I'm thhinking of setting up a business,can someone give me tips?

Question

Im 16 at the moment, but hopefully going to college to do a Health&Beauty course if i can pass this i get an NVQ, I'm getting driving lesson's for my birthday this december so i have thought about setting up a mobile beauty business.
I would need a loan from the bank for advertising and product's.
I'm not sure though weather i should get a business loan or a student loan?
Please help with anything you can.
Thank you.

Answer 1

Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"

You may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market

I recommend that you read the following books:

- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed

As for getting a loan, it is not as easy as going to the bank and simply asking for a loan. Your age may be a factor against you. You need to prove to the bank that

(a) your business will actually earn money;
(b) you can repay the loan; and
(c) you are invested in your business -- they won't give you 100% of the amount but only a part of it because they want to see the business owner believe in their business first.

Research about your business and prepare a strong business plan. Here are some resources that can help you write your business plan:

- SBA Business Plan Basics http://www.sba.gov/starting_business/planning/basic.html
- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm
- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html

You may also want to review some sample business plans to see how it actually looks like:

- Bplans.com http://www.bplans.com/sp/businessplans.cfm
- MOOT Corp Business Plan competition winners
http://www.businessplans.org/businessplans.html
- VFinance - View hundreds of real business plans in pdf format. http://www.vfinance.com/home.asp?bps=1&ToolPage=bps_main.asp
- Business Owners Toolkit Sample business plans and information on how to create a plan. http://www.toolkit.cch.com/tools/buspln_m.asp
- PlanWare Planning software and information. http://www.planware.org/
- Virtual Business Plan Walk through the design of a business plan. http://www.bizplanit.com/vplan.html
- SBA Business Planning Guide http://www.sba.gov/starting_business/planning/basic.html
- Small Business Advancement Center http://www.sbaer.uca.edu/business_plan/businessPlan.pdf
- Sample Business Plan General planning guide created by the Canadian Business Service Center. http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid
- Business Plans Index - A subject guide to sample business plans and profiles for specific business types from Carnegie Library of Pittsburgh. http://216.183.184.20/subject/business/bplansindex.html

Some recommended books are :

- Business Plans Kit for Dummies
- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan
- Writing Business Plans That Get Results : A Step-By-Step Guide
- Business Plans For Dummies®
- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan

If you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card (if you don't have any, ask your parents to use their credit card) Credit card requires no collaterals but are an expensive source of funds.

Otherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.

Answer 2

I was going to get nasty jokingly but seeing how 16 can get you 20, well let's see, general to get a loan from the SBA (small business administration) it is a loan through a regular bank, but is backed by the SBA. Meaning that if you default on the loan, the SBA will guarantee the loan payment to the bank. To get this, usually you have to be 21, WHY? Because they want to see a credit history. Your score needs to be at least 650 or higher. They generally want to see some schooling and/or degree and portfolio, or business case plan for at least a two year projection period. It takes about 30 days to seal the deal on a loan. It may be different where you live, but I called a Wells Fargo bank here in Minnesota and inquired about an SBA loan also to start a business. Go to school, good luck.

Answer 3

This sounds like a good idea but it's going to be a lot of hard work. First you'll need a business plan to use to get a loan. The only other way is to find a family member or friend who has the money and wants to either give, loan or become partners in the company. Remember you'll need someone who can take care of things you can't or would rather not so if you can find someone like that who wants to be partners that would be great!

You won't just be doing the beauty part of the business if you go it alone, you'll have billing and ordering supplies and charging sales tax (if applicable) and doing your taxes and the state sales tax and keeping good records and receipts and on and on.

I suggest you read tons of books about starting a business. Get the most up to-date books you can find at your public or local college library so you can read them for free and take notes as to what is helpful.

Good luck with your venture.

