Business Experience

Ok I have a lot of interest in business and plan on going to college for business. I have read many things online, with people saying while you still live with your parents, you should start a business, since you don't have many responsibilities. I am looking for a building in town and want to start my own business. I'm not too sure on what it's exactly going to be, but I want to sell dirt bike accessories and clothing. I don't have any experience in business, but I think I can pick it up pretty easy. I have done a little research and would have to look again, but with distributors like WPS, they have standards and you have to make so much money before they distribute to you. It would probably be smart for me to start off online, before I move to a building, but I think in my area, I could bring in a hefty amount of money. So my question is, who on here has there own business or experience with business? I know Weathergeek has his own business, and that would be great if you could help me out. :thumb:
 
Here's a link to the dealer application for WPS: Link. So far it sounds good, but would be a lot of work. This would kinda be like a Motosport, but smaller.
 
I am sure others might tell you different, but the only little tibit I can offer you is to do something you love. If you like dirtbikes, do something involving dirtbikes. Doing a job you like that pays a little less than a job you hate that pays more is much more spiritually rewarding. Just personal experience from an old fart.
 

James

Staff member
Ok this is going to be long, :sorry: and please don't take anything personally. I'm not trying to discourage you at all, just letting you know that it's not something you can do part time or half heartly and the costs can be HUGE.

First I see that you want to start a MX parts shop/dealer, awesome, I know that's something that you're passionate about. :thumb: Second, yes owning your own business is something to be proud and can be fun. Buuuuut, it's not all gravy.

  • You're going to have to setup a business & get your retail merchant certificate $750-$1,000 (depending on the attorney)
  • you'll also need an accountant
  • You'll need a store front/retail space $1,000-$3,000 per month (depending on location and size)
  • Utilities (gas, electric, water, phone/fax lines, internet service, insurance, etc.) hundreds per month
  • You're going to need office furniture, shelving/displays, POS system & software, computer(s), office supplies, etc. - Thousands to first buy it, plus a little per month to replace the stuff that breaks etc.
  • And last one of the biggest cost you're going to have is inventory. You can easily spend tens of thousands if not more. Remember with retail if you don't have the product in stock, they'll probably just go somewhere else to buy it.

Ok so you have the business setup and have the retail store full of inventory.

How are you planning on getting people to your store? Advertising, word of mouth, etc.

  • Advertising you say? Well there goes 100's if not $1,000's per month (example - the small real estate company I work for spends between $2,500 - $4,000 per month)
  • Word of mouth. Cheaper but not so good for when you just start up (nobody knows who you are yet) however after some time that will be the best advertising you'll have, as long as you make a good name for yourself.


Still sound like that easy gravy job yet? :lol: Don't worry I left out the best part, you'll have NO life. Why you ask?


  • What are your store hours going to be? Around here it's usually 9am-6pm M-F & 9am-3pm Sat. Somebody will have to be there at all those times. Which is where employees come in, but that's a whole another page. :bonk:
  • What about when you get sick, will you have somebody to cover for you.
  • Your :ride: time will probably disappear (talked with the local dealer the other day, he can only ride Sundays but then he's too tired to ride or has family stuff.)

Are you thinking "ahh it's only 9-6 that's not to bad", well there's a lot more to it than that. Just ask Bruce aka Weathergeek. Look at me, I go to work at 8:30 & come home at 3:30-5, then I'm working on this site till 12:00-1:00am. Hit reset and do it again. :bonk:


Almost forgot, with your age there's no way you'll be able to get a loan so you'll have to bring somebody else in with money and their goes half your business. Plus people probably won't take you seriously, remember we had talked about that earlier, how people will judge you by your age and not what you actually know. :foul: Happens to me all the time.


Plus there's the thousands of little things I forgot or don't have the time to type out.


Again I'm not trying to discourage you and I hope you can work something out. :thumb:


end :rant: :confused: what was the question again?


Edit: What A2 said is good advice and excuse my bad grammar and spelling.
 
