Business Experience

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.
Definitely need to guaduate first. You will do fine.:thumb:
 

James

Staff member
So you saying I should wait until after college and get experience?
No that's not what I'm saying, in my own opinion, college has become a joke. The idea is that you can't get a good job without a college degree, I call BS on that. My bro owns a successful company and he has no college degree. Same with my cousin, he didn't even finish high school, yet he currently owns 2 car lots. If I remember right my bro started when he was 21 and my cousin at 19, they're currently 23 & 22.

What I was trying to say is that if you do want to go the college you better do it before you start your business. Because you won't have time for it during. Another thing to remember if you do end up going to college is all the student loans you'll have. :bonk:

What if I had my parents get the loan? Would that be a bad idea? What are some ways, im all ears :lol:
Does your mom and/or dad need a career change? Have you thought about making the business a S Corp (Or a LLC for that matter) and your mom/dad be your partner(s)? It would make it easier to get a loan and stuff, but like I said earlier; there goes part of the business you worked so hard for.

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.
Sounds like a plan. :thumb: Like Bruce aka Weathergeek said, take it slow and make sure you have your plan figured out before you start spending money. Plus you'll have to wait until you're 18.

The one thing I can't stress enough is how the business will take up most of your time. That girlfriend of yours, well you can probably say goodbye to her. So if you're ok with not having that much of a social life for months, probably years, go for it. :thumb:

Bruce offered to help you out via PM or phone, I'd take him up on that. Or feel free to call/PM me, I think you still have my number.

Like Bruce also said, get a mentor. I can't thank Pat enough for helping me out. I remember when he first offered to "mentor/help me/give advice/whatever" I was a little nervous . But now I think he talks with me more then his own kids. :smirk: (Sorry yama_dawgg :P) Thanks Pat :thumb:
 
No that's not what I'm saying, in my own opinion, college has become a joke. The idea is that you can't get a good job without a college degree, I call BS on that. My bro owns a successful company and he has no college degree. Same with my cousin, he didn't even finish high school, yet he currently owns 2 car lots. If I remember right my bro started when he was 21 and my cousin at 19, they're currently 23 & 22.

What I was trying to say is that if you do want to go the college you better do it before you start your business. Because you won't have time for it during. Another thing to remember if you do end up going to college is all the student loans you'll have. :bonk:


Does your mom and/or dad need a career change? Have you thought about making the business a S Corp (Or a LLC for that matter) and your mom/dad be your partner(s)? It would make it easier to get a loan and stuff, but like I said earlier; there goes part of the business you worked so hard for.



Sounds like a plan. :thumb: Like Bruce aka Weathergeek said, take it slow and make sure you have your plan figured out before you start spending money. Plus you'll have to wait until you're 18.

The one thing I can't stress enough is how the business will take up most of your time. That girlfriend of yours, well you can probably say goodbye to her. So if you're ok with not having that much of a social life for months, probably years, go for it. :thumb:

Bruce offered to help you out via PM or phone, I'd take him up on that. Or feel free to call/PM me, I think you still have my number.

Like Bruce also said, get a mentor. I can't thank Pat enough for helping me out. I remember when he first offered to "mentor/help me/give advice/whatever" I was a little nervous . But now I think he talks with me more then his own kids. :smirk: (Sorry yama_dawgg :P) Thanks Pat :thumb:
I know what you mean, I have heard many people say that going to college won't help me out that much. Like my uncle for instance, has his own construction company and he didn't even graduate high school. But mostly the reason im going to college, is to advance my learing of business. I want to know as much as I can. I will pm or call Weathergeek when I need help for sure.
 
Here is what I want my business to look like, but I know it would take some time. Dirt Bike Bitz

So on that dealer application from WPS, it says I need 3 Dealer invoices, how would I get other dealers if I am starting from no where?
 
Never saw this thread before because I was too busy making money for someone else. :lol:

As far as the bike parts business goes I do know a little. I looked into starting an online business. Well, the major distributors have thought of this too so they created a barrier to entry. That barrier is having a retail store. Now this was a few years back, abd I didn't look into WPS. Both Tucker Rocky and Parts Unlimited wanted to know about your physical store. You pretty much have to have one and it can't just be an over size closet. That was enough for me to know that I couldn't do it. I just didn't have the capital at that time.

One more thing. Be prepared to fail. Most new businesses do fail. Know when to pull the plug. Don't let it get you down. Should it happen, be ready to try again with another idea. Don't quit.

