4 answers
Aiyanah
Student
Garland, Texas
1
Question
Asked
302 views
How do I start my own business at only 15?
I'm 15 years old and my family is struggling with debt. I want to help so that I can pay off their debt and move out but I don't know how to start my own business.
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4 answers
VINOTHRAJA P
4
Answers
Bengaluru, Karnataka, India
Updated
VINOTHRAJA’s Answer
Hey, Really good at age of 15 to thinking on your own business even your family on debit. There are many successful stories!!!
There is no age limit on being an entrepreneur. Also parents and guardians can file on behalf of minor children if any LLC requirement .
1. Get your unique idea for business and identify your primary skill (Plan)
2. Workout how differently you are going to proceed yours, study area market demand (Structure)
3. Plan either Product (May need nominal amount ) or Service as a Business or both (Choose)
4. Discuss with experienced ones about your idea and get their suggestions (Legal)
5. Go for low risk / loss business initially (Start)
There is no age limit on being an entrepreneur. Also parents and guardians can file on behalf of minor children if any LLC requirement .
1. Get your unique idea for business and identify your primary skill (Plan)
2. Workout how differently you are going to proceed yours, study area market demand (Structure)
3. Plan either Product (May need nominal amount ) or Service as a Business or both (Choose)
4. Discuss with experienced ones about your idea and get their suggestions (Legal)
5. Go for low risk / loss business initially (Start)
Rebecca Tang
Banking
1499
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. Appreciate your courage and kindness to assist your family to pay off the debt.
Other than running your business, have you considered to do part time job to earn some income?
On the other hand, have your thought about what industry you would like to run your business?
Below are my suggestions :
Run your business
1. Consider what you have strength, hobbies, etc. and identify related business
2. Do some analysis on the industry, e.g. what is the entry criteria, licensing, competition status, etc.
3. Suggest to do it in small scale and online to minimize the start up cost
Part time job
1. Explore the part time job opportunities, e.g. School Library, Fast Food chain, Supermarkets, Education Centre,. etc.
2. Ensure the job is suitable for teenager and safe
3. Seek guidance from your mentor and parents before taking your job
Hope this helps! Good Luck!
Other than running your business, have you considered to do part time job to earn some income?
On the other hand, have your thought about what industry you would like to run your business?
Below are my suggestions :
Run your business
1. Consider what you have strength, hobbies, etc. and identify related business
2. Do some analysis on the industry, e.g. what is the entry criteria, licensing, competition status, etc.
3. Suggest to do it in small scale and online to minimize the start up cost
Part time job
1. Explore the part time job opportunities, e.g. School Library, Fast Food chain, Supermarkets, Education Centre,. etc.
2. Ensure the job is suitable for teenager and safe
3. Seek guidance from your mentor and parents before taking your job
Hope this helps! Good Luck!
david kirk
Retired Computing Manager
472
Answers
Syracuse, New York
Updated
david’s Answer
Hi, Aiyana,
You are an amazing young woman, anxious to help her parents. I do sincerely admire your intentions, but I advise you NOT to start a business. Taking a part-time job is admirable and can help, but your REAL job today is getting an education. I couldn't be more serious in this. You need an education to prepare you for a satisfying career, and I'm sure your parents share my views. They love you, Aiyana, and want the best for you. Starting a business is time-consuming and would seriously prevent you from your school studies. Although it may seem irrelevant, you are still a teenager who needs some social involvement as part of the maturing process of growing up. I will also add that starting a business requires money at the outset. No business shows a profit immediately, whereas a part-time job pays you from the first day. I wish you well, Aiyana. These are big decisions that you should not need to be making at your age. Take care.
You are an amazing young woman, anxious to help her parents. I do sincerely admire your intentions, but I advise you NOT to start a business. Taking a part-time job is admirable and can help, but your REAL job today is getting an education. I couldn't be more serious in this. You need an education to prepare you for a satisfying career, and I'm sure your parents share my views. They love you, Aiyana, and want the best for you. Starting a business is time-consuming and would seriously prevent you from your school studies. Although it may seem irrelevant, you are still a teenager who needs some social involvement as part of the maturing process of growing up. I will also add that starting a business requires money at the outset. No business shows a profit immediately, whereas a part-time job pays you from the first day. I wish you well, Aiyana. These are big decisions that you should not need to be making at your age. Take care.
Ernesto Ocana
Financial Analyst
2
Answers
San Ramon, California
Updated
Ernesto’s Answer
Hey Aiyanah! 😊 It's so awesome that you're considering starting your own business, and it looks like you've already received some advice from others. However, it's important to tackle the core issue here. It's true that you can help your parents pay off their debt, but you might wonder if they'd end up in a similar situation again down the line.
When I work with clients, I like to conduct a comprehensive financial analysis, which includes addressing debt, establishing a budget, cutting down on expenses, and creating a strategy to pay off debts. It's crucial for your parents to have a budget that ensures they spend less than they make each month, and then utilize any extra income to tackle their debt. Sometimes, this might even involve finding additional sources of income.
It's fantastic that, as a young person, you're already learning about the challenges of debt and the often-difficult journey to becoming debt-free. Remember, never hesitate to ask for help! There are plenty of people like me who are more than happy to lend a hand. Good luck, and keep up the awesome work!
Have your parents talk to someone about budget planning and debt elimination.
When I work with clients, I like to conduct a comprehensive financial analysis, which includes addressing debt, establishing a budget, cutting down on expenses, and creating a strategy to pay off debts. It's crucial for your parents to have a budget that ensures they spend less than they make each month, and then utilize any extra income to tackle their debt. Sometimes, this might even involve finding additional sources of income.
It's fantastic that, as a young person, you're already learning about the challenges of debt and the often-difficult journey to becoming debt-free. Remember, never hesitate to ask for help! There are plenty of people like me who are more than happy to lend a hand. Good luck, and keep up the awesome work!
Ernesto recommends the following next steps: