17 years old - Trying to start a small business

Discussion in 'Starting a Business' started by An Alien, Mar 4, 2011.

  1. An Alien

    An Alien
    uix_expand uix_collapse
    Member

    Joined:
    Jan 17, 2011
    Messages:
    89
    Likes Received:
    5
    Hi, I want to open a small shop. I have my father to back me up. He already has two businesses and wants to support me. But do you guys thing I can do it? I just want to open a small shop that sells small electronics, cell phone cards, and a few services like graphic design and printing, web design, and development which I have a little experience in also. I'm going to start it little by little so the services will come at the end. I know the services which I'm going to offer will have a huge demand in this area. You guys have any tips? I do have the knowledge of these services and I have had a few clients before. But that wasn't really professional. So what I'm lacking is experience. I just want to know how I should start this business and lay out a plan before doing it. I plan to do it right after high school. And I also plan to go to college part time while doing this. I might also do a cell phone franchise.
     
  2. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    I believe that you can do it An Alien, if you believe in yourself and are dedicated to the business. From reading your post, I would suggest that you need a little more focus, as what you say suggests that you would be spreading yourself very thinly. Starting a business is hard and the first year is the most difficult, I'm not sure how practical it will be for you to do a part time college course at a time when your new business will be placing a lot of demands on your time. Perhaps you might consider putting the college course off for a year, so that you can dedicate yourself completely to the business, for the first year.

    You say that you "want to open a small shop that sells small electronics, cell phone cards, and a few services like graphic design and printing, web design, and development". That's a very broad array of services and the difficulty with that is that you will not have the opportunity to become specialised in any one of them. For example, if you do all of that it will be unlikely that you will design websites to the same standard as other local designers, who do nothing but web design. Large established businesses can diversify because they can allocate staff to specific areas where they have experience and expertise, but this is much more difficult for small businesses.

    A better approach for you could be to start with one of those products or services, identify a need amongst your target clients and become the best business in your area at meeting that need.

    You can find some great business plan templates in the "Business Plan Templates" section of our Useful Business Resources / Links thread.

    Good luck with it.
     
  3. caryrobert

    caryrobert
    uix_expand uix_collapse
    New Member

    Joined:
    Jan 24, 2011
    Messages:
    5
    Likes Received:
    0
    Hi Alien,

    I am really very happy for you because you are just 17 years old and you want to start your own business. I think first you have to work with your father where you will learn some basic and most important tricks of business. This will help you to deal with the customers and your competitors. My good wishes are with you.
    Best of luck.
     
  4. An Alien

    An Alien
    uix_expand uix_collapse
    Member

    Joined:
    Jan 17, 2011
    Messages:
    89
    Likes Received:
    5
    Thanks for the advice! Like I said, I plan to do all of this, but not all of a sudden, small steps at a time. First comes the store and then comes the services later when I have the store all setup. I'll check out the business plans' thread and create one cause I don't have one right now, lol.

    Also, I was thinking about putting off college for a year, I might do that. Thanks again!
     
    #4 An Alien, Mar 4, 2011
    Last edited: Mar 4, 2011
  5. vikrantsharma1

    vikrantsharma1
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 5, 2011
    Messages:
    2
    Likes Received:
    0
    The best approach will be to start in an area where you have most experience.
     
  6. GeeOne

    GeeOne
    uix_expand uix_collapse
    Member

    Joined:
    Oct 7, 2009
    Messages:
    80
    Likes Received:
    2
    I am sharing one pic of the youngest CEO to motivate and inspire you, he was only 14 when he started his business.

    His name is Suhas Gopinath

    [​IMG]

    Edit: Adding video of his interview

    [video=youtube;cYMo3vvzc5I]http://www.youtube.com/watch?v=cYMo3vvzc5I&feature=player_embedded[/video]
     
    #6 GeeOne, Mar 5, 2011
    Last edited: Mar 5, 2011
  7. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,578
    Likes Received:
    1,163
    That's a great video, thanks for sharing it with us GeeOne, he's a very impressive guy and I think that the interviewer was more than a little impressed by him :)

    It's interesting how he said he learned so much from reading the autobiographies of other successful entrepreneurs and the tips he gives to entrepreneurs such as not accepting "No" from anyone and staying focused are great.
     
