I m 19 right now, 20 in February, and I have pretty much always just known that someday I wanted to just start my own business doing whatever it is I choose to do in life. Everything about the idea appeals to me, and I still would like to do that sometime in the future.Especially recently I have been thinking about it all the time, being increasingly unhappy doing that jobs that I ve had and I ve been thinking of more and more details of what my business would be. However, I know there are many, many obstacles to overcome before you can actually begin to start your own business, including financial requirements. That s why I am asking what people s opinions are of someone between the ages of 20 and 25 starting their own business and what specific obstacles you think they may face in the process or even how much money you need to save/take out a loan for before you get started.I would eventually like my business to be somewhat an eclectic fusion of interests. Firstly, I think areas around where I live would definitely use a place for teenagers/young adults to hang out, relax, hear good music, see/buy some art, have a good bite or a drink, and mingle. So I was thinking of somewhat of a hookah bar with a cafe and possibly also a bar. I personally have a passion for photography, so ideally I d like to have my studio right next door to the cafe and possibly display some of my photos in the cafe, as well. My boyfriend also has a passion for sculpture welding, so I d like for him to have his own studio space connected to mine and we could also display some of his artwork in the cafe.It would be ideal if there were a few apartments above the space we buy for all of this so we could make a little extra money on the side, so that s also another factor in all of this is 2-4 rental spaces above the business.Lastly, I d like to eventually be able to have musicians and bands play live in the cafe once or twice a month, as well as display the artwork of anyone who would like us to.So that is what my plan for my business would be like. So now I m just curious exactly how easily or how hard someone between 20 and 25 and another partner between 22 and 27 could open up a business of that sort (how much we d need to save/take a loan for and what obstacles we may face).Thank you! I really appreciate anyone s input.
21 to buy and sell alcoholAnd age doesn t really matter on starting a business, per say. Its more about maturity, product, likability, strong stature, and commitment day after day to work doing something you love.You should try taking an accounting class at your local technical college to learn how to manage money and analyze these things to get you on the right track. A banker can offer assistance with common knowledge questions. If no accounting class, you would have to hire an accountant or CPA. (Note: it is NEVER wise to go into business until you thoroughly know how everything works with a business venture, and how to do everything associated with running the business, most importantly the bookkeeping records needed with time deadlines, which includes some basic algebra.Anything other than this and you are going in blind and could lose your shirt by someone skimming off the books (taking your cash), stealing inventory because you never take a count anyway so nobody ever knows (money spent creating it lost, time spent lost, profit lost). If it is noticed, its usually not until things are too muddled to render an outcome as to where it is, what happened, or who stole it. Its usually assumed broken or lost by accounting records and forgotten, even though that type thing doesn t look good on your records should the IRS knock on your door.If no one is held accountable the culprit gets away with it and could still be in your employ... and nobody ever means for it to happen.No ones pattern is ever the same as someone else s, so don t act on what someone says they did. You have to verify things over and over again, making sure the idea is a right fit for your company, then incorporate it in.You would need at least $200,000 - $1 million just for the opening down-payment, cash for fees that would be incurred in transferring the deed $20,000, cash left in the bank to operate for 3 - 6 months (based on your expense projection), at least 3 strong personal references (like friends and family), references from business associates of a higher stature than yourself that have known you for at least 2-5 years in a business capacity that can vouch for your being an upstanding citizen capable of operating a business such as the one you are proposing, A1 credit history with no blunders from you (and sometimes your references), proof that your product can and will sell, and how you will go about it.Starting out with buying a building the size and shape you are speaking of must mean you have a trust fund, family money, savings, stocks, and/or bonds for this venture, as well as several people with the collateral and clout it would take to help you buy or finance such a building.Good Luck!I hope this helped!
I personally think you can startba business at any age so long as you know what you are doing, all the legal requirements etc. I started my business when i turned 20 and have never looked back.But I would suggest sitting down with an accountant just to talk and start a business plan as if you need a loan of some kind you will need a business plan.Try giving Samantha at SS Bookkeeping Accountancy Services a call she is very good, has helped me loads. You can find her details on www.freeindex.co.u under accountants in sheffield.
Perhaps now is the time to start your business. The first step is to do a formal business plan which should include your financial forecast and budget. In order to do that you ll need to do a market feasibility study so you can incorporate those figures into your financial forecast and budget. There is no minimum age for starting a business. You start it when the time is right for the community that you re about to invest in as well as when the time is right for you personally. If your idea is good and well received in the community than you ll be able to find private investors and/or obtain bank loans.Best of luck,Gina
By law, you have to be 18plus to star your own business, totally on your name. Other things, judge yourself. My auntie was 16 when she set up her first business (ok, on my grandma s name and with grandparents help)- it was a grocery stall on a local market. She become very successful businesswoman, got three wholesales before she retired.