Answer 4

Dont go it alone till you have some salon experience and salon interpersonal skills behind you! Go live a little, get on the cruise ships or summit. If you go it alone so soon, you will build your day up with friends and familiar people and this wont allow you to get into stretch zone and broaden your horizon..Business loans have a very high rate of interest. I know!!! So if you need any money approach the Princess trust or other such organisations..Experience is everything in this industry so value those that have been in it for a while. Remember you are not reinventing the wheel you will be selling yourself so have more to offer your clients than just the experience given to you from a college environment. Hope this helps..

Answer 5

The first post is great. As a massage therapist and instructor, I have to tell you that many people in our industry don't make it. The key is to start working somewhere and build a clientele. If you start from scratch, the overhead expenses for your business will be more than your income with no established clientele and you will not last long.
I don't believe you can get a student loan for a business and it's highly unlikely to get a bank loan for a new business when you have no money, experience in the industry, etc.
I suggest contacting the Small Business Association and there is also a group associated with them of retired business professionals that offer free advice and publications to get you started thinking about the many things you need to consider in business.
You have plenty of time to get where you're going, so take your time, build a clientele, and seek out good advice along the way. Good luck!

Answer 6

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Associations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links.

Research, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:

* Spa Business Strategies: A Plan for Success by Janet M. D'Angelo
* SalonOvations' Day Spa Operations (S Business Series) by Erica Miller
* Start Your Own Hair Salon and Day Spa by Eileen Figure Sandlin
* 101 Media and Marketing Tips for Salon Owners, Stylists and Managers by Nanette Miner

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 7

It appears that you have a great entrepreneurial spirit. The first thing is to believe totally in yourself. With the right attitude you can accomplish anything your heart desires, since you are living in the greatest country on the earth, with more opportunity than you can ever imagine.
You need to educate yourself in the area that you want to work. Get all the information that you possibly can in the field of Health and Beauty. Talk to people who are in this field. Pick their brains, so to speak. Check out the competition. Learn everything about the business. Even consider going to work for someone so you can learn as much as possible.
Don't count on banks, as they will require collateral as well as a track record, or a co-signer to guarantee the loan. If you must borrow money to get started, try to find a family member who believes in you. Remember that it always costs more to open a business than you originally anticipate.
If you start a mobile beauty business, know what your overhead will be: the cost of your product and services, the cost of your vehicle, insurance, gasoline, and so forth. Advertising will be a huge part of your expenses since you will want others to know about and want your services.
Create a business plan. Use your best educated estimate of every expense that you will incur as you launch your business. Leave nothing out. Think of every expense: food, transportation, telephone, computer, storage of supplies, your personal draws,as well as the items mentioned in the preceding paragraph. Then estimate your income. Be honest in all these details, as you will be able to determine whether or not you can make a profit. Since you know what your competitors charge for similar services, you should be able to calculate what you can charge.
Be innovative. Offer services that no one else offers, if that is possible. Creativity is the one thing that makes businesses work. From what you have learned in your research, as you learn what works and what doesn't, you can avoid many of the pitfalls most start-up business make during their initial periods of operation.
Also know that a great percentage of businesses fail during the first year. But the more you plan, the more education you receive, the more you believe in yourself and your idea, the greater your chance of success will be.

Answer 8

I think it is commendable that you want to start a business of your own. I would suggest that you speak with the teacher that teaches business and get some advice from them and get a better idea of what is involved in starting a small business.

There are so many different responsibilities that you need to consider first.

I don't believe that you will be able to get a student loan for a business, they will ask what the loan is for. As for a business loan you will need to be 18 and will most likely need a co-signer and be able to prove that you can pay back the loan.

Answer 9

I'm a backup setter. Just remember to use your thumb, index, and middle finger to push, your legs help a lot in the pushing part. And use your other fingers to guide the ball. Make sure when you set that if you miss the set the ball should hit you right in the forehead. Practice on walls alot. That's what I do. So yeah. That's all I have to say. :)

Answer 10

First sit down and think about you want to do. You are at a gage where you can decide what you want. after you find what you want to do just go for it. The hardest step is the first step. Write out a plan and a check list of short term goals leading to long term goals. Go for it....you live once...maybe twice.