I am 14 years old and looking to open my paintballing Business in northern Idaho next year. I have my business plan and Budget setup but the amount of money I need is a bit more than i have(i need about $22,000). Is there anyway i can get Financing or anything? oh and i have decided to have it as a LLC. if that helps or anything.
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Is there anyway that i can get Business Financing to Start my Business?
- Thread starter T-Man
- Start date
lynnbodoni
New member
You will need to have an adult make all the contracts, as minors cannot sign binding contracts. This goes for loans/financing as well as everything else. So your first step is to find an adult who will act as your agent in this and other business matters.
Wow, what a smart and industrious kid! You should be proud of yourself. I think you have a problem though. In most states, if not all, a contract is binding if there is a "meeting of the minds", and the parties are "adults", etc. Seeing you are a minor, I can't believe a lending institution would give you a loan, as you'd have to sign a contract. To say nothing about your suppliers who want a guarantee of payment, customers who should sign an injury etc. waiver, insurance on assets and customers, and a banking institution, etc. Who's land are you going to conduct this business on? Anyone would be a fool to sign a non-binding contract.
You deciding to be a LLC shows that you are smarter than average, but do you know what it REALLY means? If I was you, I'd keep working on your business plan... and STUDY! Look up "LLC" on an IRS web sight. Who's going to do your books? Were you planning on paying taxes? Did you know that you would be responsible for a minimum of 15.3% of your profit in Social Security and Medicare taxes. That's not counting Federal and State taxes. Will you have employees? Do you have a state and Federal I.D. number? Do you charge sales tax on your paint balls, etc. I'm not trying to discourage you in any way. You sound GREAT.
I think you show more business acumen than most adults that I have worked with for years, but I'm not sure you are quite ready. Where do your parents stand on this, and what's their level of involvement?
In addition to picturing yourself as the business owner, picture yourself as the customer. What would you expect to receive in such an establishment? Is $22K enough give me a good experience? How do you handle depreciation? ARE YOU SURE you have thought EVERYTHING through?
Again, I'm quite impressed, and wish I could see your business plan. But... I imagine you've left out a few vital details.
Should you follow through with this, and I lived in Idaho, I would certainly put on my Cammie's and play! What ever the case, I see great things in your future. Don't give up. Study, study study!!! Best of luck to you, E.
By the way, I have NEVER met ANYONE that ever stuck to a "budget", regardless of how well written. They just aren't realistic when they get down to the brass tacks.
You deciding to be a LLC shows that you are smarter than average, but do you know what it REALLY means? If I was you, I'd keep working on your business plan... and STUDY! Look up "LLC" on an IRS web sight. Who's going to do your books? Were you planning on paying taxes? Did you know that you would be responsible for a minimum of 15.3% of your profit in Social Security and Medicare taxes. That's not counting Federal and State taxes. Will you have employees? Do you have a state and Federal I.D. number? Do you charge sales tax on your paint balls, etc. I'm not trying to discourage you in any way. You sound GREAT.
I think you show more business acumen than most adults that I have worked with for years, but I'm not sure you are quite ready. Where do your parents stand on this, and what's their level of involvement?
In addition to picturing yourself as the business owner, picture yourself as the customer. What would you expect to receive in such an establishment? Is $22K enough give me a good experience? How do you handle depreciation? ARE YOU SURE you have thought EVERYTHING through?
Again, I'm quite impressed, and wish I could see your business plan. But... I imagine you've left out a few vital details.
Should you follow through with this, and I lived in Idaho, I would certainly put on my Cammie's and play! What ever the case, I see great things in your future. Don't give up. Study, study study!!! Best of luck to you, E.
By the way, I have NEVER met ANYONE that ever stuck to a "budget", regardless of how well written. They just aren't realistic when they get down to the brass tacks.