Ok this is going to be long, :sorry: and please don't take anything personally. I'm not trying to discourage you at all, just letting you know that it's not something you can do part time or half heartly and the costs can be HUGE.

First I see that you want to start a MX parts shop/dealer, awesome, I know that's something that you're passionate about. :thumb: Second, yes owning your own business is something to be proud and can be fun. Buuuuut, it's not all gravy.

  • You're going to have to setup a business & get your retail merchant certificate $750-$1,000 (depending on the attorney)
  • you'll also need an accountant
  • You'll need a store front/retail space $1,000-$3,000 per month (depending on location and size)
  • Utilities (gas, electric, water, phone/fax lines, internet service, insurance, etc.) hundreds per month
  • You're going to need office furniture, shelving/displays, POS system & software, computer(s), office supplies, etc. - Thousands to first buy it, plus a little per month to replace the stuff that breaks etc.
  • And last one of the biggest cost you're going to have is inventory. You can easily spend tens of thousands if not more. Remember with retail if you don't have the product in stock, they'll probably just go somewhere else to buy it.

Ok so you have the business setup and have the retail store full of inventory.

How are you planning on getting people to your store? Advertising, word of mouth, etc.

  • Advertising you say? Well there goes 100's if not $1,000's per month (example - the small real estate company I work for spends between $2,500 - $4,000 per month)
  • Word of mouth. Cheaper but not so good for when you just start up (nobody knows who you are yet) however after some time that will be the best advertising you'll have, as long as you make a good name for yourself.


Still sound like that easy gravy job yet? :lol: Don't worry I left out the best part, you'll have NO life. Why you ask?


  • What are your store hours going to be? Around here it's usually 9am-6pm M-F & 9am-3pm Sat. Somebody will have to be there at all those times. Which is where employees come in, but that's a whole another page. :bonk:
  • What about when you get sick, will you have somebody to cover for you.
  • Your :ride: time will probably disappear (talked with the local dealer the other day, he can only ride Sundays but then he's too tired to ride or has family stuff.)

Are you thinking "ahh it's only 9-6 that's not to bad", well there's a lot more to it than that. Just ask Bruce aka Weathergeek. Look at me, I go to work at 8:30 & come home at 3:30-5, then I'm working on this site till 12:00-1:00am. Hit reset and do it again. :bonk:


Almost forgot, with your age there's no way you'll be able to get a loan so you'll have to bring somebody else in with money and their goes half your business. Plus people probably won't take you seriously, remember we had talked about that earlier, how people will judge you by your age and not what you actually know. :foul: Happens to me all the time.


Plus there's the thousands of little things I forgot or don't have the time to type out.


Again I'm not trying to discourage you and I hope you can work something out. :thumb:


end :rant: :confused: what was the question again?


Edit: What A2 said is good advice and excuse my bad grammar and spelling.
You pretty muched sumed it all up. I know costs will get high, ill need employees, and I'm not old enough to get taken serious. I still would like to do it, but for now just gotta figure out how I would be able to come up with the money, I know my parents would help out. And they have owned their own trucking business in the past, so they do have a little experience with it. Right now I'll leave it as an idea and work my way up to realistic. Thanks for the input though :thumb:
 

James

Staff member
You pretty muched sumed it all up. I know costs will get high, ill need employees, and I'm not old enough to get taken serious. I still would like to do it, but for now just gotta figure out how I would be able to come up with the money, I know my parents would help out. And they have owned their own trucking business in the past, so they do have a little experience with it. Right now I'll leave it as an idea and work my way up to realistic. Thanks for the input though :thumb:
Hey don't give up! After reading my post/:rant: again, I noticed that I didn't sugarcoat anything. :sorry: However I just wanted you to know what you'd be getting into.

When you do come up with the money and decide to go through with this, just remember you can kiss college good bye, as you won't have time for it anymore. I'd say go talk with your parents/adult friends some more about this.

Also, I STRONGLY advise against loaning money from family for this, because God for bid it doesn't work out, your family won't be to happy with you for losing their money.



Thanks for the roost/rep guys. :smirk:
 
What you need is a buisness loan. Those aren't easy to come by, especially someone your age without much credit.

