, a San Francisco lawyer specializing in small business taxation. The program costs about $200,000 to administer, for one student and $600,000 for a second, he said. If you take the course, your business will pay income tax when it’s earned.
“The business training is crucial in this area,” Pfeifer said.
One study found that after a year of training, one person’s business had an annual turnover of $8 million and the other owner would get about $400,000 in revenue for a year.
And that may sound like a lot of money. After all, you’re talking about starting a new business in one home, not two—which is what you probably need to get started.
But you can start small if you plan to grow beyond that, Pfeifer said. (In fact, I’m actually starting a small business. What could be more small?) There are a lot of pitfalls in starting a business, including having to deal with rent, utilities and even dealing with real estate agents. But you also can get a business certificate, which can help you raise capital. And if things go well, you could even become a limited liability company or LLC—an arrangement where you’re owned by the organization.
As much as you’d like to grow your business and maximize profits, you need to be aware of the legal and accounting problems that you’ll need to address.
You want to be able to cover payroll and business taxes, and you want to be able to manage other people’s money appropriately if anything happens to them. Those are the legal issues you’ll need to navigate.
If you want your company to be able to make money, you’ll need to start investing in inventory. You need to know which products your business
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