New opportunity need help

**Bitsq** · 03-21-2007 05:16 PM

Hi there,
Currently i am in my second year of university taking business administration. I feel i have inadequate business knowledge and automotive knowledge. For the past 3 summers i have worked at dealerships in the parts department. Through my father's work related connection (automotive dealer owner) i have the ability to purchase automotive parts at wholesale cost.
I am into automotive performance and was thinking, hey, i have great connections to pick up parts for way cheaper than anyone can sell them why not start a summer company doing just that?! So here i am, i have the basic idea down i know i can get a fair size customer base but here is where i am stuck.. What kind of legal, regulations, tax problems can this cause? Because i am just doing this merely as experience i don't want to try to open a business right away, i want to give it a shot and see what kind of response i can get.

what do you guys think, it will be a cash only operation at the beginning mainly to hit the ground running then see where it takes me. can i do this?

**edit: forgot to say, i am planning to do this out of Ontario, Canada**

**Franakapan** · 03-21-2007 05:21 PM

See if there are any organisations (such as Businesslink in th UK, or SCORE in the US) who assist start up companies in your area/Canada.

**Bitsq** · 03-21-2007 05:48 PM

well there is something called summer company which basically is exactly the same as score but you have to qualify and you receive a $1500 start up grant and assistance through the summer.. the only problem is you have to qualify

**Franakapan** · 03-21-2007 05:56 PM

Worth a shot? Also depends whether the $1500 comes with any drawbacks such as sacrificing a percentage of your company.

I think SCORE might opperate in Canada too but I'm not sure (I am from the UK so know pretty much nothing about SCORE).

**Bitsq** · 03-21-2007 06:04 PM

nope, no drawbacks, other than the mandatory meetings with business execs and business reports every month is you want an additional 1500 near the end of the summer

i applied already, just waiting to hear back, hopefully i get accepted. As for score i'm going to check now and see if they do operate in Canada as well.
Thanks for the help

**Franakapan** · 03-21-2007 06:07 PM

Not a problem - Good luck!

**chanson** · 03-21-2007 06:38 PM

it depeneds also on how much money you think your going to make. are you selling the products to customers as retail or to companies as wholesale?

If your just selling to customers then all you do is buy wholesale and resell to them, then its basically like they are buying a part of you as if it were just laying aruond in the backyard.

but does the wholesaler require some sort of tax number or business number for thier books so they cna qualify you as a reseller? it wouldnt hurt to register a sole prop and claim it as a secndary income on your taxes because you will get it back if you go back to school anyways right.

**Paint and Air Sportz** · 03-21-2007 07:05 PM

Originally Posted by Bitsq

Hi there,
Currently i am in my second year of university taking business administration. I feel i have inadequate business knowledge and automotive knowledge. For the past 3 summers i have worked at dealerships in the parts department. Through my father's work related connection (automotive dealer owner) i have the ability to purchase automotive parts at wholesale cost.
I am into automotive performance and was thinking, hey, i have great connections to pick up parts for way cheaper than anyone can sell them why not start a summer company doing just that?! So here i am, i have the basic idea down i know i can get a fair size customer base but here is where i am stuck.. What kind of legal, regulations, tax problems can this cause? Because i am just doing this merely as experience i don't want to try to open a business right away, i want to give it a shot and see what kind of response i can get.

what do you guys think, it will be a cash only operation at the beginning mainly to hit the ground running then see where it takes me. can i do this?

**edit: forgot to say, i am planning to do this out of Ontario, Canada**

NO one will take you seriously, or even think about investing if your just a cash only/not a registered business.

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