Help!! College Or My Dream Job?? I Need Advice

[emi_girl23]

I'm only 18 years old, and i've had a dream of owning my own business since I was little. Luckily "the man"...the reason i'm on this site is also business oriented..we actually met at a future business leader of america meeting in high school. We have very little money, and he's going to flight school...and as all of you know, there wont be much time to help me out. I'm a barista at a local Coffee stand that is very successful, and I love my job and the environment of coffee stands in general. At such a young age, do you think it would be a mistake to take out a huge business loan (i have good credit and have had a car loan before so I should be able to get one) and just put everything I have in it...or go to college, get an education and see how my life comes together? I was planning to go to school to be an elementary school teacher, I even volunteer at a first grade classroom everyday...but lately ive just had a wierd feeling that its not right for me. So open up shop or go to school?? Anyone have any suggestions or own a coffee shop and have advice?? Sorry this is so long but i hope i get lots of replies...cuz everyone else in my life is pretty biased. Thanks, Em

[Kristie]

biased how?

[emi_girl23]

My parents are biased because I'd be moving farther away to start the business..and they want me to live as close to home as possible. Evan is always having ideas of starting businesses, we have both always wanted to go into business...and to do it together would be awesome. But were both so young and hes so focused on flight i just dont know if now is the time, but i cant picture myself doing anything else. He's all for it, my parents are against it (although they said they support our decision) and i'm a little on the fence.

[UKcats06]

I think you shuold at least go for a couple years go get maybe a business degree or something. I was amazed at how much I actually learned in college. Maybe just an associates degree or something, and then go for the business idea. It will only help you in the long run It seems like the business idea isn't like a once-in-a-lifetime thing, so can you do it in a few years? Or even after a year, and then go part time or something. Just take some general courses and some business courses, and see what happens. You're young and you have plenty of time to start a business. More education will only help you. (I'm not saying you are stupid, because obviously you are not if you want to start a business, but more is always better) Hope this helped!

Emily

[MQAAord]

Starting your own business is always a risk. What background do you have in the industry of the business you started? Do you have a realisic and workable business plan? Do you have access to people or information when you run into roadblocks & problems during your business ownership? In short, interview yourself for the job of business owner! Are you qualified for the job at this time?

Not knowing anything about you, just your age, my first reaction is to suggest you go to college and get a formal business education. However, if there's more to the story, and you really are qualified and full ready for all that owning your own business can bring, go for it. Remember owning a business is a long-haul proposition, it can take years to make a business initially profitable.

[TheWife]

I agree with everyone else. We don't know you all the way so it's hard to say "I wouldn't do it", but at the same time, I think it would be a lot harder to go back and get your education later, whereas your business idea will be easier if you give it a year. Maybe set a goal like "be ready to open doors Jan 1st 2009", and in the mean time, take some business management classes, learn about how to choose a location and how to market and how to stay organized and plan it all the right way. I have seen so many businesses around here take a huge leap of faith and open up, only to close within months. It won't hurt you to be as prepared as possible, maybe even pick up another P/T job or something so that you have more cash and a smaller loan. Cut out all your extra spending in the mean time and save all of it. Good credit will only get you so far at the bank, they are going to want to see a good business plan, and they will want to see some assests, such as cash savings, investments, or other forms of worth. Good luck with whatever you do, whether it's now or later!

One more thought, keep in mind that boyfriends are generally pretty supportive and will push you to help you acheive your goals and dreams, while parents are generally speaking from the wisdom of life's experiences, neither is right or wrong, but they have different agendas and perspectives, so I honestly wouldn't put more weight into one sides opinion over the others.

[Flybird]

I agree with everyone, school first. At least you'll have something to fall back on if the business doesnt work out. Also, if your BF is just starting in the aviation industry and you two stick together for the long haul theres a good chance of you moving. At least you can transfer schools. Not so easy with a business.

[Amanda]

I too agree that it is very important for you to go to school. I think the other ladies made good points but I'm also thinking to myself- you're only 18. Do you know any business owners because from what I hear they are there (or doing something business related) morning, day, and night. Have some FUN first in college!
Get an education and learn about business plans and all that is involved in the business. I spent a few years researching opening a business and decided against it because there were just too many risks. Also check ot Entrepreneur magazine at your local library to get additional info. Good luck in your decision.

[laralen02]

I agree, school first. It can only help, not hurt. It seems like you could always open the business later...from what you described it's not a "now or never" situation. It could always be done later when life is more stable with your BF and you know he'll be available to do it with you like you've dreamed. And by that time, you could have a business degree under your belt, which will only make opening and running a business easier.

[flyershoe]

I agree with the general consensus… I've been thinking of buying a gym franchise, but even with a franchise there are risks. I love the concept of it, and I would get myself in the kind of shape I would need to be in to teach classes, but still I would need to have other employees. There are just so many things that you never consider… hazard/liability insurance, employees, lease, inventory, unemployment insurance… are you going to be a corporation or an LLC, sole proprietorship, etc… if you open a business, chances are that you'll need a lawyer, and they don't come cheap, either! Like Michelle said, a bank is going to want to see your business plan, financial statements, and they're going to want to have something as collateral. In your case (since I'm assuming that you don't own a house), you would probably offer something called a UCC-1 financing statement for the company, and since it may take a while for your business to be successful and make money, most banks wouldn't accept one for a business that hasn't been established (I work in commercial lending, so I'm pretty familiar with those kinds of things).
I also like what Michelle said about setting a goal for yourself (like by xxxx date, open doors)… even if you get a 2 year associate's degree in business, I think that it will help you SO much. Do you know anyone else who owns their own business? They might be a good resource for you… perhaps you could bounce ideas off of them and see what they think! If you want to own your own business, do it - just make sure you get an education. It's so hard to go back to school after taking time off - I took about 4 or 5 years off to be out in the "real" working world, and I quickly realized that to get anywhere and make any money, I would need a college degree. It was a maturing experience and it's helped me be more serious about school… but working full-time and taking classes is HARD. If you have the option to get your degree now, do it. I'm thankful that I got a start on it before marriage or kids, otherwise I don't know that I would have ever been able to do it.
Just my 2 cents.