4 answers
Ciara
Student
Healdsburg, California
2
Questions
Asked
340 views
How do I open my own business?
How do I start planning on opening my own business at 17?
Tips? Advice? Steps?
Hie do I get the medication and energy to start now?
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4 answers
Donald Knapik
VP/ Founding Member at DO iT, LLC
77
Answers
Paoli, Pennsylvania
Updated
Donald’s Answer
Dear Clara,
Embarking on a business journey at the tender age of 17 might seem challenging. Indeed, most states have an age threshold for entering legal contracts or obtaining regulatory approval to kick-start a business. Similarly, securing capital may be a hurdle due to banking restrictions. However, these limitations should not deter you. Instead, consider this as a golden opportunity to start planning your business venture. The gap between your current age and the legal age serves as a timeline for launching your business. During this period, you can strategize, complete necessary paperwork, and explore medical coverage options. Engage with local officials to discover what healthcare services are accessible to an aspiring entrepreneur like you.
Every day, countless businesses are launched worldwide, with investments ranging from a handful of dollars to enormous sums. The journey of an entrepreneur can be daunting, but with the right knowledge, support, and experience, it can be less intimidating. It requires immense dedication and perseverance to initiate a business and drive its growth. Here are some starting points to help you lay a solid foundation:
Begin with a "Business Journal," a platform to meticulously outline your business vision. This will serve as the cornerstone of your ideas. When I was in your shoes, I found it challenging to keep all my thoughts organized in my head. Documenting them helped me avoid repetitive thinking. You can start this today and gradually build your business plan from it. Irrespective of whether you prefer digital or paper, make sure to record your thoughts for future reference and revision. As you progress, note down the dates and reasons for any changes in your thoughts.
Consider incorporating a "mission statement" to maintain your focus. This statement can be a simple sentence or a comprehensive document that encapsulates your business's core values. My mission was to solve problems for individuals and businesses by offering them hard-to-find products and services at fair prices, ensuring high customer satisfaction. Every decision I made was guided by the question, "How will this contribute to the success of my business?"
While good ideas are plentiful, transforming them into profitable goods and services is not a task for the faint-hearted. It demands robust personal communication skills, sales aptitude, and technical knowledge to market and sell your product or service. Do you have the financial backing to embark on your venture? If you're living at home and have your basic needs covered, that's a great start. However, if you lack any of these resources, you'll need to secure them while setting up your business. Starting a business on a tight budget is challenging and can add to the inherent stress of a startup. Do you possess the self-discipline, motivation, and commitment to your venture?
Do you have the essential skills to start the business? These include analytical abilities, financial tools, marketing strategies, etc. It's beneficial to identify the resources you need, the ones you have, and the gap between them. Bridging this gap with resources is a crucial part of your business planning and should be documented in your "business journal."
Have you defined your business, identified your potential customers, and understood why they would purchase your products or services? Have you researched other companies in your field? How would you set your business apart from theirs?
Once you've answered these questions, you'll be prepared to draft a formal business plan, fulfill all regulatory requirements, and refine your concept and delivery scheme.
If your business involves something you're passionate about and believe will positively impact your community, your customers, and your finances, you're likely on the right track. Everything I've suggested costs nothing to implement. You can start today, and you'll be well on your way to establishing your own business.
Best of luck with this venture.
Don Knapik
Contact your State Deartment and get the requirements for starting a business and the minimum age requirement.
Talk to business owners in your community and ask them about the way they went about starting their businesses.
Ask your business course teachers to give you feedback on what you want to do.
Embarking on a business journey at the tender age of 17 might seem challenging. Indeed, most states have an age threshold for entering legal contracts or obtaining regulatory approval to kick-start a business. Similarly, securing capital may be a hurdle due to banking restrictions. However, these limitations should not deter you. Instead, consider this as a golden opportunity to start planning your business venture. The gap between your current age and the legal age serves as a timeline for launching your business. During this period, you can strategize, complete necessary paperwork, and explore medical coverage options. Engage with local officials to discover what healthcare services are accessible to an aspiring entrepreneur like you.
