TOPIC: Business Plans

Hi folks
been reading along for a couple years, just joined. I've got a spot, a decent wild population on it, and started a wild simulated operation last year. I'm doing it slow steady and by the book, for better or worse. Have really enjoyed TNhunters videos on you tube. I'm reading Scott Persons newest book and don't come across anything about taxes. Do you start an LLC, DBA, I'd like to have that stuff planned out also. If the IRS starts sniffin around for their cut in ten years I want to take advantage of any deductions now. Thanks for any advise
ps. I have a written plan and I'm documenting every thing

rpdgrump,

Welcome aboard. Those are some nice looking berries you have there. Were you able to grow those this past summer? They were a pretty hard commodity to come by in most places this past year because of the hot dry weather. Again, welcome to the forum, and good luck with you new plantings. I try to keep much of my info on my website or on yearly calendars so that I can look back on things to see where I have made applications or plantings. The financial things go into another area for yearly use.
We look forward to a lot of input from you with more good pictures.
Hugh

Thanks
The drought didn't do the fruit trees or corn any good, but broke early enough around my part of NY state, so that the ginseng did ok. Berried real early though. This north facing slope has spring water bubbling out all over year round, and is under a foot of snow right now. Got about 175 of the ripe berries in the ground and two pounds of seed. Hopefully there will be seedlings to count. Either way I'm in it for the long haul.
Bob D

rpdgrump, As Hugh said Welcome Aboard. Sounds like you are well on your way already. Good luck and I look forward to reading your post in the future.
Latt

rpdgrump,

Agee with others - nice looking berry pod and from what I can see of the ground there sure looks like a nice spot for seng to grow.

Glad you liked my youtube vids. I need to get mine for 2012 year done and posted - just have not found time to do that yet.

You ask some good questions on the business side.

So far all I am doing is keeping track of expenses and documenting everything. I sure don't want to pay the IRS anymore than I have to - they are already taking more from my paycheck than I want.

I noticed a place in TurboTax where you can simply show income from a hobby and you can also specify expense for that.
Don't suppose it could be that simple.

I guess that might depend on how big of an operation (or hobby) you have

It's going to be a few years before I start selling any wild sim - I just started planting in 2010.

Should have some 3 prongs up this year - can't wait for that.

Welcome to the forum !

TNhunter

Thanks

TN get those videos up , its the only thing to keep me from climbing the walls while I wait for snow to melt . especially since trapping season is over. I don't have a video camera but I'll post some pics of my progress heres one of my natives ,the deer got the flower or it might of had some great berries. That turbo tax thing sounds interesting I'll check it out

rpdgrump,

Used to do a little trapping myself...

Back in the 80's when Fur down here in the south was actually worth something. We used to get in the 20.00-24.00 range for a nice coon.

Me and my trapping buddy ran several stretches of a local river by flat bottom boat - usually making anywhere from 8 to 14 miles on the river over long weekends with 200-250 sets out on the last night... and we made it hard on em.

TNhunter

I personally do not like to put the cart before the horse.

I agree, I also cant wait for the day I have so much Wild Simulated Sang that my business partners and I couldn't handle digging in a season.

Latt, How much of a price difference in your area from Wild Simulated vs Woods Grown ? Im curious to hear what you think is causing the issue with your sang.

GinsengGeek,
Honestly, I have not kept up on it. I know others that are farther along than I could better answer your question. I am still growing Wild Simulated style so time will tell. I am in year 2,3,4 and 5 with different plantings. I have a ways to go still. I probably will not dig until year 12 or so. My roots are growing in a forest with heavy canopy and my roots are small in size. So I will not be able to dig at year 10 like some may be able to do.
Thanks,
Latt