5 answers
Bryan
Student
Atlantic, Iowa
3
Questions
Asked
987 views
How can I own/manage a business by the age of 25?
I am the age of 17 and I'm looking to own my own business at the age of 25 what would I have todo in Iowa to start getting ready for my business without a degree
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5 answers
Amit Jain
Account Operation Manager
3
Answers
Delhi, DL
Updated
Amit’s Answer
Hi Bryan,
This is a great question.
Please always remember that while having a degree or professional education is valuable, it is your personal instinct, hard work, dedication, and focused approach that will truly pave the way for your success in business. Education is important, but it’s these personal qualities that make the real difference.
First and foremost, plan your business meticulously. Before setting up any business, work at the root level and gain comprehensive knowledge about the industry you are entering. It’s highly beneficial to work in a similar line of business for some time to gather practical insights and hands-on experience. Once you feel confident in your understanding and abilities, you can then plan the launch of your own business.
Equally important is to plan your capital requirements. Think about the space and location as these are crucial factors for your business’s success. Additionally, building connections to effectively market and sell your products is essential. Conducting thorough market research will provide you with a clear understanding of the market landscape and help you make informed decisions.
Remember, success in business requires a blend of education, experience, and personal attributes. Stay dedicated, work hard, and maintain a focused approach to achieve your business goals.
Good Luck for your future!!
This is a great question.
Please always remember that while having a degree or professional education is valuable, it is your personal instinct, hard work, dedication, and focused approach that will truly pave the way for your success in business. Education is important, but it’s these personal qualities that make the real difference.
First and foremost, plan your business meticulously. Before setting up any business, work at the root level and gain comprehensive knowledge about the industry you are entering. It’s highly beneficial to work in a similar line of business for some time to gather practical insights and hands-on experience. Once you feel confident in your understanding and abilities, you can then plan the launch of your own business.
Equally important is to plan your capital requirements. Think about the space and location as these are crucial factors for your business’s success. Additionally, building connections to effectively market and sell your products is essential. Conducting thorough market research will provide you with a clear understanding of the market landscape and help you make informed decisions.
Remember, success in business requires a blend of education, experience, and personal attributes. Stay dedicated, work hard, and maintain a focused approach to achieve your business goals.
Good Luck for your future!!
Yael Ismachowiez
Student at FIU
1
Answer
Miami, Florida
Updated
Yael’s Answer
I recommend getting at least a 2-year associate's degree after high school. You'll learn the basics of finance, financial analysis, and accounting. If you can't handle these on your own, you're not ready to manage business tasks like measuring performance, understanding Income Statements and Balance Sheets, making decisions with ratio analysis, setting prices, and planning for big expenses.
Daniel Howard
Master plumber
7
Answers
Austin, Texas
Updated
Daniel’s Answer
This is a great question with even higher ambitions. There is a trick I found that I would love to share with you. No degree or expenses associated with a degree needed to open and operate a successful business. Texas State University offers a workshop that will teach you how to open and operate any kind of business. The best part is that it’s under $700 and also comes with three years of mentoring. That’s someone who you can call endless times for any kind of business advice you require at the moment. These folks know everything marketing to budgeting, taxes to expense reports. It’s literally only two 450 page books. I’ve personally taken it, and I believe this would be a great help to you. You do not have to show up in person, you can do zoom meetings with them seeing as you’re so far away. I hope this helps you at least a little. Look em up at Texas State University how to start and operate a small business workshop. God bless!
Charlie Jennings
Director of sales
23
Answers
Lexington, Kentucky
Updated
Charlie’s Answer
Bryan,
Starting a business in Iowa involves several key steps. Here’s a general guide to help you get started:
1. Plan Your Business
Choose a business idea and conduct market research.
Write a business plan outlining your goals, strategies, and financial projections.
Decide on a business structure (sole proprietorship, LLC, corporation, etc.).
2. Register Your Business
Choose and register a business name:
Check name availability through the Iowa Secretary of State.
If using a DBA (Doing Business As) name, register it with your county or the state.
Register your business entity with the Iowa Secretary of State (if forming an LLC, corporation, or partnership).
