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RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 9:43:03 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		Keep that momentum going, but make sure to plan everything well. Most of my clients did not plan for their business future, and suffer from 3 steps forward and two steps back. Much better to take 1.5 steps forward continuously. For minor legal filings, I highly recommend legalzoom.com . Also, do not automatically assume you need to be an S-Corp, usually for something small with one person, an LLC is sufficient. With an LLC, you also get the freedom of filing as a C Corp, S Corp or Partnership.

Orion


quote:

ORIGINAL: SusanofO

I know there will be problems, but I do think this is gonna be fun. I am pumped!

Darcyandthedark: I appreciate the reply. Definite food for thought.Thank you.

- Susan


_____________________________

When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

(in reply to SusanofO)
Profile   Post #: 21
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 9:53:13 AM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		OriontheWolf: Thanks for the advice. I truly appreciate it. I am (I must confess) a sole propreitorship, at this point. I am very much committed to planning, and attempting to keep this manageable.

I intially thought incorporating was a great idea, as far a limiting liability (I admit it also appealed to my ego). But it only does that - limit liability -if someone wants to sue you for whatever  - if you've had time to sell shares in your company, and proven yourself and your product to the point where even an "angel venture" capital firm (or anyone else, really) is interested in investing in your company.

And as I am sure you know, record-keeping for a corporation is slightly more complex than for a sole proprietorship. It might not matter a few years from now - but at the moment, I have plenty to keep me busy, as far as tending to othr parts of this business as well as accounting and holding potential share-holder meetings (*and I took your advice, and got a Peachtree accounting software package the other day). I am definitely keeping potential incorporation in mind for the future.

I don't have time for incorporation right now (or maybe I would have done it, if money had been a huge problem, and I'd needed to incorporate from the start, to get start-up capital). I am not rich - but I have enough money to invest in this project, to see this through for at least a year - and not worry about every tiny penny (although I am being frugal, IMO, but not stupidly so).

I figure if I want to leave the business to my niece on my deathbed, or I need a business loan later on down the line, I can always incorporate later. And Thursday, I have an appointment to get Business Liability Insurance - so I can not worry myself to death about that part. It would take all of the fun  out of it.

I However, I have to say over the past week, I have become much more familiar with safe-handling of food regulations, as well as food labelling laws.

What kind of business are you in, if I may ask?

- Susan

< Message edited by SusanofO -- 10/3/2007 10:14:35 AM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

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Profile   Post #: 22
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 10:34:51 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		I am a business and software consultant.

Check out this site for the differences in S,C, and LLC. Very little record keeping for an LLC, no officers required, no corporate meeting with minutes and such. http://www.legalzoom.com/business-formations/summary-compare-business-formations.html

Orion

_____________________________

When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

(in reply to SusanofO)
Profile   Post #: 23
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 10:41:39 AM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		OriontheWolf: I am not trying to press you for free advice here, and I can also ask my lawyer BUT - if I wanted  to be an LLC, if I named someone as a partner, (with their full knowledge and cooperation, of course) - would they necessarily have to invest and money or time in the business?

Because I am sort of a "lone-wolf" type (I can actually imagine having a "silent partner", though - but forget actually, it's been so long since I've run across the term, just what that can mean, or its implications).

*But I do want to make most of the business decisons myself, unless I find someone who I am very compatible with, as far as cooperating in daily operations, from a decision-making standpoint. Otherwise, I think investors are potentially a great idea (I am not joking about this, either, even if it might sound funny).

Thanks for the suggestion, and the information, I do appreciate it. Any comments are most certainly appreciated re: This matter, and my above comments.

Maybe an LLC (or an LLP) is the way to think about going...although with an LLC, I'd be protected, liability-wise and I've have much (potential) control, perhaps - than if I had tons of investors - but still have the option of getting them at some point without having to re-structure . Plus, it does increase credibility, IMO, to be structured as a corporation.

With an LLP, I would only have one other investor (in my case, although there could be more, in terms of the structure. Although perhaps I am mistaken about this idea of an LLP in terms of the number of partners there can be?)

**Oh wait. As an LLC I can file as a partnership, too? (sorry, I was reading your last comment too fast, and am tired and a bit "foggy") That  idea does sound intriguing - thanks for the good suggestion (and it sounds tons easier than my initial impressions of filing as a corporation. Because partnership record-keeping is almost as easy as that for a sole proprietorship, IMO (unless I am not correct about that). 

