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Starting a Small Business at 14

 
 
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tomcomps
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PostPosted: Mon Jan 17, 2005 6:30 am    Post subject: Starting a Small Business at 14 Reply with quote

Yep.. thats right!

Basically, I plan to buy items wholesale and re-sell them on EBAY or other places.

Thats the scope...

I am so utterly lost about where to even start....whether i need to bother with this tax return id # help me god mubo jumbo.

I want to have the rights to the title of a business but mainly i take products and sell them on ebay. So...

Thanks so much, I really appreciate your help. 14 is young, but I am determinded to make it work out! I have a great strategy and philosophy... i just need some guidance.
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Fraser
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PostPosted: Mon Jan 17, 2005 6:57 pm    Post subject: Reply with quote

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Last edited by Fraser on Fri Aug 04, 2006 12:41 pm; edited 1 time in total
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BernardErtl
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PostPosted: Mon Jan 17, 2005 9:21 pm    Post subject: Reply with quote

One of my sisters-in-law dated a guy that did that. He drove all over creation to pawn shops buying video games and reselling them on ebay. He supposedly made ~40K a year, but he grew tired of the grind and gave it up.

A guy who lived in my dorm my freshman year in college started a lawn service company while in high-school and had ~20 people working for him by the time he graduated (high school). He supposedly sold the company for 6 figures before starting college!
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MikeH
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PostPosted: Wed Jan 19, 2005 9:45 am    Post subject: Reply with quote

Quote:
You dont need to bother with tax.


This is not correct. An individual can sell items on ebay as personal property and the Inland Revenue will not have a problem with that. However, in time when you are buying and selling gods for profit as a business the IR may be more interested. It may be argued that you can get away without paying tax for quite some time. However, if they do eventually recognise that you are selling on ebay as a business then any profits that you make should be deemed as personal income and taxed accordingly.

IMO keep accurate records of your purchases and sales in a safe place just in case.

Good luck with your work on ebay, I hope that you start to make some decent money. Got any other questions do not hesitate to post them.

ATB,
Mike.
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Fraser
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PostPosted: Wed Jan 19, 2005 5:36 pm    Post subject: Reply with quote

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Last edited by Fraser on Fri Sep 01, 2006 12:17 pm; edited 1 time in total
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MikeH
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PostPosted: Thu Jan 20, 2005 10:09 am    Post subject: Reply with quote

I am aware that the individual in question is only 14.

Quote:
I plan to buy items wholesale and re-sell them on EBAY or other places.


However, once they reach 16 this type of activity cannot be deemed to be personal. I am sure that they may also be engaged in employment elsewhere in which I am sure they will use their personal allowance elsewhere. I doubt that anyone can survive living off their personal allowance alone.

There are many people making a lot of money from ebay and many people that are addicted to buying from it. Personally I do not use ebay, but I am aware that people make a lot of money without declaring any of it to the IR. IMO it is only a matter of time before they start to investigate transactions and identify people that should be paying TAX.

In short make hay while you can, but my advice would be to keep records and a bit of cash in reserve just in case.

Good luck to both of you.

Mike.
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jumungo4
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PostPosted: Sat Jan 29, 2005 1:47 am    Post subject: Reply with quote

Hi,

I am only 15 and have my own business.
I import my products from China and then resell them on ebay.
Its great fun...


Mungo
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fatfacedharry
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PostPosted: Mon Mar 14, 2005 7:09 pm    Post subject: 15 Reply with quote

hey im 15 and own my own business, i do web design.

I can build you a website for your products if you like. please see my website for more details. <link removed>
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aaron
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PostPosted: Mon Mar 14, 2005 7:38 pm    Post subject: Reply with quote

Please make sure you are familiar with the board's advertising rules, fatfacedharry...!

Thanks

Aaron
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nRG
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PostPosted: Tue Mar 15, 2005 11:27 pm    Post subject: Reply with quote

jumungo4 wrote:
Hi,

I am only 15 and have my own business.
I import my products from China and then resell them on ebay.
Its great fun...


Mungo


The thing with that is there are numerous knock-offs coming from Asia and you dont want to get caught up with copywright issues.

Me personally did buy and sell items from vietname/china/philippines back when I was in high school, easy money plus its a good niche.
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PostPosted: Thu Mar 17, 2005 2:58 pm    Post subject: Reply with quote

What is your opinion on selling Indian products? I was thinking about ayurveda medicine, vitamins. Any input???
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trev
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PostPosted: Fri Mar 18, 2005 12:15 am    Post subject: Reply with quote

I'd be careful about importing foodstuffs or medicines as some of these things are banned in this country although there do seem to be some grey areas. For example, if say the vitamin tablets contained the food die Sudan One you could at best loose a fortune as it would have to be recalled.

I would also be a bit worried about what I was actually buying was what was actually being advertised. Unless you can test the products, you could find the vitamin tablets turn out to be 90% headache tablets which could be extremely bad news if you're also taking some prescribed drugs.

Trev
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PostPosted: Sun Mar 20, 2005 6:34 am    Post subject: Reply with quote

Thanks Trev for your input. Yes, you are right. I have also considered the disadvantages about importing food. Will keep inquiring about other income venues.

Take care and all the best.
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nRG
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PostPosted: Sun Mar 20, 2005 9:33 am    Post subject: Reply with quote

If it comes down to the bear neces. i've heard numerous success stories of teenagers buying high end products at pawn shops and selling them on eBay at 100% or even as much as 600% markup. So if you dont find a distributor of the products your intrested in selling, buy/selling from a pawn shop is another option.

Btw, dont think its degrading, because I personally know someone who has 32 people "shopping" for these items and then he sells them on ebay and gives the "finder" a comission. Kind of a homebased treasure hunting style of a business.

nRG
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