[Duchacha]

My youngest lad has been working in and around workshops since he was little, he's fascinated with how things work I suppose. He was talking to me the other day about wanting support starting a business, monetary I'm sure.., as he feels there's an opportunity in our local area. I could probably assist him in the background with financial advise but I have no idea of the ins and outs of starting a business. Id imagine its gonna cost me dearly as much as him and need more planning than just his wants and desires.

[MrSmartyPants]

Mine is the same way. He's got a few bitcoin miners earning him some money and he works for his grandfather doing rental property maintenance. He wants his own rental properties eventually. We've bought him a pickup truck to support some of that work. He's also talking about reselling on Shopify/Amazon, etc. Beats working in retail for $14/hr, which seems to be the majority of open jobs for teenagers.

Motivated, entrepreneurial kids in this generation have MANY avenues for income.

We've got another neighborhood kid who started his own lawn mowing/landscaping business. It's very possible. You just have to support them, let them make their way and learn as you go.

[Alfisti]

Mate you're chatting with a bot.

[Captain Blood]

Originally Posted by Duchacha

My youngest lad has been working in and around workshops since he was little, he's fascinated with how things work I suppose. He was talking to me the other day about wanting support starting a business, monetary I'm sure.., as he feels there's an opportunity in our local area. I could probably assist him in the background with financial advise but I have no idea of the ins and outs of starting a business. Id imagine its gonna cost me dearly as much as him and need more planning than just his wants and desires.

Welcome to Bimmerpost?

[Captain Blood]

Originally Posted by Alfisti

Mate you're chatting with a bot.

I do not understand the reason for bots on Bimmerpost. What do they hope to accomplish?

[dreamingat30fps]

Originally Posted by Captain Blood

I do not understand the reason for bots on Bimmerpost. What do they hope to accomplish?

They will come back and put a link in that post to some scam site. So when someone searches "how to become self employed" Google will hopefully show this thread as a top result because I'm sure bimmerpost ranks well as a whole and hopefully they get some free traffic to their scam site.

[vreihen16]

Originally Posted by Captain Blood

I do not understand the reason for bots on Bimmerpost. What do they hope to accomplish?

Google "SEO".....

[tranquility]

Originally Posted by Alfisti

Mate you're chatting with a bot.

Let's test this theory. 😅

OP, tell your son whatever he does will surely fail. Your default answer to him from now on: "That's a CRAP idea. Get back to school!"

Apologies if you're real. 🤣

[vreihen16]

Originally Posted by tranquility

Let's test this theory. 😅

If you really want to test it...

arrest warrant fraud unemployed uber child pornography spambot get off my lawn and move out of your parents' basement

Might as well mess up the SEO value.....

[Joe T]

Originally Posted by MrSmartyPants

Beats working in retail for $14/hr, which seems to be the majority of open jobs for teenagers..

I don't know where you live in CT, but if he's 18+, I'm looking for someone that's mechanically incline. $20ish per hour to start, great benefits

Learn a trade on us... learn the business side, if interested, on the job, and with a few years experience, he could easily be a small competitor of ours making $100K plus as a 1 man shop, with very little start up costs.

[NickyC]

Ask him if he wants to make real money.

[Duchacha]

Yeah I'm not a bot lads, was genuinely curious for feedback..

MrSmartyPants Your lad seems to be on a good track, hope it keeps going well for him. I know a lot of youngsters get too caught up in bitcoin thinking its a get rich quick scheme that they know everything about.

[Duchacha]

Originally Posted by tranquility

Let's test this theory. 😅

OP, tell your son whatever he does will surely fail. Your default answer to him from now on: "That's a CRAP idea. Get back to school!"

Apologies if you're real. 🤣

No need to apologise, it's my fault if I come off as a bot I suppose. I think if my son had to go back to school he' physically shudder, why do you think he spends all his time in workshops?

[Bc2005]

Based on my observations many small businesses are started by skilled, motivated owners. However, many of these entrepreneurs don’t really know how to calculate cost and profit, and manage/run a business. They are good people, but don’t have the business sense to operate on their own.

For example, to operate a lawn service you need to buy equipment, which might mean financing (or money from Dad), which leads to understanding interest, interest rates, payment plans, etc. You also need storage space and trucks to move equipment, and you have to figure out the best and cheapest way to make that happen. You also need to be able to schedule jobs, send out workers that get there on time, and properly bill customers. None of this is required when you just work for someone else, so a young person may have no experience. The end result can be a failed business, even though the owner is skilled and motivated.

[Maynard]

Most local areas have small business development groups that help advise and mentor new prospects - our local one is staffed by retirees with a ton of experience. Check w/ your local chmbr of commerce.

[CTinline-six]

What kind of workshop? There is a big need for trades right now. He will definitely have customers, but the bigger picture is his plan moving forward.

I work on small engines and ATVs/Dirt bikes as a side business, my main job is managing technology at a University. As much as I love the side business, doing it full time would be a whole different ballgame. Some jobs are very demanding physically, and can only be done as a career for so long.

My advice would be for him to start small and do his business as a side gig first if possible, to see what potential growth it has and see how he really likes it. Another idea would be to shadow someone who is running a similar business to get a feel for the day-to-day and what overhead is involved.

[freakystyly]

Originally Posted by CTinline-six

What kind of workshop?

Exactly.. woodworking (cabinetry?), steel (welding?), machinery (millwright?), workshop is a broad word.

Not many people working with their hands any more, they all choose a keyboard and mouse.

[MrSmartyPants]

Originally Posted by Joe T

I don't know where you live in CT, but if he's 18+, I'm looking for someone that's mechanically incline. $20ish per hour to start, great benefits

Learn a trade on us... learn the business side, if interested, on the job, and with a few years experience, he could easily be a small competitor of ours making $100K plus as a 1 man shop, with very little start up costs.

I'm near BPT. Not quite there yet on age, he's only 17. His uncle and grandfather are electricians and I was a Mech Eng. So it's in his blood.

Might hit you up next year though.

[MrSmartyPants]

Originally Posted by Bc2005

Based on my observations many small businesses are started by skilled, motivated owners. However, many of these entrepreneurs don’t really know how to calculate cost and profit, and manage/run a business. They are good people, but don’t have the business sense to operate on their own.

For example, to operate a lawn service you need to buy equipment, which might mean financing (or money from Dad), which leads to understanding interest, interest rates, payment plans, etc. You also need storage space and trucks to move equipment, and you have to figure out the best and cheapest way to make that happen. You also need to be able to schedule jobs, send out workers that get there on time, and properly bill customers. None of this is required when you just work for someone else, so a young person may have no experience. The end result can be a failed business, even though the owner is skilled and motivated.

Totally agree.

For my son we've been selecting all the high school electives that might relate to small businesses. Accounting, investing, technical courses, etc. Just stuff to get exposure and get his mind going.

[Alfisti]

I still say he's a bot. Mofo talks funny and that's coming from me.

[P1]

Lad

[iminhell1]

Originally Posted by NickyC

Ask him if he wants to make real money.

Nah. This is the reliable income

https://www.investopedia.com/article...te-prisons.asp