- Susan 

< Message edited by SusanofO -- 10/3/2007 11:13:53 AM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to OrionTheWolf)
Profile   Post #: 24
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:16:04 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		I must put this disclaimer:

You should always check with a licensed attorney in your state, but........... From everything I have studied and applied, if you wish to just give a percentage of the business to someone, you can do so. This must be reported on the appropriate tax forms, such as K-1 distributions, and then that person would put it on their taxes. I would have to double check, but I believe it would force them to use the 1040 (long form) since they would be entering a K-1 distribution. They do not have to invest time or money. This applies only to an LLC.

Before you decide how you will file, look at the different advantages and disadvantages that each entity has. An example is, an S Corp cannot keep cash past the end of the year, unless it is allotted to the purchase/cost of items to continue business. This would include any wages, inventory or purchasing of fixtures. Otherwise it must be distributed via a K-1. The advantage is that an S Corp is not subject to the double taxation a C Corp may be subject to.

You can also ask these questions of a CPA, and they can answer them. Where advice gets tricky, is when you need operational advice, and that is where consultants such as I come in. Otherwise, an atty or CPA could assist.

One last thing, all of this is subject to how your state handles these entities as well. My information is based upon Georgia. Another thing is that you do not have to file for that legal entity in your state of residence. Check with an atty or legal professional concerning the restrictions.

Orion

_____________________________

When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

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Profile   Post #: 25
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:19:16 AM   
mnottertail


Posts: 60698
Joined: 11/3/2004
Status: offline 		go to www.nolo.com  attorneys are the ones that make the website.  You can buy a book which will do just about all your LLC stuff.  Really don't need an attorney for it---------THIS ADVICE IS FROM A NON-ATTORNEY starting with the word Really.......

Ron 

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Profile   Post #: 26
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:23:56 AM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		OriontheWolf: I do very much appreciate your comments, and do plan to research this further.

mnottertail: Thanks a bunch! I appreciate the site information.

**On another note, if I called my company Oscar's Delicious Confections - after my dead puppy dog I loved so much - and he was, btw, my "taste-tester" for years - as far as fudge (if Oscar didn't like something I baked,  then I never gave it to anyone - because Oscar was, let's just say, not the pickiest eater, and had a little "weight issue", hehe. If Oscar thought something was bad, IMO it had to be pretty bad. But he always loved my fudge.

Anyway..I wouldn't need to mention Oscar was not a kitchen connoussieur (sp?) - just that he was my beloved pet and friend and that he loved candy - and I consider the fact he never died from eating chocolate - even though it is supposed to be bad for dogs, and he got plenty of it, in his short life-time - a sort of "good luck" omen, and I know he is watching from heaven and wishing me well in this venture (*or is that just waaay to corny sounding?)

I am going to have to think about how I would work Oscar into my marketing image and writing for a website or mail-piece. I could have a cute digital photo of him in my marketing materials (as well as a pic of myself). But I need to think beyond that too. On the one hand it is my company. On the other hand, I am not quite sure what impresson this might make on potential customers.

Comments are welcome. Oscar was a very cute Beagle - adorable, IMO.

- Susan   

< Message edited by SusanofO -- 10/3/2007 12:01:00 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to OrionTheWolf)
Profile   Post #: 27
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:35:35 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		Things to think about:

What makes your confections better than another company's?

What makes it better to order from you?

Is there something different in the process? (an idea may be "Oscar's secret recipe of a dash of love")

I would not associate a canine with chocolate, as you may get flack from an "animal lover" fanatic. You could do this by just using the word confection or treats.

Marketing based upon something substantial will give you more return in the longrun. Marketing via fluff, can give short term results, but may backfire.

Ron is also correct about nolo.com, they are just as good as legalzoom and my clients have used both. I prefer legalzoom because I found it easier to deal with, and you can select from three different packages. The first time on either site, select the one where you get reference material, such as a book/manual. Then if you ever need to create another legal entity of the same type, take the cheap package that does not give the book.

