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Starting A Business

L

Lucidum

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So I'm a beginning herp breeder, and interested in starting an official business called Lucidum Exotics. Does anyone have any ideas for where to begin with such a venture? Is it better to buy a ton of breeding-ready herps right away? Or is it smarter to begin with a single breeding pair and take time to do it?
 
being that Lucidum is not your name (ie "Nolton Exotics" "Sams' Exotics") it there has to be sent to a database to be registered in your state. idk what it costs there, it's 50$ here to register a fictitious name. anything other than something with your name in it is considered fictitious
 
What he's talking about is called a DBA, or 'Doing Business As'. This must be registered with the State, and then there may be other requirements as well. (In Nebraska, I had to print a statement in a local paper explaining that I will be doing business as Eclipse Exotics and Eclipse Metaphysical, for example--the paper charged about $50 apiece for these. Shop around--some papers charge a LOT more).

Be prepared for a hefty tax hit at the end of the year. There is a 'self employment tax'. You may have to pay as much as 3 grand just to be a business.
But being a business may not be optional--making over a certain dollar amount each year may REQUIRE you to register. So, check out all of your local and Federal laws carefully before you decide what to do.

I recommend you have 4 grand set aside JUST for dealing with the expense of setting up a business, and taxes.
Then you need to figure roughly what maintenance of the animals will cost you. Add in a potential health disaster requiring vet care--a grand should cover most scenarios. Set THAT aside, and figure out what you have left to invest.

I actually do recommend you get the highest quality adult animals you can find to start with. Now, it does not cost significantly more to maintain several animals rather than one--the more you have, the more your profit, but you absolutely, positively MUST be prepared. You must dot all of your 'i's and cross all of your 't's. As you can see, this isn't necessarily a cheap thing to get into, but that just goes back to the old truth--you have to have money to make money.
If you get only a pair of animals with the intent to work your way up, it'll take you half your lifetime to reach your goal. If you make a big investment at the start, you'll get there MUCH faster...but there's also a bigger potential for a disaster to wipe you. Investment can be risky, and when live animals are involved, quadruply so.

I guess what I'm saying is, if you don't have 10 grand (or 10 grand worth of breeding stock already), don't bother at this time. At least, not with balls.
 
Don't forget to check with your city and state to find out what kind of laws there may be regarding species and number of animals you can have.
 
don't do it. takes all the luster out of enjoying the animals and your not going to get rich doing it. i have quite a few freinds that run reptile buisness in nh big breeders and they wish they had kept it a hobby. ultimatly it is your decision, but put some thought into it before jumping in with both feet. good luck.
 
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