There are easier ways to start out, just depends on how legit you want to be :smirk:
 
Hey don't give up! After reading my post/:rant: again, I noticed that I didn't sugarcoat anything. :sorry: However I just wanted you to know what you'd be getting into.

When you do come up with the money and decide to go through with this, just remember you can kiss college good bye, as you won't have time for it anymore. I'd say go talk with your parents/adult friends some more about this.

Also, I STRONGLY advise against loaning money from family for this, because God for bid it doesn't work out, your family won't be to happy with you for losing their money.



Thanks for the roost/rep guys. :smirk:
I'd rather have the truth, that way I know what is to come. So you saying I should wait until after college and get experience?
 
What you need is a buisness loan. Those aren't easy to come by, especially someone your age without much credit.

There are easier ways to start out, just depends on how legit you want to be :smirk:
What if I had my parents get the loan? Would that be a bad idea? What are some ways, im all ears :lol:
 
Most people are to scared to go out and start there own buisness. We teach in our schools that you have to study so you can get a good J.ust O.ver B.roke (job) and i think that it is a crime we should be teaching our kids to be entrepreneurs,:prof: Thats one of the things thats wrong with this country, everyone just wants to get a stupid job and make someone besides them selfs money for some reson i just dont get that.:confused:
My advice is to go to college and get a buisness degree and then start a buisness as soon as you can and make it something you love.
I could go on and on but i can't type for :censored: so it would take me all day.
Be in charge of your own life start your own buisness and get as much pasive income as you can so you can :ride: as much as you want.
 
Most people are to scared to go out and start there own buisness. We teach in our schools that you have to study so you can get a good J.ust O.ver B.roke (job) and i think that it is a crime we should be teaching our kids to be entrepreneurs,:prof: Thats one of the things thats wrong with this country, everyone just wants to get a stupid job and make someone besides them selfs money for some reson i just dont get that.:confused:
My advice is to go to college and get a buisness degree and then start a buisness as soon as you can and make it something you love.
I could go on and on but i can't type for :censored: so it would take me all day.
Be in charge of your own life start your own buisness and get as much pasive income as you can so you can :ride: as much as you want.
You think the same way I do, I'm only 17 but im already tired of making someone else money :rant: I enjoy business and think I could take it somewhere. My parents told me to start it right after high school and that they would help me manage while im in college. I'm going to do the whole 6 years and get my MBA.
 
You think the same way I do, I'm only 17 but im already tired of making someone else money :rant: I enjoy business and think I could take it somewhere. My parents told me to start it right after high school and that they would help me manage while im in college. I'm going to do the whole 6 years and get my MBA.
Just saw this thread for the first time. What James has said on here is true and it is what keeps the vast majority of people from starting their own gig. The fact that you have this feeling so young in life is a testament to your drive and will only help you as you get older and wiser.

Yes it can be difficult and somewhat costly, but can be and should be done. It is easier to do it while your personal expenses are at a minimum. You will need some sort of a mentor to give you some guidance in the beginning. Start small. Check out your area for potential competition, amount of crime (decent area) and traffic into your store. You will need some startup money... rent/deposit/insurance/alarm/products and inventory, etc. Take your time with this idea. Do plenty of research. This may take months or even years to do it correctly. DO NOT RUSH into this as this should not be done half ass. And as James has already stated, your personal time will be nearly non-existent. The business will be your life and wife for a long time to come but will be worth it because it will be YOURS.:prof:

So don't be discouraged, take your time, get advice from every person you know, especially the generation above you and pick what advice will work for you. Look what a wonderful job James has done here at also a very tender age.:thumb::thumb::thumb:

If you want to pick my brain, feel free to PM me or give me a call. Good luck.:ride:
 
Great and informative post for the uninitiated in self employment.:thumb::thumb::thumb::thumb::thumb::thumb::thumb:

Ok this is going to be long, :sorry: and please don't take anything personally. I'm not trying to discourage you at all, just letting you know that it's not something you can do part time or half heartly and the costs can be HUGE.

