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How can I start my own buisness?
I'm 19 and still can't get a job. I posted about this in another category cause I really need help on this on.. I'm thinking of starting my own buisness with a friend...My 2 questions are: 1. Would opening up a spa with my friend be a good buisness to start? (I really love doing nails and fashion) 2. Would starting a baby-sitting buisness be a good idea?11 months ago - 3 answers
Both ideas are good, but whether or not your business would succeed depends a lot on the demand for those services. You can do everything right and still fail to pay the bills if there just isn't enough demand. You need to check on what government regulations there are for those services as well. I could give a better answer if I knew your location since laws and regulations vary greatly from place to place. Even within the U.S. the laws vary from city to city and something you can do outside of city limits might get you a huge fine within city limits.
Your local unemployment office may have useful information. I know for example in NJ that they provide statistical information about various jobs and services that can be used to help determine if there is a growing demand for a particular kind of service or not.
The only other ways to determine this would be to conduct a marketing survey or to just start the business and see if it works out.
If you go ahead and pay for the paperwork to be a Limited Liability Corporation then you will have several advantages over just being a simple partnership. You can possibly get a loan for which you will not personally be liable. In other words, the LLC will be solely responsible for repayment of the loan. If your business fails, you keep your pay and owe nothing. Obviously such a loan is not easy to get. You can read the series of books by Robert Kiyosaki for more information about starting your own business.
I suggest that you find someone with experience to go into business along with you. Post an ad on Craigslist requesting a resume and interview the candidates, and ask them if they would be interested in being a partner or if they just want to work for you. You don't have to have a business currently running in order to take job applications. In fact a lot of fake job postings are just to collect personal information for marketing or sometimes credit application fraud.
In the future, everyone will register their own LLC for the purpose of finding employment because they will not be able to trust anyone with their personal information. An employer will hire their company which represents them and they will work as contracted labor rather than as an employee.
Starting a business can be simple if you work out of your own home. You can post an ad on Craigslist for childcare in your home or if you like you can offer your services at the buyer's home. You can go door to door at apartment complexes or retirement homes and offer to do nails. Lots of people too old or sick to get out of the house will appreciate your company even if all you do is trim their toenails.
If you don't need a huge loan and you don't plan to hire anybody then creating a complex business plan is not needed. But failing to plan is like planning to fail. It's just a good idea to put a plan on paper to account for everything. How will you account for your earning when it comes time to report them to the IRS? Keeping careful track of your expenses will let you keep more of your earnings. Failing to report your earnings risks huge fines and penalties, so it's just a good idea to have a way of accounting. A computer program like Quickbooks is supposed to make it easier, but it only works if you use it. You can simply use a Google Doc spreadsheet or a notebook to keep track; you don't need Lotus 123 and a Mac.
Write a business plan to see whether or not it would be feasible. Take into account liability and how much capital may be needed and what source you nay be able to get it from i
e bank loan, savings etc. Its not as easy as you would think. Just try to think whether or not your business would be able to thrive ie competition in the area, how saturated the market is. Do some research. Good luck
Being an entrepreneur is certainly commendable and I encourage you to pursue your goal if indeed this is what you TRULY want. However, there are many challenges one can face in this endeavor.
When opening any business, your first and most important task is determining your Budget and then Funding. Your budget is the key to deciphering how you will implement your business plan. With regards to opening a spa, your first task is finding the LOCATION (Location, location, location). Your location is crucial to your business’ survival - the ideal site will generate traffic, provide convenience, and be in an area where there’s minimal competition. Remember having the ideal location will be the key to generating significant revenue and consequently yielding significant profits but bear in mind that a space in a well sought out area will most likely command high rents. So again determine your budget and allocate a portion towards the space and do not deviate from that. Next, determine what licenses and permits are required in your area to ensure your operation is not shut down for non-compliance. After, determine what type of Spa – a full service spa or selected services – this also goes back to your budget – the fuller the service, the more equipment, and the more, take a guess, M-O-N-E-Y. Also, know your competition – if an area is saturated with spas, it may be best to research other areas but always research your competitors. Pay them a visit and pay attention to their operation – determine where they are flawed and implement a strategy to compete accordingly.
As far as opening a business with your friend – you have to ensure your thoughts and visions are aligned well with your friends/business partner. There have been a plethora of lucrative businesses that have failed due to partnership disputes so prior to embarking on this venture, ensure the pair of you have discussed all the potential obstacles, created the business plan together, and created contingency plans for when ideas don’t work out as intended.
With regards to opening a babysitting service – I presume because you used the word babysitting that this will be operated from your home. If that’s the case, this is can be a small operation and therefore require less money. However, different cities, townships, etc have different requirements – find these out. Some may require licenses or perhaps certifications, etc and as a registered at home day care service, the city will pay your home a visit to confirm you have taken the necessary safety precautions for the children whom you will care for. There is obviously a cap on how many children you could care for. If you intend to babysit infants, since they require more attention, the number of children in your care might lessen. Again, check with your local municipality to determine the requirements. Some cities deem you as a at home day care center if you are caring for over a certain number of children – anything less may not require the licenses or certifications I mentioned.
Please remember, that there’s a wide array of information I can provide but it might be too lengthy. I suggest that you consult your local SBA – they offer classes to educate entrepreneurs and wantrepreneurs.
Wishing you all the best!
Source(s)by MONEYWIZ - 11 months ago