  8. GeeOne

    GeeOne
    uix_expand uix_collapse
    Member

    Joined:
    Oct 7, 2009
    Messages:
    80
    Likes Received:
    2
    Yes we can learn every day and it can be from any one :)

    And it shows for business age is not matter, IMO one need to have honesty and dedication

    G!
     
  9. Red Saturnino

    Red Saturnino
    uix_expand uix_collapse
    New Member

    Joined:
    Apr 26, 2016
    Messages:
    2
    Likes Received:
    0
    It's a nice thing to start involving into business while still young. Don't be afraid if you fail because in business there are lots of failures before you are rewarded with success.
     
  10. Penny_Saver2016

    Penny_Saver2016
    uix_expand uix_collapse
    New Member

    Joined:
    May 27, 2016
    Messages:
    9
    Likes Received:
    1
    First, I admired you for having that idea at a younger age. But then, one of the most important things to know in starting a business is to have an idea about your services and your interest about the business itself. You will also need a budget and must know your target market. You should never stop learning and looking for strategies to make your business popular. From there , you can attract prospective clients and can increase your sales.
     
  11. Lily Brown

    Lily Brown
    uix_expand uix_collapse
    New Member

    Joined:
    Jul 25, 2016
    Messages:
    6
    Likes Received:
    0
    You are just 17, I don't mean anything negative but you have the right to fail at this very first startup, so JUST DO IT. You have your father to back you up, and he is running two business, I thought he has enough experience to help you with your shop now. Moreover, you said the merchandise you are going to sell have a big demand in that area, that's the most important factor. Now you need a little bit planning, on marketing, cash flow, pricing, profit, blah blah, go consult your dad, haha. Wish you all the best :)
     
  12. Martha Graham

    Martha Graham
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 8, 2016
    Messages:
    2
    Likes Received:
    0
    Opening a business takes a lot of work, energy and dedication. Often, at the beginning stages, that can mean longer hours and time away from family .start up a business is easy. Create well plan that can help in manage your business and Learn from your mistakes.
     
  13. ferrychristian

    ferrychristian
    uix_expand uix_collapse
    New Member

    Joined:
    Jul 5, 2016
    Messages:
    20
    Likes Received:
    0
    The Very first step is planning , make a plan
    layout of the plan
    requirements and needs
    resourses
    budgeting
    these are some few points which you should keep in mind, if you are thinking about the business.
     
  14. addisoncave

    addisoncave
    uix_expand uix_collapse
    Member

    Joined:
    Jun 22, 2016
    Messages:
    37
    Likes Received:
    0
    yes of course you can do it .
    I am 18 years old and studying in BSC IT and doing job of SEO. But the thing is hard work.
     
  15. Antonia Thomas

    Antonia Thomas
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 9, 2016
    Messages:
    5
    Likes Received:
    0
    if your dad already in business line, then you can easily handle a small business, if you are 17 year old, it does't matter, you just thing you have your father support.
     
  16. John Wilson

    John Wilson
    uix_expand uix_collapse
    New Member

    Joined:
    Sep 13, 2016
    Messages:
    3
    Likes Received:
    0
    depends on your capability that you can do business or not. Businessman must be active and sharp minded. If you are dedicated and can raise money then go ahead.
     
  17. Kimberly Stannis

    Kimberly Stannis
    uix_expand uix_collapse
    New Member

    Joined:
    Sep 21, 2016
    Messages:
    13
    Likes Received:
    1
    Lay out a detailed business plan first. This include startup costs, product costs/profit, demand, a marketing plan, etc... It's a lot of work, but you've got plenty of time and it's important to do it right and not rush. Patience is key when starting a successful business.
     

Share This Page