Hi there, I am a 16 year old male and I am currently in the process of starting my own business...

The reason I highlight the fact that I am 16 years old is not because I want to brag about how good i'm doing at such a young age the true fact is that it has been even harder on me being a minor than on any one else over the age of 18 that I know of.

My current Ready to go business Is a bookkeeping firm that employs local people (high school students/graduates) on a part time basis.

We only track accounts Payable and Accounts Recievable....

Anyways, back to the struggle...

After spending many hours meeting with the Trade and Business Licence Board, I managed to let them see that I was not actually starting a company that hires proffesionals at this stage...I am only using computer programs and such things....In conclusion it would have orginally costed me $1500 per person employed in the business ad they had to be listed as proffesionals. But after meeting with them they agreed that I only pay $1500 once a year no matter employees.

So Triumph #1 is good to go..


My second Obstacle came up in the discussion with an insurance agent about Insurance for the business...Basically I found out that even after doing all that work on the business license...Legally I had some issues...The fact that My Parents would be held liable for any legal issues that may occur from the business.

FOR EXAMPLE: Someone wants to sue just for the sake of it...

SO this presented a huge obstacle for myself and my two partners (who are also 16 years old -especially one partners partents said there is no way they could "participate" unless that was sorted out)

That same day I met with a lawyer who was able to explain everything too me in terms of contracts I should have-what they should say basically and the different stages of growth and when to incorporated etc. Thank God - the Lawyer is a really nice guy who did not charge me at all what would have normally costed $600 an hour.. He was greatfull to see me trying so hard and wanted to fuel my fire...his information was priceless, info that I still cannot find printed in any text book...

SO Triumph #2 is good to do - Got contract


Obstacle #3
This is the current obstacle ...Setting up a Bank Account- The Business Being a general partnership is one complication by itself to open up an account, but then we have to add in the annoying fact that "we are minors"- So currently I am searching for ways to get it done.... I know in time it will figure itself out so, right now I am just waiting for it....


The reason i wrote the is just to show that...If you think opening a business is hard for you and your over the age of 18 ----then you have no idea my friend - just how hard it is to open one when your're 16 years old.



Don't let the words and thoughts of others stop you from achieveing your ultimate goal, It is our duty as entrepreneurs to fuel that burning wildfire of desire and to hold our vision strong unitl it becomes manifested into physical reality.

Are you really only 16?? I don't mean to sound condesending at all. I am so impressed with your wisdom and maturity. You see obstacles and you figure out how to overcome them. You don't let it stop you and you don't go whining to others asking them to figure everything out for you.

I am so pleasantly surprised by your post. I wish you all the good fortune in the world and hope your business works out for you and your partners. Keep us posted on your progress.

Sylvia
http://smallbusinessstartup.biz
Startup & Biz Plan Help
http://smallbusinessstartup.biz/blog

Wow, I am impressed with your motivation to go for your business venture no matter what obstacles are in the way. What great encouragement for those of us who might be discouraged if we hit a snag along the way!

Mindy Lepp
http://www.saltedwebsites.com/
$50 off your website if you mention Idea Cafe!!

Just wanted to mention that likely a large number of us here started their businesses at 14-17yrs/old. I started three businesses by the time I was 17 (none of which were properly filed and all of which earned me less per hour than a job at McDonalds).

At 17 I opened the predicessor to my current computer company and properly filed for all business apps. I chose to run the company as a sole-proprietership due to the difficulty in signing contracts as someone under 18. I had a bank account I had opened at 15 with my family's help as a co-signer (Wells Fargo) and just filed a DBA with the state and paid for licenses. In the end, at 17 I was earning in 5 hours work/wk what some of my peers were working 40 hours to earn in that same week.



So we feel for you, mostly because many of us have actually been where you are...