An example of multiple legal entities for a single company could be: 1 LLC that does the business management, 1 LLC that provides the employees, 1 LLC that handles the inventory (shipping and receiving), 1 LLC that manufactures the product, and then another legal entity that owns all of these. I will not go into specifics as to the reasons for multiple layer companies, but let us say it can provide extra protection for that segment and have better tax benefits. Again you should check with an atty in your state (have to keep putting that in).

Orion

_____________________________

When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

(in reply to SusanofO)
Profile   Post #: 28
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:43:35 AM   
camille65


Posts: 5746
Joined: 7/11/2007
From: Austin Texas
Status: offline 		I wouldn't go with Mrs Wonka, the Wonka name is forever tied to Willy Wonka and there is a big line of Wonka candy out already. Would have been fun though.
Personally I don't care for the word 'confection', it always feels to me that the word (in a product or store name) is trying to gain some cachet with it and therefore it fails. But that is just my problem with the word lol.
I like Oscar's!! Just, Oscar's
You could make just about any product and you won't be locked into fudge. A cute logo would be a beagle with a chefs hat

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~Love your life! (It is the only one you'll get).




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Profile   Post #: 29
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:43:51 AM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline 		Susan, I like the "confections" name.
Maybe "Susan's Confections" that sounds more personal!
And of course you'll need a website with *pictures* showing your products in different sizes and attractively packaged.
Like they say on the dating sites, *pictures* get 8 times the response!
All this stuff is going to cost a lot of money to get off the ground.
You'll have materials, a kitchen, shipping, advertising and many other costs to get started.
Maybe you should think of a private stock offering of say 20 "shares" at say $1,000 per "share" and you "hold back" 10 shares for yourself or something like that. That would give you $10,000 in working capital to get started.
You'll definately need some working capital!
I think advertising would probably be your biggest expense.
"Confections" sounds nice for a number of reasons.
Now, if this were me doing this I'd probably call it "Fatboy's Fudge" or something like that. Or maybe "Tubby's House of Fudge" or something funny like that.
I'd have as a logo a big fat guy eating a big chunk of fudge wearing one of those, "I Beat Anorexia!" t-shirts.


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Profile   Post #: 30
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 11:55:07 AM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		OriontheWolf: I like the secret ingredient of a dash of love idea. That is precious, IMO - Oscar was all heart (but IMO pretty smart ,too. If he'd had hands instead of paws, perhaps I could have taught him to make fudge).  Good point about the animal lovers, and the chocolate-feeding to dogs, though - you never know what people will think. sidenote: OMG, though - really, Oscar ate everything and never got sick. One thing I know for sure - he's eating in heaven, hehe. 

**Maybe I could leave Oscars's picture off the website  and brochures altogether? And just hope nobody asks - and I can just tell them, if they do, that I named my company after a beloved friend of mine who died (which is very true, he was indeed my beloved friend. I miss him all the time - he was always there, all the time. There is a big empty hole in my heart now that he is gone).

How am I differentiating myself in terms of service? Polite, on-time, willing to work to make you happy, if it doesn't un-do my entire operational process, if you want something "out of the ordinary". Case in point - someone suggested (a potential client) that  I offer "party trays" the other day to potential corporate accounts. Since there was no reason (really) not to do this,  I investigated it and found it doable. So I am doing it. It is a great idea. But I can't ship them only offer them locally (they do not ship well. But the boxes still do).
 
I also really do just love making fudge. It is indeed fudge made with love - and hopefully I will be able to write copy to get that idea across (I can, I just need to work on it).
 
Promotionally I plan to offer lots of "specials" and  quantity discounts - and possibly a "fudge of the month" club (later on down the line). And I may include a free Christmas ornament with some Holiday orders (not sure yet, still working on it).

Shipping charges are included in pricing for retail customers (party trays are only going to be offerred locally, so that doesn't apply there - and  am still deciding how many sizes of trays to offer as far as that goes) and I am going to need 2 separate brochures, - one for corporate potential accounts, one for individual consumers, and a separate pricing sheet for whole-sale acccounts.

I pretty much have pricing worked out (except for the smallest potential party tray)- but I am going over it again. I want to be sure. I am pretty competitive, although I am remembering that it is always easier to lower a price than it is to raise it, in terms of image and impact.