First I see that you want to start a MX parts shop/dealer, awesome, I know that's something that you're passionate about. :thumb: Second, yes owning your own business is something to be proud and can be fun. Buuuuut, it's not all gravy.

  • You're going to have to setup a business & get your retail merchant certificate $750-$1,000 (depending on the attorney)
  • you'll also need an accountant
  • You'll need a store front/retail space $1,000-$3,000 per month (depending on location and size)
  • Utilities (gas, electric, water, phone/fax lines, internet service, insurance, etc.) hundreds per month
  • You're going to need office furniture, shelving/displays, POS system & software, computer(s), office supplies, etc. - Thousands to first buy it, plus a little per month to replace the stuff that breaks etc.
  • And last one of the biggest cost you're going to have is inventory. You can easily spend tens of thousands if not more. Remember with retail if you don't have the product in stock, they'll probably just go somewhere else to buy it.

Ok so you have the business setup and have the retail store full of inventory.

How are you planning on getting people to your store? Advertising, word of mouth, etc.

  • Advertising you say? Well there goes 100's if not $1,000's per month (example - the small real estate company I work for spends between $2,500 - $4,000 per month)
  • Word of mouth. Cheaper but not so good for when you just start up (nobody knows who you are yet) however after some time that will be the best advertising you'll have, as long as you make a good name for yourself.


Still sound like that easy gravy job yet? :lol: Don't worry I left out the best part, you'll have NO life. Why you ask?


  • What are your store hours going to be? Around here it's usually 9am-6pm M-F & 9am-3pm Sat. Somebody will have to be there at all those times. Which is where employees come in, but that's a whole another page. :bonk:
  • What about when you get sick, will you have somebody to cover for you.
  • Your :ride: time will probably disappear (talked with the local dealer the other day, he can only ride Sundays but then he's too tired to ride or has family stuff.)

Are you thinking "ahh it's only 9-6 that's not to bad", well there's a lot more to it than that. Just ask Bruce aka Weathergeek. Look at me, I go to work at 8:30 & come home at 3:30-5, then I'm working on this site till 12:00-1:00am. Hit reset and do it again. :bonk:


Almost forgot, with your age there's no way you'll be able to get a loan so you'll have to bring somebody else in with money and their goes half your business. Plus people probably won't take you seriously, remember we had talked about that earlier, how people will judge you by your age and not what you actually know. :foul: Happens to me all the time.


Plus there's the thousands of little things I forgot or don't have the time to type out.


Again I'm not trying to discourage you and I hope you can work something out. :thumb:


end :rant: :confused: what was the question again?


Edit: What A2 said is good advice and excuse my bad grammar and spelling.
 
Just saw this thread for the first time. What James has said on here is true and it is what keeps the vast majority of people from starting their own gig. The fact that you have this feeling so young in life is a testament to your drive and will only help you as you get older and wiser.

Yes it can be difficult and somewhat costly, but can be and should be done. It is easier to do it while your personal expenses are at a minimum. You will need some sort of a mentor to give you some guidance in the beginning. Start small. Check out your area for potential competition, amount of crime (decent area) and traffic into your store. You will need some startup money... rent/deposit/insurance/alarm/products and inventory, etc. Take your time with this idea. Do plenty of research. This may take months or even years to do it correctly. DO NOT RUSH into this as this should not be done half ass. And as James has already stated, your personal time will be nearly non-existent. The business will be your life and wife for a long time to come but will be worth it because it will be YOURS.:prof:

So don't be discouraged, take your time, get advice from every person you know, especially the generation above you and pick what advice will work for you. Look what a wonderful job James has done here at also a very tender age.:thumb::thumb::thumb:

If you want to pick my brain, feel free to PM me or give me a call. Good luck.:ride:
Thanks for the help. I have heard from many that its best to start young. My parents and I have agreeded that I get the plan all set up and after I graduate High school next year, ill start the business. Ive decieded I want the businees located in my hometown, because its bigger. Right now I am about to set up an appointment with my accountant and learn a lot about business.
 
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