I'm a college student. Is this a good idea for a new business?
Hi, i was thinking about starting a business and i want to know if it is a good idea or not. I'd really love some professional opinion; but non-professional opinions are also appreciated.
About me: I am an accounting major studying at the University of Illinois at Chicago. Currently i am in the process of obtaining an undergraduate degree. I would like to go to graduate school at a competitive business school. I spent my life ever since i was a baby, going back and forth from Japan. I am fluent in both Japanese and English like any other Japanese or American person.
The business: A language translating business consisting of other random students from my school. The business will translate documents, movies, books whatever it is that needs to be translated for cheaper than everyone else on the internet. The business will be able to translate multiple languages.
I was going to start the business by gathering a bunch of college kids and sharing 50% of my companies equity to other students. I want to gather 6-10 people initially and share the 50% with them. I will find 1 lawschool student, 1 webdesigner, and the rest of the people will be dedicated students who would speak English and another language fluently. I will prioritize people that come from other countries to be recruited, since my philosophy is that they will work harder.
I was hoping i wouldn't have to pay them, as long as i share them the ownership of the company initially. I want to cut costs in the beginning by not paying anyone including myself to generate a large pool of money that i could reinvest into the business. Maybe i will provide a bonus if we net a lot of profit. Is this legal? Could it be legal? Is it a good idea for a new business?
My goal: I hope this would look good on my grad school application. I also want to know if it is realistically possible to make a living off of this. Is this a bad idea? If so, how could i turn it into a good idea? Any tips would be greatly appreciated!
I have a full ride to college. No debt. I don't need a job because i get funding. I will treat this business as my job.
Perhaps, but there are already many, many firms that carry out translation services.
To think that you can "do it for less" may be delusional. Businesses always "do it for the least" or they wouldn't be in business.
Sure, if you can find any to share your excitement and start working for free, your idea sounds good. But can you...? Most people I know need to eat and sleep every day, and that costs money.
It sounds as if you want to start up on "sweat equity", your people get paid when all is done.
But, what the heck, go for it. Make sure that you team up with someone who knows about marketing and sales, or you will be, forever, dead in the water.
Source(s):8 months ago