Monday, February 6, 2012

Can a 16 start up a small bussiness like a burger joint in town or icecream shop?

what's needed to start it upp?Can a 16 start up a small bussiness like a burger joint in town or icecream shop?
Being 16, you are unable to sign any sort of contract, including the lease for your space, the account and loan applications from your bank, etc.



You'll need to wait until you're 18. Even then it's going to be very hard going. Even opening a small restaurant will require a lot of money. You're looking at an easy $100,000 for furniture, decorations and equipment alone, then there's food costs, rent, and utilities. If you need employees, that's even more money. But at 18, you have no credit record, and no meaningful assets (no, the clothing in your closet does not count as an asset.) So finding a bank to loan you this sort of money is going to be very difficult.



I would recommend you at least go to community college to take some classes about cooking and on running a business. It is not an easy industry to work in, and a majority of new restaurants don't even last a year - mainly due to lack of business experience of their owner.



So yes, go out and get a job in a local restaurant. Preferably one where you can at least observe more than just the running of the dishwasher (which is going to be about the only job you'll be able to get at first...) Try to learn about all the aspects of running a successful restaurant - the front of the house, the kitchen, and the back of the house (office/finances/etc.) If you can't understand how each of these areas operates, chances are, your restaurant will be a failure.
you have $50-100,000 cash? then you can start one, but you'll have to pay people to run it for you while you are in school, and work the other 80 hrs a week for no pay until maybe someday you make a small profit. you would need an adult to sign a lease on any buildingCan a 16 start up a small bussiness like a burger joint in town or icecream shop?
technically yes, you would need money, an idea, someone to back you and a place to run your business. at 16 your parents may need to cosign for anything and therefor they would be co-owners with you but yes you could.
16 year old? No. You are still in high school. You can't possibly manage a shop until you're out of high school. You can look for a job at one of those places though.
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