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    1 Reply Latest reply on Nov 17, 2010 10:17 AM by TheSoloGuide

    How to start an independant school bussiness?!

    Refaced Newbie
      I am a 16 year old student in high school and me a couple of friends would like to start a business customizing various objects and clothing using spraypaint and stencils. The start up costs would be pretty low as we were already doing it for ourselves and have the paint and stencil materials already. Also, we were going to have people bring in their own products and just have them pay for the service. We already have lots of premade stencils and some shirts (that we wear). There seems to be quite a bit of interest.
      Do we need a seperate person to manage finances? Three of us are in art and would be making the stencils. I'm pretty confidant that I can also handle the bussiness portion (marketing, pricing, sales etc.) but I am not very good with math (none of us are). We have a fourth friend who works at a law firm and wants to manage our finances and potentially get us a copyright. If we did "hire" him, how would we determine how much he would get paid? By "job"? Or just a flat monthly? Would we even have to pay taxes? We want to eventually expand to premade apperal and perhaps screenprinting and want to have enough to save. we're not even sure how we would split revenue between us anyway. Or would we just keep it all together for company use only? Or pay by stencil? Or am I getting way too ahead of myself? Help!
        • Re: How to start an independant school bussiness?!



          If none of your are good at math, chances are you would struggle to manage your finances properly. So, yes, you should hire a professional to handle this aspect of your business.


          When you mention, "There seems to be quite a bit of interest." is there enough interest to support the costs (overhead) you will have as a business? Have you done any research to check on the competition, the demand in the market, how you will market to them, what that will cost ... ?


          The lawyer will tell you his rates.


          You should create a partnership agreement detail each partners role and responsibilities within the company, how profit sharing will be split, what the company will pay as a salary to each, etc... Make sure you have this agreement in place before you start if you plan on turning this into a serious business and not just a side hobby making a few extra dollars. While you all may be friends not, business has soured many a friendship when problems and conflicts arise ... as they always do. When this happens, it's best to go back to the original agreement instead of fighting over who deserves what.


          I hope this helps.




          The Solopreneur's Guide