8. Find out what rules to follow
Sometimes rules apply when you start. 3 examples:
- Do you go door to door to sell your stuff? Then you must have a permit from the municipality.
- Do you sell food or drink? Then you must comply with the rules of food safety.
- Are you starting an online store? Then familiarize yourself with the rules of online stores.
Tip! Entrepreneurial Square helps you examine the rules. Or read the latest news about laws and regulations here.
9. Come up with a name for your business
A good company name sticks in people’s minds and makes it clear what you have to offer. Brainstorm with friends and family. Also check if your company name is still available and if it complies with the rules.
10. Registration with the Chamber of Commerce
Find out if you can join the Chamber of Commerce. Is it time to make your business official? Then your business needs a legal jacket: a legal form. Most start-up entrepreneurs choose a one-man business. Do you start with a fellow student, friend or family member? Then you choose a partnership.
Make an appointment online for your registration with the Chamber of Commerce. You choose a date, time and place. You pay 51.95 € for that. Do not forget your identity card and bring one of your parents or guardian to the agreement or use the declaration of approval. After your registration, you will immediately receive your Chamber of Commerce number.
11. Open a bank account
A business account is an account specifically for your business. This is where your customers’ payments come in and your business expenses come in. It can be difficult to open such an account when you are a minor, but it is not impossible. Read how Niek Huggers (16) and Annejet Krijgsman (16) succeeded.
12. Reduce your risks
With general trading conditions, you make clear agreements with your customers. You do this to avoid discussion afterwards. For example, about the delivery time, damage to the product or payment.
As an entrepreneur, you run risks. For example: you break something when you work for a customer. Decide if you want to take out professional liability insurance for this type of situation. Check the insurance conditions in advance and contact the insurance company or intermediary. Ask if you can insure yourself as a minor and if the insurance will actually pay out to a minor in case of injury.
With your own business, you are a target for online scammers who want to take advantage of you or make money on you. Talk to your parents about it and take action.
13. Create a business administration
If you own a business, keep records. Do as much as possible yourself so you stay well informed. Do the difficult things with your parents or guardian. The money book will help you with this.
Tim Lafeber (17) from Tim’s rental company does a lot himself, but: “My parents help with the bookkeeping and tax return. I sit next to it, to watch and learn from it. That would not be possible without their support. “
You can also choose to purchase an online accounting program and seek advice from an accountant or bookkeeper.
Tip: an invoice must comply with the rules. In this video you can see how to make a good invoice.
14. Examine how much tax you have to pay
As an entrepreneur, you pay tax on what you earn, namely income tax. You submit the tax return yourself, even if you have not yet turned 18. You pay tax in box 1. Check if you are entitled to a discount, it can save you a lot of money.
You usually file a VAT return every quarter. Consult with the tax authorities if this also applies to you. Find out if the Small Business Scheme (KOR) is a smart choice for you. You do not have to have a VAT administration and you do not have to file a VAT return.
15. Think about how you get customers
Tell as many people as possible about your business. Especially on social media. And call the newspaper! Participate in entrepreneurial competitions or start-up events. Are you doing something good for people, animals or the world? Tell everyone about it. Customers find this important. Collaboration with other entrepreneurs is also an option. And come up with fun promotions and offers, because people love great deals.