Starting a business while attending school fulltime

[Jayb223]

Hi guys/gals. I'm currently 17 years old and I'm certified to teach fitness/personal training. I'd like to start my own business as a way to raise money for my future college education (I'm hoping to finish my undergrad studies and move onto Med school) . My questions are as follows

1) Do you guys/gals think it's wise to start a business while still going to school full time? I'd like to teach fitness through my own company (if I start one) part time while still going to high school/ College.

2) What are some legal considerations I should take into account before starting it? (Like insurance)

3) I'd like to teach going to people's homes/ teaching at my home, Are there any legal considerations I should take into account before doing this?

4) How much would a lawyer cost if I were to want to discuss all these business things w/ him/her?

Thank you for the help guys/gals. God Bless

[Southern_Lenders]

Your lawyer will charge about 150+ an hour... expect to pay a few thousand in fees if you need custom contracts written. Do as much of your own homework as possible before seeking a lawyer to save money. I'm sure a lot of people run a business part-time while going to school, but depending on the success of your business, you'll need to make a decision to either go full time as a business man/woman or be a full time student, or both paths could suffer in the end.

[kbouw]

Hey Jayb! It is great to see you thinking "outside the box" to try and generate a cash flow for your future endeavors.

1.) This generally depends on the success and seriousness of the business. If you are, for example, heading up a small community for a specific topic with options for premium accounts that you will make money from, this could be ideally balanced with the workload you would receive from school. If your business is something on a bigger scale and potentially needs investors for financial backing, this is a very hard task to accomplish while balancing school. If this is the case, I would not put "all your eggs in one basket", meaning don't drop out of school to pursue your business but rather find alternate solutions such as online courses, lengthening the time of your education (i.e., Take 5 years for a 4 year degree), or any other situations that could potentially decrease the workload on you.

2.) By the sounds of what you are explaining, it seems that you are trying to become an independent trainer? If that is the case, I would advise you (as with any business) to first register your business which you can do through a few different resources (cost you about $150-$180). After this I would get insurance for what you will be doing; you will need this just incase one of your clients is injured while you are training them to cover yourself.

3.) Be sure to get insurance that will cover what you will be doing. In your field, your client could potentially have a few things happen (pulled muscle, broken bone, etc.) while you are training them so it is very important to have proper insurance to cover you against these types of cases. Also be sure that when you have your clients sign contracts, you also have the proper documentation needed when personal training someone (PARQ, Informed Consent, Health Questionarre, etc.).

4.) These costs vary depending on the amount of content covered, the lawyer you visit, what services you need from them. As Southern said, be sure to research and do as much homework as you can before you seek out a lawyer.

Good Luck!

[mattnelson]

I think that you can do this on a small scale whilst still studying. remember, the people who are prepared to pay the most are the ones who work all day, therefore if you offer a evening class/service you get those customers who can't attend day times

[david.delaney]

What a great idea! I think it's such a great idea. You might face a few problems though. What happens when you have a huge test to study for? When it's midterm and finals time? Who is going to take over the business while you still try and get As?

David

[Mark Atkinson]

Hi Jayb!

I've been running my own businesses since the age of 13 (I'm 19 now) and I love seeing other young guys who are thinking of doing the same! I say go for it!

I'm not too knowledgeable when it comes to the intricacies of personal/training and fitness, so I'm not sure what you would need to do with regards to insurance etc. (It may be a good idea to have clients signing indemnity forms before you train them?)

Other than that, I say go for it! You will be busy, and it's often difficult to balance school, work and a social life, but I find the process extremely rewarding! You sound like a motivated guy, geared for success, so why not give it a bash?

You could start out by:

1. Telling EVERYBODY you know about yourself and what you do. Friends and family are the greatest source of referrals early on in business
2. Have pamphlets and business cards made and have them included in local publications.
3. Print your information on your car.

As for training at people's homes, one of our clients here was somebody who did just that! Maybe have a look at the link for some inspiration. I don't think there's too much you need to consider. Just maintain an attitude of complete professionalism and courteousness if you are entering other people's homes. Respect their privacy.

Also, I think people will be more happy with you visiting their homes than having to go to your home to train. So if it's not at a gym, it should be in the comfort of their own homes.

With regards to lawyers: lawyers are expensive! First do as much of your own research on the internet as possible. Perhaps look at the legal section of this forum, state your case there and you may be able to find some really cool young entrepreneur/lawyer willing to help you free of charge!

Good luck! I'd really like to hear how it goes, if you decide to go ahead with it.

Your fellow young entrepreneur,
Mark

[Carlos™]

I have started a company while still in college. Go for it.

[JKansas]

1)I started our company while in college and full time at our previous employer.... There were lots of all nighters and lots of red bull and coffee! Like tonight I would find myself working late without realizing it because it was my passion!

2,3,4)Some words of advice... Check with your contacts for a lawyer. Legally I dont think you have too much to worry about.. I'll get to that in a bit! Anyways, check contacts! Family friends, people at your church... you most likely know a lawyer somehow. See if you can take him to lunch or dinner and explain your idea to him and see if he can help you and tell you what that help would cost. Most likely he will have little to nothing to do besides give you some advice and warning. More than likely he will be so impresed by your age, ambition, and professionalism that he will do it for dinner. He might not, depends on the guy! But in my experience people enjoy helping out hard working young people, especially if they've known you.

I really don't think you will get too much out of a lawyer though. I think you're going to get the most legal advice out of an insurance agent! Again, look around for a good contact and set a meeting. You will need business insurance and some form of waiver. If done in your home (assuming your parents) the insurance you have now most likely wont cover a business like this. The insurance company may provide you with a generic or sample waiver if requred. This would be one thing to show the lawyer at your dinner. This is going to be expensive though. You will also need to check your local situation on business permits and requirments. Again, no lawyer needed. Just check out the websites and make a couple calls.

Back to cost and #4 really use people to your advantage. Your insurance agent, in doing their job, will give you a lot of info about liablility. A family friend will be more than willing to help a young person suceed. Offer your services up for trade. Maybe a laywer needs to get back into shape... win/win for you both!

And good luck! It's great that you're taking charge at 17. I say go for it! If it fails what else would you have done? Played Xbox?!