3. Obtain Necessary Licenses and Permits
Obtain a Federal Employer Identification Number (EIN) from the IRS (if required).
Register for Iowa business taxes with the Iowa Department of Revenue if you plan to collect sales tax or have employees.
Obtain local licenses or permits based on your industry (e.g., health, food service, or construction).
4. Set Up Business Finances
Open a business bank account to separate personal and business finances.
Set up an accounting system or hire an accountant.
Secure business insurance (liability, workers' compensation, etc.).
5. Comply with Employer Requirements (if hiring employees)
Register with the Iowa Workforce Development for unemployment insurance.
Follow federal and state employment laws, including workers’ compensation and payroll taxes.
6. Market and Grow Your Business
Create a website and social media presence.
Develop a marketing strategy to attract customers.
Network with local business organizations and chambers of commerce.
I know this seems like a lot, but just take it one step at a time and you'll get through it.
Good Luck!
Charlie
Search
Reason
Starting a business in Iowa involves several key steps. Here’s a general guide to help you get started:
1. Plan Your Business
Choose a business idea and conduct market research.
Write a business plan outlining your goals, strategies, and financial projections.
Decide on a business structure (sole proprietorship, LLC, corporation, etc.).
2. Register Your Business
Choose and register a business name:
Check name availability through the Iowa Secretary of State.
If using a DBA (Doing Business As) name, register it with your county or the state.
Register your business entity with the Iowa Secretary of State (if forming an LLC, corporation, or partnership).
3. Obtain Necessary Licenses and Permits
Obtain a Federal Employer Identification Number (EIN) from the IRS (if required).
Register for Iowa business taxes with the Iowa Department of Revenue if you plan to collect sales tax or have employees.
Obtain local licenses or permits based on your industry (e.g., health, food service, or construction).
4. Set Up Business Finances
Open a business bank account to separate personal and business finances.
Set up an accounting system or hire an accountant.
Secure business insurance (liability, workers' compensation, etc.).
5. Comply with Employer Requirements (if hiring employees)
Register with the Iowa Workforce Development for unemployment insurance.
Follow federal and state employment laws, including workers’ compensation and payroll taxes.
6. Market and Grow Your Business
Create a website and social media presence.
Develop a marketing strategy to attract customers.
Network with local business organizations and chambers of commerce.
I know this seems like a lot, but just take it one step at a time and you'll get through it.
Good Luck!
Charlie
Search
Reason
David Ludwick
Business Owner
49
Answers
Huntington Beach, California
Updated
David’s Answer
Hi Bryan,
It's impressive that you're planning ahead to own and manage a business by age 25. Starting early gives you a significant advantage. In Iowa, you don't need a college degree to become a successful entrepreneur. Here's a step-by-step guide to help you prepare over the next eight years:
Age 17–18: Lay the Foundation
1. **Explore Your Interests and Skills**
Identify industries or problems you're passionate about
Engage in part-time jobs, internships, or volunteer work to gain experience
2. **Learn Business Basics**
Utilize free resources from [America’s SBDC Iowa](https://iowasbdc.org/resources-startingabusiness/), including their "Start Smart" on-demand training
Study topics like marketing, finance, and customer service through online platforms
3. **Develop a Business Idea**
Identify a problem you can solve or a unique product/service you can offer
Validate your idea by seeking feedback from potential customers
Age 19–21: Build Skills and Networks
4. **Create a Business Plan**
Outline your business goals, target market, marketing strategies, and financial projection.
Use templates and guides from the [SBDC](https://iowasbdc.org/resources-startingabusiness/) to assist you.
5. **Gain Industry Experience**
Work in roles related to your business idea to understand the industry's nuance
Network with professionals and attend industry events in Iowa
Age 22–24: Launch Preparations
6. **Choose a Business Structure**- Decide between a sole proprietorship, LLC, or corporation For an LLC, file a Certificate of Organization with the Iowa Secretary of State
7. **Register Your Business**- Use Iowa's [Fast Track Filing system](https://sos.iowa.gov/businesses/business-entity-forms-and-fees) to register your business name and entity.- Obtain an Employer Identification Number (EIN) from the IRS.
