Starting a Small Business

I'm 17. Work at K-Mart. I have the knowledge to open a small computer business but dont know what regulations are put on something like this. I have the opurtunity to run in ad in an ad booklet distributed at my church but dont know if its breaking any laws to do so. I dont know anything about reporting my profits to taxes and what not. I really just need to know if I can and if so how to run something like this. It will be run out of my home. I know how to do everything I want to with computers I just dont know the business regulations on it. If any of you guys could please give me some information on this if you have any. I believe Im going to buy Small Business for dummies Friday.

Theres regulations on such a thing?? oh #....shhhh!!!

I never said nuttin...

If there is then i may be in deep....

Had my own business. lasted for exactly 1 year. You really have to know the market in which the product/service you are selling is in. Know your competition. Make sure you have enough profit to cover overhead( rent/lease of office, office supplies, stock, and so on) You have to file a tax return every quarter. Many items are deductible, especially if you are working out of home. You would have to establish at least a C.O.D. account at the various vendors you plan on using, so you will definately need cash to start up. You will also need a tax resale number. This is rather easily obtained. You will also need to have a DBA(Doing Business As), which is your company name. You will have to submit your DBA to the local newspaper, and have it published 2 weeks in a row. You submit this proof to the County building in which you live, to receive your liscense. Any more questions, U2U me.

To add to nathraq's most EXCELLENT suggestions....

Originally posted by Nightwalker
I'm 17. Work at K-Mart. I have the knowledge to open a small computer business but dont know what regulations are put on something like this.

I think I can help. I've run a number of small businesses on the side -- and that's the key to getting this going: don't quit your day job just yet. Plan on it as a sideline and it will expand later.

I have the opurtunity to run in ad in an ad booklet distributed at my church but dont know if its breaking any laws to do so.

No, it isn't. Go right ahead. You might also set up some business cards for yourself... pick something nice and tasteful that your parents would react well to.

I dont know anything about reporting my profits to taxes and what not. I really just need to know if I can and if so how to run something like this. It will be run out of my home.

Easiest thing to do is download a copy of Microsoft Money or something similar and just keep books in it. At the end of the year, report it on your income taxes as "hobby income" (this is legal for a year or so.) You will have to pay taxes on it.

Expenses that you can track (deduct from profits) include advertising, internet fees (set up a web page detailing your services), books, software, hardware upgrades.

Keep your virus checkers up to date, and do offer services like getting rid of spyware and blocking ads for folks (download Google toolbar for them or something similar.) Do have some free utilities...but never ever take hacked/cracked software. That gets them into trouble and leaves them with a bad taste about you. Referrals from old customers will get you new business.

A word on software: unless someone is desperate for something new, don't tell them something like "Oh, NOBODY in their right mind would use anything by Micro$$lut!! Here, let me get you a new program!" Most folks aren't capable of learning several hundred programs, and forcing software on them that you like isn't very kind.

DO learn the fine art of data recovery from crashed/horked disks and accidentally erased files. That, alone, will bring in a bunch of business.

DO learn the fine art of virus cleanup and repair... another good source of income. When you do a virus cleanup and repair, CHECK THE RESULTS WITH A SECOND VIRUS CHECKER. Yes, they're good, but sometimes they miss something that another checker has.

I know how to do everything I want to with computers I just dont know the business regulations on it. If any of you guys could please give me some information on this if you have any. I believe Im going to buy Small Business for dummies Friday.

Good luck, and if you have any questions, U2U me.

[Edited on 15-7-2004 by Byrd]

so now you're 32. are you self employed?