The first thing you need in not name. What you need is a business plan. It does not need to be lengthy or detailed at this point. It could be on a single piece of paper. You jest need it to focus your efforts. Consider it a living document that will continue to change as your plan becomes filled out.
 
I worked my ass off with my Dad from the age of 16, with no vacations, minimal raises(tough times). At 25, my Pops said he was done, and we (my Bro and I) could have the buisness (Steel fab, and Metal finishing) if we wanted. Maybe another type of buisness is one thing, but here in Kali, Workers Comp, AQMD, all the other F'd up fees, and dealing with employees, we said no. There's something to be said about collecting a good paycheck, and leaving work behind you at the end of the day.
 
Ok so I need some name ideas I guess this would be a start
you could name your biz "sillyb's bike parts" :smirk:
I worked my ass off with my Dad from the age of 16, with no vacations, minimal raises(tough times). At 25, my Pops said he was done, and we (my Bro and I) could have the buisness (Steel fab, and Metal finishing) if we wanted. Maybe another type of buisness is one thing, but here in Kali, Workers Comp, AQMD, all the other F'd up fees, and dealing with employees, we said no. There's something to be said about collecting a good paycheck, and leaving work behind you at the end of the day.
I agree Timo. I was self employed for 15 years. I sold the biz and have been a hard working employee for the last 10 years! :blah::blah:
 
Never saw this thread before because I was too busy making money for someone else. :lol:

As far as the bike parts business goes I do know a little. I looked into starting an online business. Well, the major distributors have thought of this too so they created a barrier to entry. That barrier is having a retail store. Now this was a few years back, abd I didn't look into WPS. Both Tucker Rocky and Parts Unlimited wanted to know about your physical store. You pretty much have to have one and it can't just be an over size closet. That was enough for me to know that I couldn't do it. I just didn't have the capital at that time.

One more thing. Be prepared to fail. Most new businesses do fail. Know when to pull the plug. Don't let it get you down. Should it happen, be ready to try again with another idea. Don't quit.

The first thing you need in not name. What you need is a business plan. It does not need to be lengthy or detailed at this point. It could be on a single piece of paper. You jest need it to focus your efforts. Consider it a living document that will continue to change as your plan becomes filled out.
very good advice. i have owned a company and gave up on it , and am now just getting started onn a new idea and have just gotten my corporation papers today. now i can be reckless and jump in with both feet and that would not be the best advice but i've never had the help or a role model like you seem to have with your parents who sound like they are very suportive . nice thing is that you are young with plenty of oppertunity to make misstakes and fix them as they occure. i think a buisness degree is a wonderfull idea would be helpfull in your buisness as well in a job if you so decied to no longer pursue this venture or the next. being a buiness owner is a lot of work but rewarding and the best way to contribute to mankind. this is only my opinion. and not rich by any means there are plenty of buiness owners that would love to give you a tour of there buisness try it ask them what they think , i've done it and have gotten great feed back and support in many ways. buiness plan is a great start, incorporation would probly be the next make a holding comany first that you can keep for life and creat DBA's (doing buiness as) for the companies you creat so you can sell them or desolve them and keep you credit you creat for you holding comany.
 
Thanks for the advice guys. So far I printed out a business plan to get me started out, its basically like a checklist. I know about the actually having a retail store part for the distributors, but my dad was saying that instead of having the middle man (distributor), why not go to the company yourself. So I have decided that when the time comes, I'll just go directly to the company and sell their products. One that I want to try out is Pit Posse, they have lots of great products. So far I am iffy on starting a business, but have decided I will get my first two years of college out of the way before I start the business, that way I have something to fall back on.
 
Thanks for the advice guys. So far I printed out a business plan to get me started out, its basically like a checklist. I know about the actually having a retail store part for the distributors, but my dad was saying that instead of having the middle man (distributor), why not go to the company yourself. So I have decided that when the time comes, I'll just go directly to the company and sell their products. One that I want to try out is Pit Posse, they have lots of great products. So far I am iffy on starting a business, but have decided I will get my first two years of college out of the way before I start the business, that way I have something to fall back on.
im glad you want to go to colege that is a smart idea and yoou will get life long freinds that will give you the opertunity to help each other, them you and you them buisness degree's will help you in all aspects of life .

P.S take accounting, and your the man.
 
Don't wait too long. As a single young guy you have better fall back options. Once you have responsibilities like a wife and kids, risks are harder to take. It's a lot easier to go BK and sleep in your truck and try again when you are single.
 
Top