RobertCFP
New
Well, folks, perhaps some of you can provide some great insight. I want to hang up my shingle, so to speak, and train people to dive. We have one other instructor here in Del Rio, and he's running independent as well. He's got a trailer, compressor, several sets of student gear, all the trappings. He's making a pretty good go of it, too. I'd like to utilize many of the same ideas that have worked well for him over the past couple of decades.
However, when it comes to setting up the business, I think he's taking a few more chances than I'd feel comfortable with, particularly in areas the IRS likes to play in. I will be working with, but not for, a local dive shop. They really on just sell and rent equipment, so it will be somewhat of a symbiotic relationship than any sort of partnership.
So, the question I have for any independent instructors out there is this: What kind of business model have you set yourself up as and what have been the pros & cons? Some may have chosen to setup as an LLC or sole proprietorship or whatever. The only experience I've had with my own business is when I had a band...we were a limited liability partnership, which worked out well (even if the band eventually didn't
).
However, when it comes to setting up the business, I think he's taking a few more chances than I'd feel comfortable with, particularly in areas the IRS likes to play in. I will be working with, but not for, a local dive shop. They really on just sell and rent equipment, so it will be somewhat of a symbiotic relationship than any sort of partnership.
So, the question I have for any independent instructors out there is this: What kind of business model have you set yourself up as and what have been the pros & cons? Some may have chosen to setup as an LLC or sole proprietorship or whatever. The only experience I've had with my own business is when I had a band...we were a limited liability partnership, which worked out well (even if the band eventually didn't
).