But I've checked the local market place, and I am competetive, but on the lower end of the price scale. And from a website pricing standpoint that is certainly be true as well (from what I've seen, overall). But  - I have built in a profit into the price that I am comfortable with.

popeye: I've got plenty of funding for at least the first year (trust me, I know how much this is going to cost, and also have built in a safety net for the "un-expected"), but would incorporate if I needed it for later (doing it now might actually be easier, since I am doing everything else now, too. I am seriously considering doing it now.

camille: I like just using just plain Oscar's as well. Or maybe Oscar's Delectables?
 
Thanks for the feed-back, folks. I appreciate all of the helpful comments.

- Susan

< Message edited by SusanofO -- 10/3/2007 12:41:05 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to OrionTheWolf)
Profile   Post #: 31
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 12:41:40 PM   
Rule


Posts: 10479
Joined: 12/5/2005
Status: offline
quote:

ORIGINAL: seeksfemslave
I think you need to include Fudge in the name, but I cant think of anything.

Fudgy Fudges

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Profile   Post #: 32
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 12:43:45 PM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		Rule: Will consider that too, thank you. I like Delcious Delectables (don't get me wrong) it is just being used by quite a few others on the internet, I noticed (both selling meals, and other things as well), But it was a classy name, IMO.

- Susan

< Message edited by SusanofO -- 10/3/2007 12:44:11 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

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Profile   Post #: 33
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:00:08 PM   
came4U


Posts: 3572
Joined: 1/23/2007
From: London, Ontario
Status: offline 		Susan:

How about 'Candy's Confectionary' or 'Crumbles Confectionary'. 

Anything with 'soft' letters, C, D, S, ...unlike hard ones T, R, M. etc.

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Profile   Post #: 34
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:01:04 PM   
Rule


Posts: 10479
Joined: 12/5/2005
Status: offline 		So? Simply add Suzanne's in front: Suzanne's Delicious Delectables. A unique name.
 
As for the Wonka name: it was in a dream and therefore was a dream concept that has a specific interpretation. Without the context of the dream, the Wonka concept in itself cannot be interpreted, however.

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Profile   Post #: 35
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:06:38 PM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		came4u: I kind of like the Crumbles idea. Thanks.

Rule: I think Oscar sent me that idea, via his "vibes" from "the other side" (where he is surely residing, IMO). He knew it would lead to "bigger ideas"...I could add Suzanne to the name (but I like Oscar, in the name, too. Somehow I am feeling he needs to be memorialized. I am undecided.)

I have to be somewhere at 4pm, so have to go get ready - but I really appreciate all of the thoughtful replies, and will be back later.

- Susan

< Message edited by SusanofO -- 10/3/2007 1:11:15 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to Rule)
Profile   Post #: 36
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:07:38 PM   
camille65


Posts: 5746
Joined: 7/11/2007
From: Austin Texas
Status: offline 		Oscar's Kitchen
Scrumptious
Sweet Canapes by Oscar
Sweet Tidings
Oscars Fancies

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~Love your life! (It is the only one you'll get).




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Profile   Post #: 37
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:09:08 PM   
SusanofO


Posts: 5672
Joined: 12/19/2005
Status: offline 		Ooooh. I especially like Oscar's Kitchen and Oscar's Fancies. Thank you, camille.
 
- Susan

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to camille65)
Profile   Post #: 38
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:09:27 PM   
RCdc


Posts: 8674
Status: offline 		How about 'Suzannes Seductives' or 'Seductive Suzannes Confectionary' or Seductive sweets by SuzanneO...
 
Of course you could always go with a kinky selelction too - with 'Fuckme Fudge' instead of the usual 'Vanilla Fancies'...
 
the.dark.

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Profile   Post #: 39
RE: I thought of a new name for my candy biz - opinions... - 10/3/2007 1:11:40 PM   
WinsomeDefiance


Posts: 6719
Joined: 8/7/2007
Status: offline 		Just out of curiosity, how do you plan on making your product unique and individual, to all those others already selling candy?  If you are having problems naming your product, consider what you want to convey to the purchaser.  How do you want to catch their attention?  Work your way back from there.

My son's last name is Cavin.  His liquor store: CaVino's!
Jo sells addictive coffee you can't get enough of:  moJO's

If you have fun with it, I think it is likely your target audience will too.

Suson of O's Fudge:   SO Fudge


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Profile   Post #: 40
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