Starting my business while still in school.

[juresesko]

This forum is amazing every day I find more and more helpful things but the most important of them all is the power you get when you read success stories from others!

I can't wait to begin building my own business

Every day ideas are flowing some of them have the entry point way up and as of now are unobtainable others are silly and some of them can actually be profitable.

Note that I'm young, 18 in December and don't have much capital to start with around 10k.

Are you of the similar age or just have something to say on what I should look out for feel free to type All my "friends" are currently sleeping or getting high and drunk while asking their parents why they didn't get their pocket money this week.
I don't want to be one of them so I moved away to much distraction and not enough time.

Next step: starting I have knowledge of bars and some restaurant knowledge because I work in them as of now.
Do you think I should open a bar? or keep searching for something new.

 

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[Odysseus M Jones]

If you can get investors that are willing to risk their capital on an 18 year old with no experience, go for it!

Just be aware that the night scene attracts the kinds of businessmen that have 'other' interests & they may not be too happy if you lose their money.

 

[Knugs]

This forum is amazing every day I find more and more helpful things but the most important of them all is the power you get when you read success stories from others!

I can't wait to begin building my own business

Every day ideas are flowing some of them have the entry point way up and as of now are unobtainable others are silly and some of them can actually be profitable.

Note that I'm young, 18 in December and don't have much capital to start with around 10k.

Are you of the similar age or just have something to say on what I should look out for feel free to type All my "friends" are currently sleeping or getting high and drunk while asking their parents why they didn't get their pocket money this week.
I don't want to be one of them so I moved away to much distraction and not enough time.

Next step: starting I have knowledge of bars and some restaurant knowledge because I work in them as of now.
Do you think I should open a bar? or keep searching for something new.

You are asking us if you should open a bar with only knowing you are
-18 years old
-go to school
-have some restaurant/bar experience
-and have 10k in cash?

Based on that question alone, I would say you better not.

 

[Putt]

Wouldn't be the industry I would have picked. The hospitality industry is (in most cases) an endless money pit and the real question is what value can you bring to an investor that someone more experienced couldn't?

That being said, I know of a few investors that put money into these projects as some weird kind of fun.

 

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[juresesko]

I think that the best thing you can do with cafes or bars is to open more of them under the same name and later in the game franchise the name just like McDonald's or Hard Rock Cafe...

 

[Benjaminjhs]

The advice I would give myself a few years ago is just start anything, get your cash to work. You are inexperienced so no matter what you do there will be a steep learning curve, first and foremost the most basic part of the business which is:
1. Financials
2. Value Creation
3. Sales & Marketing
4. Laws and regulations
5. Actually earning money, going in plus.

For my part, I just jumped from a good idea to a good idea, most of them very advanced thinking I would have to figure something out that I would like to run with for the rest of my life. What I should have done was just doing something easy from the start just to get going! If I don't want to do it anymore I can always stop / possibly sell the business / move on to another business.

So, anything. I would suggest you do something with a low entry barrier to start with, yes competition is higher and yes it may be breaking the TFF rules a bit, but who gives a f*, get started with something during this summer, like instantly. For any low barrier business, $10K is more than sufficient.

You'll get great ideas that you can act on later on as well, just make sure you're doing something worthwhile. Whatever business you choose will also bring you opportunities down the road.

Here to help if you need anything.

Remember: You got lots of time, but you better act like you don't.

Benjamin

 

[RealDreams]

I think that the best thing you can do with cafes or bars is to open more of them under the same name and later in the game franchise the name just like McDonald's or Hard Rock Cafe...

Okay, but how are you going to differentiate? What do you bring to the table that others don't?
Even Starbucks has become a commodity in the last years.

 

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[juresesko]

The advice I would give myself a few years ago is just start anything, get your cash to work. You are inexperienced so no matter what you do there will be a steep learning curve, first and foremost the most basic part of the business which is:
1. Financials
2. Value Creation
3. Sales & Marketing
4. Laws and regulations
5. Actually earning money, going in plus.

