Sarka Posted September 23, 2005 Posted September 23, 2005 Well, me and my friends have decided to make a small business! I know, it is at the bare bones of starting. We've invested alittle cash (barely any) and seen some wholesale items were planning on getting. Now, the kinda business side is the only part that needs to be sorted.... According to my Mum and our schools finance teacher there is no legal minimum age to become a sole trader, which I believe is what we'd be making. One of us in charge, the other just classed as a worker, but they get 50% of the profits. But, do you have to register it with the council, get the taxes done ect, even though we're only 14/15? Please help, thanks everyone! EDIT: Just noticed that this is the 100th thread in the Gneral Chit Chat thread, yay!
EEVILMURRAY Posted September 23, 2005 Posted September 23, 2005 You've left out the "What the fuck are you doing?" answer out. That's the most important bit!
Cheapshot Posted September 23, 2005 Posted September 23, 2005 Erm...I think you should wait a few years, honestly. You're way too young for that shit.
Monopolyman Posted September 23, 2005 Posted September 23, 2005 I have to agree with EEvil and Cheapshot here. I don't think you have the experiance, knowledge or the strength to start a buisness yet, even if it is a small one. Especially considering the fact 90% of buisnesses fail in its first year. Sorry to shatter your dreams like that.
Platty Posted September 23, 2005 Posted September 23, 2005 i think its a good idea, what will this small business be involved in ?
BGS Posted September 23, 2005 Posted September 23, 2005 Seriously. Wait. Go take business A level or something and then decide if you want to run a business but whatever you do, do not 'start your business' now. If you don't even know little basics like the questions you're asking then you obviously have not done anywhere near the right amount of research you need to do. Asking in some forum is not what you should be doing to find out how to run a business, you wanna go to your local library and research heavily. Maybe get some a level/gcse revision books or something. But seriously. Get your head out of the clouds for the moment, and do your own research before you 'start a business'.
Platty Posted September 23, 2005 Posted September 23, 2005 bah for all your know his business could be selling sweets on a sunday afternoon out of his garage! you dont need an A level to do that...
Sarka Posted September 24, 2005 Author Posted September 24, 2005 Well, it's not going to be big or anything. It's not a real business, closer to Platty's idea really. We're both currently doing Administration and Busniess studies at GCSE, and I'm doing Accounts and Finance at GCSE. Admittedly, I've only been doing it for 6 weeks, but still, I know basic about a busniess. Just not about having to register it with the council ect if it's run by, well, schoolkids! With this "business" the goal isn't really to make money, more just to get a little bit of experience, and have some fun! We'd be selling clothes (yeah, big markey I know!), but I think if we sold 5 items in a week that'd be classed as amazing. So, thanks for all your help so far even though I've ignored all of it, sorry.
BGS Posted September 24, 2005 Posted September 24, 2005 bah for all your know his business could be selling sweets on a sunday afternoon out of his garage! you dont need an A level to do that... Yes but if he's going around calling it a "business" then he needs to do things right or he's gonna end up getting in trouble pretty quickly. No, you don't need an A-level, that's fine and dandy, the point I was trying to make is if he's serious about starting a business then he needs to get the education. Sarka, about your idea though. Go ahead with it, but I wouldn't go around calling it a "business" just yet. Start selling your stuff to friends and family and such at first, until you get further on in your course and learn the right way to go about setting up a real business. I'd just really advise against calling it a "business" and selling to people you don't know just yet or you'll end up in trouble somewhere pretty quickly.
Sarka Posted September 24, 2005 Author Posted September 24, 2005 Ok, much thanks BGS. It's probably going to start up us just selling the items to our friends, and their friends. Then if it goes well, we'll get a booth thingy at our local shopping centre (it's small, and it lets little people set up booths to sell stuff, my Grandad sells sheep skin rugs every couple of weeks there). That'll probably be as far as we go. But what do we call, if not "business"? Thanks again!
Blackfox Posted September 24, 2005 Posted September 24, 2005 Read up on business before you decide to run one. If you are posting on a forum about it, you clearly don't know enough. Also, what are you selling?
EEVILMURRAY Posted September 24, 2005 Posted September 24, 2005 I have to agree with EEvil and Cheapshot here. All I said was I wanted to know what the business is doing.
Shaze_Nab Posted September 24, 2005 Posted September 24, 2005 Well the best businessman started out young. Richard Branson started out at 16 and look at hime mow. Not saying it's going to happen to you, but I'll wish you luck.... Um... Good luck!
Monopolyman Posted September 24, 2005 Posted September 24, 2005 All I said was I wanted to know what the business is doing. You just leave that to me. Anyway, you probably agree with me. Admit it!
er-no Posted September 24, 2005 Posted September 24, 2005 I started a business last year. It's pretty hard stuff. Especially meeting deadlines whilst trying to maintain finishing your own projects and stay at university. Good luck! Hopefully you won't get £7000 in dept like me and be issued a court warning
Sarka Posted September 24, 2005 Author Posted September 24, 2005 If we get into £100 debt we'll stop, as we're not oging to be a real business, at least not a big one, yet (lol). We're gonna sell clothes BlackFox, also the onnly reason I was asking on a forum was to find out what I need to do about it, as in telling the council that it exists, if we're very young. No mater wher EI look there doesn't seem to be very much about starting your own business before your 18 in the UK.
Recommended Posts