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I want to start a business, where do i start?
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I want to start a business, where do i start?Posted:
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I'm a senior in high school and had an idea to start a business. I already have the main concept of the business thought out, all I need to know is where do I start?
Like what do I have to do right out of college to get this going?
What do I need to know, and what will help me along the way?
Also is there anything I can do now in present time to maybe make the process easier for me later. (besides saving money)
and no, I won't be giving the idea out due to obvious reasons.
Like what do I have to do right out of college to get this going?
What do I need to know, and what will help me along the way?
Also is there anything I can do now in present time to maybe make the process easier for me later. (besides saving money)
and no, I won't be giving the idea out due to obvious reasons.
#2. Posted:
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It will be EXTREMELY hard for you to start a company out of high school You will dump a ton of money just in start up costs. You need equipment, employees, advertisement, etc.
One of the first things you need to establish is how much liability do you need? If it's something where someone can get injured, you want to be an LLC. If liability isn't so much an issue you could do a partner ship or entrepreneurship.
I don't think it's the best idea to try and start up a business right now. You should work for a few companies to understand how they work, and what you need to do. Understand that the first couple years of business you will lose money, and most businesses fail in that period. I feel that you would just throw away all your money and get no where.
One of the first things you need to establish is how much liability do you need? If it's something where someone can get injured, you want to be an LLC. If liability isn't so much an issue you could do a partner ship or entrepreneurship.
I don't think it's the best idea to try and start up a business right now. You should work for a few companies to understand how they work, and what you need to do. Understand that the first couple years of business you will lose money, and most businesses fail in that period. I feel that you would just throw away all your money and get no where.
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#3. Posted:
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Same way I did. Get some money or investors, find the cheapest and best way you could make your product, and put lots of time in it to have everything setup. Shit, It took me 6 months to get products and an online store setup. And I'm only 17 lol.
Edit: You will also need an LLC if you are going to be a solo owner, or an LLP if you are co-owning your business, and they aren't cheap.
Edit: You will also need an LLC if you are going to be a solo owner, or an LLP if you are co-owning your business, and they aren't cheap.
Last edited by Ligma ; edited 1 time in total
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#4. Posted:
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Need lots of money, start in college by getting a business degree and then maybe an accountant degree or something like that.
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#5. Posted:
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If you are going to go and get a business loan from the bank you will need a 50-80 page business plan.
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#6. Posted:
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Mickers wrote If you are going to go and get a business loan from the bank you will need a 50-80 page business plan.
DO NOT GET A LOAN. It wouldn't be the wisest idea, Especially if you have no money saved up. If your plan fails and your company goes south you will be in debt.
What the first guy said was wise. I like his idea.
*at least save up a few thousands before you start
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#7. Posted:
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get used to losing half your money in taxes too...
just get a bunch of investor and tell them that their investment fell through
just get a bunch of investor and tell them that their investment fell through
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#8. Posted:
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Effective wroteMickers wrote If you are going to go and get a business loan from the bank you will need a 50-80 page business plan.
DO NOT GET A LOAN. It wouldn't be the wisest idea, Especially if you have no money saved up. If your plan fails and your company goes south you will be in debt.
What the first guy said was wise. I like his idea.
*at least save up a few thousands before you start
Just giving him some information.
But yeah always go to families and friends first.
Bank loans are HARSH.
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#9. Posted:
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002 wrote It will be EXTREMELY hard for you to start a company out of high school You will dump a ton of money just in start up costs. You need equipment, employees, advertisement, etc.I'm employed at the moment and have been employed for various different companies, I'm not too worried about liability but I have plans to expand the business once I get it started and may have to worry about it then. I know its going to be a lot of money to start out and I've been saving for quite some time. Could I start the business out as a partnership and later turn it into an LLC?
One of the first things you need to establish is how much liability do you need? If it's something where someone can get injured, you want to be an LLC. If liability isn't so much an issue you could do a partner ship or entrepreneurship.
I don't think it's the best idea to try and start up a business right now. You should work for a few companies to understand how they work, and what you need to do. Understand that the first couple years of business you will lose money, and most businesses fail in that period. I feel that you would just throw away all your money and get no where.
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#10. Posted:
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Libra wrote002 wrote It will be EXTREMELY hard for you to start a company out of high school You will dump a ton of money just in start up costs. You need equipment, employees, advertisement, etc.I'm employed at the moment and have been employed for various different companies, I'm not too worried about liability but I have plans to expand the business once I get it started and may have to worry about it then. I know its going to be a lot of money to start out and I've been saving for quite some time. Could I start the business out as a partnership and later turn it into an LLC?
One of the first things you need to establish is how much liability do you need? If it's something where someone can get injured, you want to be an LLC. If liability isn't so much an issue you could do a partner ship or entrepreneurship.
I don't think it's the best idea to try and start up a business right now. You should work for a few companies to understand how they work, and what you need to do. Understand that the first couple years of business you will lose money, and most businesses fail in that period. I feel that you would just throw away all your money and get no where.
You could, but you would have to purchase your LLC license
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