Every day, countless businesses are launched worldwide, with investments ranging from a handful of dollars to enormous sums. The journey of an entrepreneur can be daunting, but with the right knowledge, support, and experience, it can be less intimidating. It requires immense dedication and perseverance to initiate a business and drive its growth. Here are some starting points to help you lay a solid foundation:
Begin with a "Business Journal," a platform to meticulously outline your business vision. This will serve as the cornerstone of your ideas. When I was in your shoes, I found it challenging to keep all my thoughts organized in my head. Documenting them helped me avoid repetitive thinking. You can start this today and gradually build your business plan from it. Irrespective of whether you prefer digital or paper, make sure to record your thoughts for future reference and revision. As you progress, note down the dates and reasons for any changes in your thoughts.
Consider incorporating a "mission statement" to maintain your focus. This statement can be a simple sentence or a comprehensive document that encapsulates your business's core values. My mission was to solve problems for individuals and businesses by offering them hard-to-find products and services at fair prices, ensuring high customer satisfaction. Every decision I made was guided by the question, "How will this contribute to the success of my business?"
While good ideas are plentiful, transforming them into profitable goods and services is not a task for the faint-hearted. It demands robust personal communication skills, sales aptitude, and technical knowledge to market and sell your product or service. Do you have the financial backing to embark on your venture? If you're living at home and have your basic needs covered, that's a great start. However, if you lack any of these resources, you'll need to secure them while setting up your business. Starting a business on a tight budget is challenging and can add to the inherent stress of a startup. Do you possess the self-discipline, motivation, and commitment to your venture?
Do you have the essential skills to start the business? These include analytical abilities, financial tools, marketing strategies, etc. It's beneficial to identify the resources you need, the ones you have, and the gap between them. Bridging this gap with resources is a crucial part of your business planning and should be documented in your "business journal."
Have you defined your business, identified your potential customers, and understood why they would purchase your products or services? Have you researched other companies in your field? How would you set your business apart from theirs?
Once you've answered these questions, you'll be prepared to draft a formal business plan, fulfill all regulatory requirements, and refine your concept and delivery scheme.
If your business involves something you're passionate about and believe will positively impact your community, your customers, and your finances, you're likely on the right track. Everything I've suggested costs nothing to implement. You can start today, and you'll be well on your way to establishing your own business.
Best of luck with this venture.
Don Knapik
Donald recommends the following next steps:
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
222
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Take a look at this workbook; it might give some good help.
https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng
https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng
david kirk
Retired Computing Manager
472
Answers
Syracuse, New York
Updated
david’s Answer
I encourage you to review your plans carefully, as going into business is not cheap. To be successful, here are some of the issues:
- you need a polished website to attract customers
- you need a polished advertising campaign to tell people about your business
- Whether you sell a service or a product, you need liability insurance to protect you from lawsuits
- If you sell a product, you need a well-defined warranty and return policy
- if you sell a service, you need a well-written contract to clarify your services and to minimize lawsuits
- if you plan to have a physical presence, you need to rent space, have property insurance, buy furniture, and have at least one employee to ensure the business is open.
- you need tax and legal advice. For example, if you sell over the internet to other states, you need to collect and file taxes in multiple locations.
- if this business is to be your sole source of income, you should have sufficient funds to live on for the first six months.
There is more, but this is a start. I wish you well.
- you need a polished website to attract customers
- you need a polished advertising campaign to tell people about your business
- Whether you sell a service or a product, you need liability insurance to protect you from lawsuits
- If you sell a product, you need a well-defined warranty and return policy
- if you sell a service, you need a well-written contract to clarify your services and to minimize lawsuits
- if you plan to have a physical presence, you need to rent space, have property insurance, buy furniture, and have at least one employee to ensure the business is open.
- you need tax and legal advice. For example, if you sell over the internet to other states, you need to collect and file taxes in multiple locations.
- if this business is to be your sole source of income, you should have sufficient funds to live on for the first six months.
There is more, but this is a start. I wish you well.
Catherine Ty
Store Owner/Buyer
10
Answers
Quezon City, Metro Manila, Philippines
Updated
Catherine’s Answer
Always start small in your business. Plan wisely so that you will succeed. Make sure your business will be in demand , make enough or a lot of profit for you to sustain your needs and your business as well . Take care of your health and get well soon. May your business earn enough money to maintain your business alive and full of earnings.