Q&A for How to Start Your Own Business

You need a location that matches your clientele. For instance, you wouldn't open a store for luxury goods in a low-income neighborhood.

Learn the ins and outs of the specific industry first. Try to work in that environment before starting your own business—for instance, you might get a job at a retail store before opening a retail business.

An online business is an easy, inexpensive way to get started if you don't have a lot of money. Overall, the only money that's going to come out of your pocket is the fees to set up a website.

No, though it will help. Make up for your lack of experience by researching as much as you can about the type of business you'd like to start.

Always start small, meaning start online, and only produce what you are sure you can sell. You can always make more if demand increases. Start by marketing yourself on social media, and start a virtual store front on a site like Etsy or eBay.

Yes. You have to have a good idea and be planned and prepared. And you need a start up capital - specifically from someone else willing to invest.

There is no formal education required to start your own business. Many successful business owners created their companies when they had little or no formal education. There is still value in formal education and, in addition to business classes, many schools now offer courses on innovation and entrepreneurship.

If you want, you can try to sell some stuff at school or ask your parents if there is some extra space in the house to make a little office or even a shop.

Paypal, Stripe, a basic card reader system, etc. There are so many payment gateways out there, just google them. Don't forget bitcoin and other cryptocurrencies too.

Social media is the best way to promote your business on the cheap. Beyond that, it really depends on what your business is. Roadside advertisements are a great way to attract consumers, but not particularly effective if you are a wholesale company. The first step is to identify your clients, and figure out the best way to reach them, for consumers, the best ways are social media, road side adds, TV commercials, and good customer service has been shown to get more word of mouth. For a wholesale or investment business, the best ways to promote vary greatly, so just identify your clientele and think about how other businesses advertise to them. Also, never be afraid to self promote.

Obtain a trademark, and perhaps speak to a patent lawyer.

You can; however first you have to make sure you have the right legal permissions in case you have to build, and some others are needed to own a hotel. You might want to check with a lawyer before starting. At the same time building an hotel or buying one requires a huge amount of money, since you have to build the building, hire people that will work for you, and do different jobs according to how big the place is. You will most likely need to start small and build your business to be larger.

All you really need is permission from your parents -- and a good attitude. Some cities require a special license to sell items inside the city limits, so ask your parents if your city enforces that rule. Then you're pretty much set to start your business!

That depends on several factors. These include your business strategy, the market you're trying to break into, and perhaps most importantly, your own personal work ethic.

It depends what kind of business you want to start. For example, you can't be a banker, but you can do chores for pocket money, sell lemonade in summer or do a bake sale.

As the article notes, it is important to have an idea that is unique. This makes it more likely that your business will fill a need that others have not. It also helps for the business to be something you are passionate about and in a field that you have knowledge in.

It can often be easier to get a business loan when your company is already up and running rather than just a concept. By having an existing operation, you will have more information to provide to the lender, such as profit & loss statements, revenue, overhead and the like.

You should pay your town hall a visit and tell the clerk of your intentions. He/she should be able to direct you.

Of course. The key is just having the time. If, after classes and studying and assignments, you have very little time, you may want to consider waiting until after you graduate. But that is 100% up to you. Of course, college is also very expensive, so think about your budget for your new business before you make the decision.

Open an online company or you could start a phone service company -- that way all you have to do is take phone calls. Use every spare moment that you do have, such as evenings and weekends. That means foregoing TV shows, internet surfing time and any meetups with friends, etc.

You will probably require parental help with some things, as you are not old enough to sign a contract, etc. Talk to a parent or another trusted adult about your business plans. See if there is a farmers market in your area, this is a good place to get started if you have a product you'd like to see in grocery stores one day.

This all depends on your location, start up costs and your type of business. It can be a very different amount depending on these factors.

You have to figure out new and inventive ways to outshine your opponent. The exact ways would depend on what kind of business you're in, where you're located, etc., but I would recommend focusing on engaging the community with your business and building connections with individuals who can promote you via word-of-mouth.

If you are interested in starting your own winery, it is best to first do research on wine making techniques and to create a few batches yourself. If you've never made wine before it would be difficult to launch a winery. If you want to sell wine in a bottle shop, look into retailing and be sure to understand security well, as wine is often stolen.

You can, but it would probably be more profitable to start your business somewhere that you wouldn't have competition. However, if this isn't possible, then you can definitely start your business where you are now.

It really depends on what money you have already earned from the business. The investor will be more inclined to buy stalks from you if you have more money.

You don't need a license to sell on Amazon. Go to Amazon and there is a category called "Make Money on Amazon" at the bottom of the page. Choose this, and you can begin setting up shop.

Yes, you could sell anything. Video games are actually cool for most kids your age, and even for younger and older people than you.

If you have actually created or invented something, you can protect it with a patent. However, business ideas can, will, and may already have been done before. If it is indeed unique, then you're likely the only one can do it or do it your way. Branding your business will be key to maintaining the edge on your competition; however, it won't stop anyone from starting a very similar business as yours.

You can start up your business with zero cost because with a bank loan, which you can pay back when your business became profitable.