For my part, I just jumped from a good idea to a good idea, most of them very advanced thinking I would have to figure something out that I would like to run with for the rest of my life. What I should have done was just doing something easy from the start just to get going! If I don't want to do it anymore I can always stop / possibly sell the business / move on to another business.

So, anything. I would suggest you do something with a low entry barrier to start with, yes competition is higher and yes it may be breaking the TFF rules a bit, but who gives a f*, get started with something during this summer, like instantly. For any low barrier business, $10K is more than sufficient.

You'll get great ideas that you can act on later on as well, just make sure you're doing something worthwhile. Whatever business you choose will also bring you opportunities down the road.

Here to help if you need anything.

Remember: You got lots of time, but you better act like you don't.

Benjamin

I love your mindset.
When I go deeper into this forum I always see the same stuff.
Someone buying some car painting kit or a lawnmower and starting this is my mindset currently in the process of figuring out what to do I set myself a deadline till the end of the year and in the meantime I will keep working to increase my starting capital.
Did you have any experience in the niche where you idea is set or did you start researching and learning afterwards?
Happy to see some action oriented people here!!

 

[Benjaminjhs]

set myself a deadline till the end of the year and in the meantime I will keep working to increase my starting capital.
Did you have any experience in the niche where you idea is set or did you start researching and learning afterwards?

7 Months to figure out what to do is way to slow, I'll challenge you to have this figured out in 46 days (30th of June) and to confirm this by the end of that day. I'll even help you figure that out.

No, I did not have any prior experience, what helps me is my experience in sales. I am still working in my sales job and doing business on the side. Had I taken my own advice I would have been able to quit my job already.

*Edit:
And for you just getting started with anything, 46 days is more than enough, but cutting you some slack here to begin with, I know this shit can be stressful.

 

[juresesko]

Okay, but how are you going to differentiate? What do you bring to the table that others don't?
Even Starbucks has become a commodity in the last years.

In my country... quality and customer service is hard to find.
So this is where I come in. I saw good ones and a lot of bad ones and I see the difference.
Most of cafe don't even have Instagram pages and if they do they are not managed good enough.
After you get some experience in the field you start to see where the problems are.

 

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[Benjaminjhs]

Most of cafe don't even have Instagram pages and if they do they are not managed good enough.

Business

 

[juresesko]

7 Months to figure out what to do is way to slow, I'll challenge you to have this figured out in 46 days (30th of June) and to confirm this by the end of that day. I'll even help you figure that out.

No, I did not have any prior experience, what helps me is my experience in sales. I am still working in my sales job and doing business on the side. Had I taken my own advice I would have been able to quit my job already.

*Edit:
And for you just getting started with anything, 46 days is more than enough, but cutting you some slack here to begin with, I know this shit can be stressful.

I want to get a the sales job as well to get some experience but everyday I start to tell myself why go through the process of getting a job working my a$$ on concentrating to get a lot of sales for someone else while my idea is not even on the paper yet.

If you would be ready to tell me more of what you know and give me some key points on how to get started I would be very happy to listen and LEARN.

I think that what you have to say is really valuable to this community. So do you know any ways to find *that* idea.
I am not looking for profit or financial independence I just want to start.

 

[Benjaminjhs]

I want to get a the sales job as well to get some experience but everyday I start to tell myself why go through the process of getting a job working my a$$ on concentrating to get a lot of sales for someone else while my idea is not even on the paper yet.

If you would be ready to tell me more of what you know and give me some key points on how to get started I would be very happy to listen and LEARN.

Sure thing. I don't have much free time as of now, but PM me and I'll help you wherever I can.

I want to include this here though:
For anyone eager to learn sales, know this one rule that will put you in the top 10% with some training.
The only focus you should have is to Genuinely bring value to the customer. Selling is stupid, bringing value is genius. Selling might bring you customers, bringing value will bring you repeated business.
So when planning out what to say or figuring it our on the go, the focus should be on 'How can I bring the most value to this person/company', 'How can I make them the most satisfied?'

*Edit, again:
Salespeople focus way too little on this simple strategy and way too much on techniques. I am one of the top salespeople in the organization I work in, and this is my strategy, I learned this to a colleague and he's now one of the tops after just 5 months (among 500 salespeople)

 

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