Tripod: Work & Money Dilemma

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Most of us work or pursue some vocation or avocation that brings us money. We spend a good chunk of our waking lives working, and another chunk spending or trying to save the money we earn. And, unfortunately, work & money can bring us exasperating, frustrating, or otherwise difficult problems: ethical choices, unfair bosses or companies, ends that don't meet, worker-companions who rile, careers that get off-track..... But, hey -- you're not alone! In this forum Tripod members ask each other for help and advice; the results are often very enlightening (and always interesting).
From the many very deserving questions we receive every week, we select one and post it so that Tripod members can help unstick their financial sticky wickets. How about giving us your two cents worth?

posted Tuesday July 9, 1996
"I'm 14 and a magician. You would not believe how much props cost! I sent off for wholesale catalogs from manufacturers and have been ordering at BIG discounts. I see the prices magic shops charge, see what I could afford to charge -- and I can't believe the difference! Since I wouldn't have the overhead these shops have, I could afford to sell for 25 percent less than the industry standard and still make a good profit. But I have very limited start-up funds and need advice on things like legalities, printing business cards, choosing the right shipper, etc. Basically, I need serious advice on all the day-to-day operations of a small business. Thanks for your help...!!!"

Jimsan: Get in touch with your local Small Business Development Center. This is sponsored through the Small Business Administration. SCORE is another resource you should check. They have retired executives from almost every industry who give advice on particular day-to-day business problems. These resources are provided free by the US government. Finally, get a book called "Starting a Business in (your state)". There is one written for each state. It has an excellent reference section on all the agencies to contact in your particular state.
rosvicl: One thing to consider is that your time is worth something. Part of the overhead the retail shops have is paying their employees. Ask yourself what's the lowest hourly pay you would be willing to accept for a part-time job, and set your prices to include at least that high a pay rate for yourself.
A word of caution: if the niche is this obvious, there's probably a reason that the catalogs you're dealing with aren't going after the business themselves. Retail is not easy work, and it can take a lot of your time.
Also, you probably need to consult someone about the legal questions here. A contract signed only by someone under 18 may not be legally binding, which means suppliers may hesitate to do business with you.
mower: Hey, hi there!! Well, it is kind of hard to be a good magician. I am almost 14 myself. It is kind of hard to get any kind of job. I agree with what Jimsan said in all aspects. I would also ask your parents if you could get a loan. They probably have said something like, "If you really want to be a magician, you have to pay for it yourself." Well, this way, you are paying for it. You would pay them back once your profits let you. Well, that is all the help I can give you today!!
BYE!!!!! Kirsten
toddb: I think you are on the right track. Keep thinking in the directions you are, and you won't fail. Most at 14 are basically figuring out Nintendo and girls. You, my friend, are way ahead of most adults I know. Keep it up! Also asking for help is a good thing. The answers will come....Good luck!
zotz: Personally, I like to start things on a shoe-string. I would look for customers first of all and see if I might even get up an initial order. Also, I would try to order some products that I could use myself, and then try to sell them. If they did not sell, well...then I have things that I want anyway. By trying these sorts of ideas, you can test the waters with very little risk.
Leo_DC: Your biggest worry right now should be the legal side of business. First of all, you're a little underage to operate a legitimate business (though this may well operate to your advantage due to loopholes in the law with regards to illegal trading).
Second, your statement that you supply at 1/4 less than the standard price is a bit worrying as standard prices are set for a reason. Often, there are laws in place that prohibit the undercutting of prices placed by the opposition.
Thirdly, it is quite amazing that you are able to buy direct from the manufacturer without a trade registration card (which, to my knowledge, is issued only to those 18+ ). However, don't let all this negativity on my part stop you -- drive and initiative are the cornerstones to success and you seem to have these in abundance. The final word is that trade laws are very different in different countries (indeed, they are often different between the various states themselves). Since you did not include the place and area you are trading from, it is very difficult to give specific help.
SandyN: Hi, First, congratulations and good luck! Young entrepeneurs should be encouraged at all times. The only way young people of today are going to find fulfilling careers is to create them! Second, I have read all of the suggestions and they are all VERY valid. After you take care of the legal stuff, you will want to advertise. Making your own business cards is definitely more economical and more fun than having someone else do it for you. There is software out there with fonts, clip art, etc. to help you do that creatively and aesthetically. Check out your local software shops. There is also a company called Paper Direct from whom you can order letterhead, business cards, brochures, etc. with some color already on them and in an 8-1/2 x 11 format so that they fit easily into your laser-jet or bubble-jet printer. Many stationary stores carry their merchandise. Check it out! Also, see if you can find a local Young Entrepeneurs Club. They are popular here, in Canada. I don't know if they exist in the States or not. Their purpose is to encourage and help young entrepeneurs like yourself to succeed. Good luck with you future endeavours.
stevep: Check out the Magic Dealers Association at:
http://www.wolfenet.com/~cmprod/mda.html
You should know that the prices listed in Magic Shops are usually set for 'walk-ins'. Regular customers often get a large discount, and pros often get 10% off of that.
Look into joining some magic clubs:
International Brotherhood of Magicians
The Society of American Magicians.
Also check out:
FizBin Young Magicians' Magazine!
Here is a list of links for Magicians:
http://www.uelectric.com/allmagicguide.html
Best wishes,
Steve Peterson

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