- YEC Member Spotlight: Steph Beer, Chief Communications Officer, nsight2day Young Entrepreneur Council
Question when it comes to starting a business. Any advice will help!?
I have a business idea and i want to try it out before I make it official. I don't want to go through all that legal stuff if I'm only going to have a business for a month. It is not even about making profit, it's about seing if I can market well enough and if the idea is a good one. If it is and does well in the first month I will make it legal and what not but I dont want to go through all that trouble if I'm just ganna end up with a bad idea and an unsucessful month. To me this is about testing my knowledg and learning more about business, not actually running a company, unless it is worth it. Does the government have something for me? I don't want to waste all my money on marketing when I can't collect it in the first month, so it isn't an option to not actualy sell. I also dont want to be in legal trouble
I basically want to do a project where I market and sell something, but only for a trial period kind of like a school project, I don't expect it to be successful but if it was I definatly would not pass up the opportunity to make it real, as would anyone, . I just want to see how things will go and I want to have that experience, I don't want to dive into a full fledged business and I highly doubt you know everything about me from this post but just so you know I'm not at all the person you described, Why do you think so?
There are 3 major types of business. a). sole proprietorship.
b). sub chapter S corp
Sounds like a sole proprietorship is for you. Many states ask you to run an ad in two papers saying that you are going into business as a sole proprietorship, but I'm not even sure of that. Check with your business banker. Sole proprietor ships are great for taxes, and are usually 1 to 10 employee companies. People will sometimes steer clear of them because you are personally liable for any debt or liability that comes from the company. For example, say your friend goes to the office store to pick you up some business supplies, and bumps a kid on a bike and the kid has to go to the hospital. You could be held responsible. My point is that anything that happens within the scope of your business, your responsible for. Consequently, if your business takes off, you may want to go to the next level and incorporate. Good luck
Source(s):7 months ago
It sounds like you are the sort of person that does everything your way and nothing else and my advice to you is to save all your money and don't even waste your time.
There is a proven and universal way of testing a business model that you do which minimizes risk and if you're not willing to put the time and effort into it other than "my 30 day method" then you are not entreprenuerial material because you don't think or act like one. Only someone with little patience and who's set in thier ways thinks like that and you wouldn't last anyway.
Successful, business-minded pros are versatile, flexible, and optimistic in their approach. It also take patience and the ability to overcome many hurtles because YOU WILL encounter them, no two ways about it. If you can't adapt to that way or you just want to test the waters then save your money for something else. Trust me, I know this from years of running my own gig. You're either in it all the way or you're not in it at all. There's no half measures for success.