Questions about Starting Home Business

Discussion in 'Starting a Business' started by Thinkers, Jul 21, 2013.

  1. Thinkers

    Thinkers
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    Hello, I'm a yet-to-be 18 years old who is interested in starting a little resell home business.
    I will be buying various products from wholesale sites and sell them on sites like ebay, amazon, and others.

    Questions:

    1. Am I too young to start this type of business?
    2. What certifications would I need?
    3. Would I have to be involved in Business Profits Tax, or any taxes (if at all)?

    I live in New Jersey, US.

    Thank you for your time, I really appreciate ANY advice.
     
  2. nasifabg

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    Let me try to answer:

    1. Am I too young to start this type of business?

    -- There is no age to become an entrepreneur.

    2. What certifications would I need?

    -- As far as buying products are concerned you might need a certified company incorporated in order to connect with other merchants and buy products from sites like alibaba.com, tradekey.com, aseanbusinessgateway.com, indiamart.com etc.

    3. Would I have to be involved in Business Profits Tax, or any taxes (if at all)?

    -- offcourse if you are selling products than you are liable to pay taxes as per your country's tax norms.
     
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  3. AnushaJain

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    Answers to your question are respectively..
    1. I think 18 years is a sufficient and good age to groom yourself as a business man or an entrepreneur.
    2.The products which you are keeping in stock related to that company the certifications night be needed and also the permission of government is required.
    3.As a responsible citizen,you must pay the taxes viable to you.
     
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  4. scottbaird

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    18 years is quite good age to start any business. For any successful business, you need to ceritified your business and give a best name to it. Paying tax is very important for every person.
     
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  5. alicemenezes

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    I think post 18 you can be a working adult. Besides that one needs the necessary licenses before starting a business.
     
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  6. shane

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    I don't think you are too young, but certainly this will be a learning experience so you will make a few mistakes along the way. There are lots of resellers out there doing what you are describing, so I would be careful about taking on too much inventory until you have a better feel for what you can sell. Best of luck to you!
     
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  7. marcus47

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    Good thinking, coming here for suggestion. I don’t think so is it good time for business because you have no experience. When I was 18 year old I made a plan daily because my enthusiasm and my emotional level were so high. Is it good but business is not based on that.
    Start your business with small investment and take some experience how the markets work. After that you have to know the aspects of business. Don’t start any type of business without having some knowledge.
     
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  8. amwarner

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    It seems that everybody has already answered your three main questions. But just to go off the board here, why would you consider purchasing products from wholesale sites? Did you want those companies to dropship the items for you? I'm saying this because I found it much easier (and more profitable) when I was able to purchase certain items at garage sales/yard sales and auctions, etc. Hey, I'll even give you a nice tip that you could get items for a reasonably great price ... FREE. It's called Craigslist and Kijiji. They have a Free section where people are GIVING away all of their "junk". Just my $0.02 ... you could still do what you wanted with wholesale companies, but I'd look into the other avenues I suggested as well.
     
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  9. Thinkers

    Thinkers
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    I so sorry I wasn't able to give thanks to all those who replied and gave me very good advices earlier. I appreciate your helps, best of luck to all as well. Thank you!
     
  10. richardlong3

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    There are plenty of merchants out there doing what you are explaining, so I would be cautious about dealing with too much stock until you have a better experience for what you can offer. Best of fortune to you!
     
  11. achievedisplay

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    Hi,
    It would probably interest you to start selling on Amazon. You can sell books or dvds - items that you already own to get a feel if you enjoy order fulfillment.

    Joe
     
  12. Chris_Tax

    Chris_Tax
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    You do need to meet with a tax person on reporting income tax income and paying sales tax. On your earning, Social security tax will have to be paid with your income tax.
     
  13. spyindianishant

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    First of all I praise your thinking and effort. Now as far as your questions are concerned, there is no age limitation to start a business. Yes to do this kind of business you need registration and become verified seller of such products on different sites. And off course as you become an entrepreneur you have to pay the taxes as per income tax return payment guidelines.
     
  14. spyindiaanu

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    Its is good to start your own business but as your concerned i think you firstly invest small amount of money to start afterward when your product is nice and good quality then you surely increase your product selling and built a standard then you reach good position in market and established good business earning.
     
  15. Mens

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    Starting a business doesn't need a age requirement as you are 18 its good that you want to setup your business. every business require certification as per business act of country norms and also have to pay tax of business profits.

    Mainly you have to registered your company first than follow all Business Act norms.
     

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