Questions

I am 16 years old. I have $1000 to work with. I have the best credentials a 16 year old could have, with a 4.25 GPA, and being an Eagle Scout, and have learned to speak proficiently in Spanish. I have earned my money up to this point with yard work ( a mix of skilled and unskilled labor). Some potential ideas I've had: Vending machines/gumball machines. Lawn care service (Hiring other teenagers to do yard work, and make a small profit off setting up the arrangement) I live in the suburbs about 45 minutes from Atlanta, to somewhat gauge the population of potential clients. I would like something that would be more of a constant, rather than occasional customers or chance. Potentially selling a good or a service to a company? Any help would be appreciated.

Hello-

Great start, now here's the hard part...Converting that $1000, drive, and knowledge in to a profitable business!

When I was a freshman in business school--I was super broke, like really broke. I was waiting tables at Chilis, and I knew I could do more with my time.

I lived in a part of town where there were quite a few older residents, and I realized a lot of them had flaky/outdated/weathered decks and docks. Most of them didn't want to take the time or energy to revive it, so I started doing it!

I used the money I had($400), and I went and bought a pressure washer(from sams club), hose(lowes), and wood treatment(lowes). With that, I did one deck for free, and took some great photos of it on a nice sunny day.

I posted the photos, rates, and contact details on bulletin boards around town(know your audience), as well as craigslist. In a week, I had 7 people wanting their decks, docks, and even parking lots sprayed and treated/stained.

The business was super profitable(and easy). You can watch a 5 minute video on youtube and learn both pressure washing and staining. I charged people by figuring out the stain/treatment cost, and multiplying by 3.5.

Takes a couple of jobs to work out the kinks, and drill down on the costs. But, once you do--You're set. At one time I had 5 friends working for me making $10 an hour, and it still had 30% margins. I was able to pay tuition, rent, bills, and "be my own boss" for a few years before selling equipment and client list to a regional player. It was pretty awesome, you should give it a shot!

If you have any more detailed questions, just let me know.

Thanks and good luck!


Answered 11 years ago

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