Starting A Business At 17

[grahamketty]

Originally Posted by StavroulaG

Hello,

I am turning 17 this year, and I am looking into starting my own business. The trouble is, I have read a few websites and heard from a few people that you are not legally able to start your own business, that you own fully, at the age of 17. So my first question is, is this true? Secondly, if I were to start a online business, would there be a age restriction? I have also read articles where there are the young entrepreneurs who started their businesses at the ages of 10, 12 and 14. How is that possible? Thanks.

I do agree with Ms. MissieK, you’ve to check out with your state where you live in and you would definitely need the assistance of your parents. One more thing I want to remind you, before starting an online business, you need to do some ground work on that to know the loopholes which would help you in the future. Find people who were there in the online business who would help you avoid pitfalls they have learned from. Owning your own business can be very rewarding but there is no reason to go it alone.

[jacob12]

It’s really an appreciable thing. But it is a bit early to take that decision. I suggest you would like to help your father in business so that you could gain some experience which definitely helps you in future.

[fountainhead]

from what I have read you are pretty motivated to start your own business, and it seems like nothing can stop you from doing it, if you think you have the guts there are few pointers you need to remember, first is summing up all the money you have and what kind of business do you think you can come up with the money you have, anyway if you were talking about the internet there are lots of things you can do without spending money, you can try monetizing a blog or a website, it depend on your strategy, but taking care of the money is the big deal, do you have someone older than you who can accompany you or guide you on banking? if yes then it will be easier.

[chensta]

Hey, glad to see you starting so young How is everything going? please keep us updated!

[Jessica-Frank Team]

Hey there....

Firstly - good on ya! And don't stop until you have made it happen!

Secondly, thanks to all of the other posts that have suggested our website and the work that The Frank Team does!!! We specialise in helping young entrepreneurs just like you

The other posts and suggestions have all been spot on. It does depend on your state & their are restrictions around signing certain documents. But the simple answer is if you start up as a sole trader then it is all possible at 17!!!

I do suggest checking us out at www.youngentrepreneurs.net.au and www.frankteam.com.au - and come along to our events to meet other young entrepreneurs just like yourself (and yes we have other 17 year olds!)

You can catch me outside of these forums too and I am happy to answer any of your questions

cheers

[gareth_concise]

You remind me of myself 5 years ago! This post just jumped out at me. I'm now 22, have 3 offices, 13 staff and we just won a prestigious award. Just because you're young doesn't mean you can't do it. Have a goal and go for it!

Turning 18 is the biggest milestone. You can get credit cards, legally sign for things and have some impact on others. I'm not legally supposed to provide financial advice but read between the lines with the credit card idea! Don't borrow from your folks unless you have too. Thats your backup plan! its also nice to know you did it yourself without "daddys money" so to speak.

When i was your age i thought i knew everything. Turns out i knew a bit, but surely not everything. Took me a whlie to learn exactly what i wanted and that it wasn't all about being a millionaire by 21! Be really careful with consultants if you hire one. One of the best things my dad told me was an experience he had with the bank. He got signed up for a loan and was informed he would only have to pay $x per week. He got a statement a year later and found out he had only paid a tiny amount of his original loan. He was furious. He asked to speak to the manager. The bank manager of the pulled him aside and said "i didn't tell you this but the bank is a business. We do what is in our interest, not yours."

Sure, there are plenty of very nice and trust worthy people around but just be careful and do your homework. Lots of research and lots of questions get you places. Outsource the things you cannot do yourself and make sure you have a get up and go attitude.

If you're planning a web business. BE CAREFUL! Make sure you have a very unique product or make sure your company has a point of difference. Use the Google Keyword tool (simply google "keyword tool" - its the first link) to research to see if there is a market for your product. Email me if you need some explanations.

Remember, lots of questions! using these forums are a great start!