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Thread: Starting a new business

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    God/dess leilanicandy's Avatar
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    Default Starting a new business

    I am thinking about teaching dances moves and poles tiricks. Dose any body have any advice How to go about getting this type of business started? Do you need a license?How would you go about this professionaly? I live in the midwest so I think this would be good investment sice most of the how to class are eithier on the east coast or west coast! What do i need to do concerning taxes? Should I get companies to sponsor me?
    Last edited by leilanicandy; 01-02-2006 at 01:28 PM. Reason: I wanted to add another question
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    Banned Melonie's Avatar
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    Default Re: Starting a new business

    Unless you can make arrangements with an existing brick and mortar business which already has 'public' space, business insurance, and a pole installed (i.e. a local strip club that isn't open during the day), your biggest hurdles will be
    a.) setting up a physical facility for your 'students' to use
    b.) obtaining/affording liability insurance to cover the possibility of one of your students hurting themselves on 'your' pole and suing you

    Since you live in a state where the court system is fairly 'liberal', meaning that the court is likely to give the supposedly injured party the benefit of the doubt, you'll probably need to either incorporate your business or form an LLC in order to separate potential business liability from personal liability. If you attempt this as a sole proprietor business, you run the risk of a court awarding a supposedly injured party your house, your car, and your next 5 years worth of personal income, on top of any/all business assets.

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    God/dess leilanicandy's Avatar
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    Default Re: Starting a new business

    If i find a strip club where i can make arrangments to open in the day for this business, How will i be able to start up an corporation? Where can I learn more about corporations and the business side of of how to operate your own business, or coroporations!
    If you want the present to be differant from the past, study the past.
    Baruch Spindza

    It is what it is, not what you want it to become, that's important -- at least for now. Today, remember that things worth having are worth waiting for!
    The Stars

    Minds are like parachutes: They only function when open.
    Thomas Dewar

    Dont throw away the old bucket until you know whether the new one holds water.
    Swedish Proverb

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    Newbie Jmile's Avatar
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    Default Re: Starting a new business

    It costs $90 to set up a Limited Liability Corporation. Most lawyers should be able to provide the paperwork for you. Then you would just need to negotiate with the Club owner/management for the use of their facility during their closed hours. I'd imagine you might be able to find a good deal, if you offer your services to train some of their "less talented" dancers. You would also be providing them with a constant flow of new talent.

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    Veteran Member kittykat1971's Avatar
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    Default Re: Starting a new business

    Feel free to PM me. We recently set up a Franchise program for our company so other ladies could offer pole dancing lessons around the country. I can fill you in on the details, as well as give you some tips if you decide to do it on your own.

    Thanks,
    Kat

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    Curious Guest lilpixie's Avatar
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    Default Re: Starting a new business

    KittyKat1971 I would love to get in on that also. I have been wracking my brain on how to do something like that here in Iowa but have been frustratingly stuck. Please email info to [email protected]. That would be my website email address. Thanks a million.

    Mistress Vixen aka lilpixie

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    Member jlynn87's Avatar
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    Default Re: Starting a new business

    I have read that there is a difference between fitness group liability insurance and pole dance instructor insurance ad the pole adds a different type of liability? Where can I find this type. I have googled it and have gotten nothing in return. Please let me know. Thanks

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    God/dess Zofia's Avatar
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    Default Re: Starting a new business

    You need to incorporate or form a Limited Liability Company (LLC). Most office supply stores sell some forms software. But, paying a lawyer to discuss the alternatives and set up your business structure is prudent. While incorporation will not protect you from all suits, it may help. Certain types of corporations and LLCs have tax advantages, talk to your CPA and lawyer about these. (In the interest of full disclosure, I am a CPA, though not in private practice.)

    Set up a bank account for your business. Put ALL your business income in that account. Pay all business expenses from the business account. Never use your personal account or credit cards for business expenses. Any bank worth your business will give you a debit card to draw on the business account. Pay yourself with a check drawn on the business account. If you are an employee, withhold. If payments to you are draws or dividends, make sure you know the difference and clearly account for them.

    Insurance. While there are, or may be special insurance programs for fitness instructors, what you really need is a Commercial General Liability policy. Talk to your insurance agent.

    Get a taxpayer identification number. Your lawyer or CPA will handle this when setting up your business structure.

    If you have employees, get your I9 documents in order or participate in the government's online verification system. Withhold on your employees. If in doubt, anyone who gets money from you, is an employee.

    Get workers compensation insurance and pay your unemployment insurance premiums. Again, your lawyer or CPA will tell you how to do this. Your state and the feds have online withholding payment systems, use them. Quickbooks integrates with these systems. Be wary of small business benefits administration firms. Quickbooks or your CPA will do the same thing, often for less or even free. (Quickbooks, once you buy the software has no subscription fees.)

    After your CPA sets up your bookkeeping, and tax systems, you can probably do the work yourself. Your CPA, if she is any good, will educate you on how to do this for a very small fee. It's worth it. You can probably go years, if you have no special transactions, doing your own books and taxes.

    Good luck.
    Z

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