8. **Secure Necessary Licenses and Permits**- Register for state taxes and obtain relevant permits through [GovConnectIowa](https://revenue.iowa.gov/taxes/file-my-taxes/business-taxes/starting-busines). Check with local city or county offices for additional licensing requirements
Age 25: Launch Your Business
9. **Set Up Operations*
Establish a business bank account to separate personal and business finanes.
Implement accounting and inventory management systms.
10. **Market Your Business*
Develop a marketing strategy utilizing social media, local advertising, and community events.
Consider creating a website and registering your business on Google
11. **Seek Ongoing Support*
Continue consulting with SBDC advisors for guidance.- Stay updated on industry trends and continuously seek customer feedback for improvement.
Additional Tips
- **Financial Literacy. Understand budgeting, saving, and investing to manage your business finances effectively
- **Mentorship. Connect with experienced entrepreneurs through local business associations or networking events.
- **Continuous Learning: Stay curious and adaptable to new technologies and market changes.
Starting your entrepreneurial journey early positions you for long-term success. Leverage the resources available in Iowa, such as the [Iowa Small Business Development Centers](https://iowasbdc.org/), to guide you through the process. With dedication and strategic planning, you'll be well on your way to owning and managing your business by 25
It's impressive that you're planning ahead to own and manage a business by age 25. Starting early gives you a significant advantage. In Iowa, you don't need a college degree to become a successful entrepreneur. Here's a step-by-step guide to help you prepare over the next eight years:
Age 17–18: Lay the Foundation
1. **Explore Your Interests and Skills**
Identify industries or problems you're passionate about
Engage in part-time jobs, internships, or volunteer work to gain experience
2. **Learn Business Basics**
Utilize free resources from [America’s SBDC Iowa](https://iowasbdc.org/resources-startingabusiness/), including their "Start Smart" on-demand training
Study topics like marketing, finance, and customer service through online platforms
3. **Develop a Business Idea**
Identify a problem you can solve or a unique product/service you can offer
Validate your idea by seeking feedback from potential customers
Age 19–21: Build Skills and Networks
4. **Create a Business Plan**
Outline your business goals, target market, marketing strategies, and financial projection.
Use templates and guides from the [SBDC](https://iowasbdc.org/resources-startingabusiness/) to assist you.
5. **Gain Industry Experience**
Work in roles related to your business idea to understand the industry's nuance
Network with professionals and attend industry events in Iowa
Age 22–24: Launch Preparations
6. **Choose a Business Structure**- Decide between a sole proprietorship, LLC, or corporation For an LLC, file a Certificate of Organization with the Iowa Secretary of State
7. **Register Your Business**- Use Iowa's [Fast Track Filing system](https://sos.iowa.gov/businesses/business-entity-forms-and-fees) to register your business name and entity.- Obtain an Employer Identification Number (EIN) from the IRS.
8. **Secure Necessary Licenses and Permits**- Register for state taxes and obtain relevant permits through [GovConnectIowa](https://revenue.iowa.gov/taxes/file-my-taxes/business-taxes/starting-busines). Check with local city or county offices for additional licensing requirements
Age 25: Launch Your Business
9. **Set Up Operations*
Establish a business bank account to separate personal and business finanes.
Implement accounting and inventory management systms.
10. **Market Your Business*
Develop a marketing strategy utilizing social media, local advertising, and community events.
Consider creating a website and registering your business on Google
11. **Seek Ongoing Support*
Continue consulting with SBDC advisors for guidance.- Stay updated on industry trends and continuously seek customer feedback for improvement.
Additional Tips
- **Financial Literacy. Understand budgeting, saving, and investing to manage your business finances effectively
- **Mentorship. Connect with experienced entrepreneurs through local business associations or networking events.
- **Continuous Learning: Stay curious and adaptable to new technologies and market changes.
Starting your entrepreneurial journey early positions you for long-term success. Leverage the resources available in Iowa, such as the [Iowa Small Business Development Centers](https://iowasbdc.org/), to guide you through the process. With dedication and strategic planning, you'll be well on your way to owning and managing your business by 25