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  • #964365
    StavroulaG
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    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.

    #1005111
    MissieK
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    Check with your state, each has rules that vary slightly. You may need to get a parent or guardian to co own the business until you turn 18.

    Melissa

    #1005112
    Past-Member
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    Hi, there is a good website for young people at
    http://www.youngentrepreneurs.net.au/

    And this page http://www.youngentrepreneurs.net.au/business-start-guide quotes ‘in no time you will be looking after customers like the other 50,000 15 – 24 year old young Aussies out there currently running their own business.’

    My advice is to also make sure you have a good accountant with whom you can discuss any concerns you have and who will do your tax returns etc

    Congratulations on having the foresight to begin while you are young. – Karen

    #1005113
    Burgo
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    Good on you, and stick around so that we can learn from you.

    I cant see why you cant register your business name, get a domain name and set up a website, open a bank account, but JUST to be on the safe side, have a talk with your friendly accountant and he will guide you through the legal steps.

    I honestly cant see any obvious problems

    #1005114
    BB
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    Well done for wanting to get started so early!

    If you need to borrow money for this venture, you will find that you are unable to sign any legal documents for this until you are 18 years of age. You would have to have an ‘adult’ as a guarantor for any loans that you might apply for from the banks.

    Also, until you are 18 you are unable to enter into a legally binding contract without a guarantor / trustee.

    A good accountant will help you with your tax obligations, a solicitor will give you legal advice.

    Don’t be deterred, and never give up your dream!

    Cheers,

    B.B.

    #1005115
    sam_leader
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    Hello and welcome to the Flying Solo forums,

    I can recommend the Young Entrepreneurs site which has great resources for younger soloists.

    All the very best with your venture.

    Sam

    #1005116
    Publishing428
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    Good on you for knowing what you want to do so early in your life.

    I worked in a boring government job for a long time before realising what I really wanted to do with my life. I hate thinking about how much time I wasted there.

    Good luck with everything. I am looking forward to hearing all about your business.

    Regards,

    Lynda

    #1005117
    relentless
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    Good for you StavroulaG!

    The thing is any business takes a lot of time and work setting up, so why not start on all the things you can do now, once you turn 18 (which will come quickly) then you’ll be ready to go ‘legally’

    #1005118
    martinprint.com.au
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    Hey StavroulaG,
    Go for it! Don’t let anybody stand in your way. I started at 15 and didnt have any problems except for lack of experience and failing at my first few ventures but then that was my business education :)

    Obviously as said before, you probably can’t borrow money and things like that but you are better off not doing that anyway, until you have a good idea of what you are doing.

    What business are you going into?

    #1005119
    Renee Barber
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    I think it’s fantastic that you’re so motivated at such an early age and I’d also like to know what sort of business you’re going to be starting.

    It was an excellent suggestion to use the time until you’re 18 to start getting your ducks in a row: business and marketing plans, business branding (starting with a great logo), website ideas, ABN (assuming there’s no age restriction on that), etc. That way, when you turn 18, you can hit the ground running.

    Good luck!

    #1005120
    grahamketty
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    StavroulaG, post: 4064 wrote:
    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.

    #1005121
    jacob12
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    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.

    #1005122
    fountainhead
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    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.

    #1005124
    Jessica-Frank Team
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    • Total posts: 9
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    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 http://www.youngentrepreneurs.net.au and http://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

    #1005125
    gareth_concise
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    • Total posts: 25
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    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!

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