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New Retailing Business
#11
There's one simple flaw in this: you will not be able to own the business. I know in the UK you cannot sign a contract until you are 18. This means that you will not be able to sign the lease agreement for the premises, you won't be able to hire staff if that's what you intend to do and you won't be able to get an investor as this will also require the signing of a contract. You also need to be fully aware of all the risks of business: if it doesn't go to plan (which, sadly, a high proportion of business don't) you could end up being bankrupt by the age of 18. This will also distract you from your school work, so if it collapses you may not have the qualifications to get a job/university degree.

It'll be much easier to start off in a smaller way or just not start until you're 18; give yourself a few years to fully formulate your ideas, investigate the market and set up a coherent business plan. I agree with dbd, you should really study business management or something similar at university first Smile
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#12
(10-03-201403:09 PM)buxy Wrote: There's one simple flaw in this: you will not be able to own the business. I know in the UK you cannot sign a contract until you are 18. This means that you will not be able to sign the lease agreement for the premises, you won't be able to hire staff if that's what you intend to do and you won't be able to get an investor as this will also require the signing of a contract. You also need to be fully aware of all the risks of business: if it doesn't go to plan (which, sadly, a high proportion of business don't) you could end up being bankrupt by the age of 18. This will also distract you from your school work, so if it collapses you may not have the qualifications to get a job/university degree.

It'll be much easier to start off in a smaller way or just not start until you're 18; give yourself a few years to fully formulate your ideas, investigate the market and set up a coherent business plan. I agree with dbd, you should really study business management or something similar at university first Smile

In the UK you can enter into some contracts from the age of 7, including a buyer and seller contracts which is the basic form of all businesses (some one pays you and you agree to supply x item). Also unfortunately in this day and age if you have money then grades ect. Have a lot less of an effect in your life.
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#13
But in the US you need to be 18 to incorporate a business.

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#14
If your ambitions include all that in the first post then I think that a small trip across the Atlantic in order to make your plans a reality. :p
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#15
lol yeah, but my new idea might cover me:
So my new idea is to open the first store in Raleigh like planned
but the revision is to instead of looking for an investor, see if (Belk preferably) another retail store would want to help out for 20-40% of the company.
What do you guys think
*the reason Belk is preferable, is because they are based in Charlotte, is not a high-end retailer (just retail). They might like the idea of competing directly against Saks and Nordstrom. Then they can do contracts and stuff should that be the issue
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#16
But they aren't going to want to purchase a company with no assets or any sort of solid foundation. And you couldn't sign the contract allowing them to purchase the 40% stake[hr]
DISCLAIMER: I'm not trying to discourage you from following your dream, but there is lot of legal and financial stuff that a 13-year old doesn't have the time money or experience to do

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#17
When you're older, try and get a jumbo loan from a bank.

Also, you should wait until you can back up your loan with assets (ex: cash, real estate, stock, etc. that can back up the value of the loan.) Never get a loan without first having something to back it up with.

My dad's university host family in St. Louis lost millions of US dollars because they paid for a loan for their house, and when the 2008 crisis hit, their property shed 2/3rd of its value. They're still paying for that mistake right now...
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#18
Yeah but I would be signing for the company
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#19
You can't sign for the company until youre 18

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#20
but could my parents do it?
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