23 years old, just bought my first business
Hi everyone. I have been looking around for a community to discuss the field of entrepreneurship and this forum stood out to me.
To introduce myself, I am 23 years old and recently closed on the acquisition of my first business a couple weeks ago. The business itself has been around for 6 years, has 2 operating locations and is very profitable. I also was able to purchase exclusivity rights to all of the area (its a franchise). I had experience in the industry through college and when an opportunity arose to buy out an existing and successful business in the field i seized it. After about 4 months of negotiations, we closed and I am happy to report that within the first 9 days of operations in this month, we have pulled in almost 40k revenue between both locations(profit margin in this biz is pretty high, so good deal).
anyhow, i am currently trying my best to deal with all the intricacies of taxation, yesterday i switched my employees to 1099, etc.
I hope to learn a great deal about business ownership and entrepreneurship from more successful and experienced people than I and hopefully I can help out other young people facing similar situations.
I am based in the UK starting my own clothing line, I am not able to answer your question but I have just joined the site and this is the first forum I have been in. Well done on achieving such good number's though sound's like you have got a lot of work on your hands all the best anyway