how to start business

[450rRacer22]

hey guys i was just wondering how i go about to start my own business and what not. i'd really like to just become like an authorized dealer and sell parts for quads and eventually sell other things like gear and stuff. im a senior in high school right now and this is what im hoping i'll be able to do when i get out of school and stuff so if you guys could help me out that'd be great. thanks

[CannondaleRider]

Working Capital.....pretty much what it comes down to.

In simple terms? Money..

Being a Senior in HS..I'd guess you don't have to much in the way of working capital at this point. SO, that puts you into a position of borrowing :ermm: Don't screw yourself over early. Just don't go in to deep, to fast.

[450rRacer22]

yeah i know what you mean. once i get enough money to where i could get a good start on things how do i actually become a dealer for these places so i can get the parts and stuff. sorry im new to this so your help is greatly appreciated.

[Pappy]

Originally posted by CannondaleRider
Just don't go in to deep, to fast.


this not only applies to business....words to live by right there:cool:

[Crashmore 22]

Originally posted by 450rRacer22
yeah i know what you mean. once i get enough money to where i could get a good start on things how do i actually become a dealer for these places so i can get the parts and stuff. sorry im new to this so your help is greatly appreciated.

Most retail companies have dealer applications. From what I hear, it can be a very strenuous process to qualify to sell some products... Check out Lonestar's dealer application to get an idea. http://lsracing.com/

[250xridamatt]

I would suggest taking atleast a few business management classes. Maybe you can try to get a job at a dealership now, that way you can be in the industry. Work there for a while, save up some money, learn as much as you can, then go off and try to do your own thing.

[416exfreak]

Originally posted by Pappy
this not only applies to business....words to live by right there:cool:

:D

Words of wisdom spoken by pappy here folks....;)

[thrasher_ex]

I know people that own their own businesses. Some are big, others little. All of them agree: go to college.I'm sure a business degree would help. Talk to your school counselor and she'll give you some ideas of college classes to take.

[Moto49X]

I started a Landscaping business while I was still in high school. All I can say is PLAN WELL, do not get in over your head. Be sure you don't overlook all the expenses. Such as, business license, insurance cost, Workers comp for employee's, all the new equipment you will need, shop rental (or own, whichever you prefer). You also need to realize the fact that being in business for yourself, you will have no benefits. Meaning you need to save back for your own retirement, health insurance, blah blah.

I did not go to college (just one semester), neither did the other 10 business owners I am friends with. You can learn anything you need to know these days on the internet. Just be sure you know your taxes and all that BS, and also customer service. Be sure you have great communication skills.

The biggest thing to deal with is you will not have a guarantee'd paycheck! Your yearly gross income can vary by ten's of thousands of dollars. You can go from $20k one year to $150K+ the next.

If there is anything specific you need to know feel free to give me a PM, i will try to help you the best i can!

[Moto49X]

Originally posted by my88r
as long as its what you want to do. give it 110% :macho

For sure. Its hard to go out on a limb at such a young age. Your really risking alot. I will also warn you ahead of time, some people will look down on your age! Think your not professional, don't know what your doing, blah blah.

I lost a job when i was still in high school because the client wanted someone older and more expierenced with this line of work. Behold, a few weeks later they wanted me to come back and do some more work for them, I told them i was booked and unavailable (although i wasn't).

Just giving you a heads up the first few years will be rough, but don't put your head down, you will be working some long hours for awhile.

[Moto49X]

Way to go. An ATV/Bike repair shop is in interest for me also, possibly 8-10 years down the road. My business is still fairly new and if all goes well, we will see what happens.

[my88r]

Originally posted by Moto49X
Way to go. An ATV/Bike repair shop is in interest for me also, possibly 8-10 years down the road. My business is still fairly new and if all goes well, we will see what happens.

best of luck to you. hope everything turns out the way you want.:)

[GPracer2500]

Write a business plan!

[450rRacer22]

thanks guys you have no idea how much this information has helped me.

[CDCHONDAS]

I've discussed this with my88r via pm on here before and one thing I don't think I ever mentioned that will do both of you guys some good> You will probably need a computer, splurge and get a nice book keeping program, something like quickbooks, (or if your in powersports there are some really nice dealer managment software setups), excel, and other programs that come pre-loaded on your computer aren't going to cut it. You need to be able to have a part number set up and thats where some of the specialized software really comes in as far as powersports. Get the program and be religious about keeping your bills and invoices, etc. entered in. These programs will allow you to write sales receipts and some of the integrate nicely with Point of Sale terminals which is nice for retail. I use quickbooks pro and it works fine although I don't inventory but a few hundred part numbers. Long story short this is a real time saver in the long run, you can calculate your sales tax that you have collected and have to pay in about a minute, and you can see daily how your expense/revenue is doing to know if your making money within a few minutes. Just trying to save you guys from the mistakes I've made and learned from. if one of you guys needs more help pm me.

[07250ex]

Originally posted by Pappy
this not only applies to business....words to live by right there:cool:

i know what your thinking, you devil you :devil: ... lol =]

[CDCHONDAS]

Originally posted by my88r
i all ready have a accountant. doing that end.:D


So how are you managing inventory and keeping track of sales as well as writing reciepts, if nothing else you can use a receipt book, I did for awhile, but I wont go back.