Getting a Home-Based FFL (Part 1 – Overview)

After clarifying that it would imply some additional income and get me out of the home, I ultimately got an endorsement from my wife to pursue an FFL. When I went through the procedure, I thought it would be advantageous to our readers to write down my experiences and demonstrate that it will (optimistically) be a comparatively easy procedure. The intention is getting an FFL (Category 01) having a SOT (03) for Grade III NFA objects.
Future TFB Class III analyses, anybody?
First and foremost important, an FFL is NOT only for private use. You MUST “plan on engaging in a guns business” (i.e., selling, purchasing, and transferring). If the Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE) discovers that the license was used contradictory to this condition, the FFL is instantly forfeited and fines imposed on you. It’s mentioned even on the FFL application:
The Form 7 (FFL Application) is pretty unambiguous. Do NOT put forward an application if you don’t plan to make a profit or only obtain private guns.
Given the above, it’s crucial to have a solid program to meet BATFE requirements. In my scenario, my business strategy is to sell to my expanded network including family, friends, and carry out transfers for online procurements which other people do through GunBroker, etc. When I have the SOT, I intend on drawing upon my IT experience and launching a site for suppressor sales (Indiana now allowed hunting with suppressors). 
Although my Forum-Fu and Google are pretty good, personally I like having checklists and guides. It simply assists keep things ordered. Based on my study, I bought the guides and had been amazed at the subject matter thus far.
All through this series, it’s my intention to get and exemplify the complete procedure of obtaining a home-based FFL. All through each section, I will keep a running tab of my expenses, how long it took, and document the problems I faced. With the guide’s assistance, I hope to write on the following:
1.    Applying for the SOT 3 – (Class III)
2.    First Customers & Transfers
3.    Setting up Bank Accounts, Accepting Credit Cards & Processing
4.    Getting Registered in NICS
5.    Receiving the FFL
6.    ATF Interview
7.    Submitting the Application
8.    Zoning & Local Permits
9.    Creating My Company
10. The Right FFL Type for Me