I received some very useful feedback in my last post (some time ago), but I need a reality check.
My name’s Charlie and I’m 14 going on 15 early February. For the past two years I’ve had a keen interest in web and graphic design. Early this year, my work began to show some sort of professionalism and this has been the most productive year by far. Anyway, I’ve been reading up on enterprise and am thinking about starting my own freelance graphic design studio. I dont want to sound naive, I’ve read up on the ups and downs. In other words, I’ve done my homework. But I’m not sure if what I know is accurate so if someone could give me feedback, that’d be much appreciated.
Here we go.
Okay so I want to start a graphic design studio (thats just a name), but I’ll be registering as a sole proprietorship. This makes me liable as my business and myself are one entity. So if my business gets into debt, then I’d get into debt. Pretty scary. But, I’m trying to think of ways HOW I’d get into debt. I’ve landed a part time job and will be saving up for equipment (programs, computer, etc.), so I wont be borrowing money for those assets. Also from what I read, I gathered that you only pay tax WHEN you’re getting an income. So if I go into this dry period (probably sparked by study, school, or other commitments), I wont be charged tax, or will not have to pay any ongoing fees to keep my business alive. That doesnt mean that I wont pay any fees, if they do exist. Also, I’m wondering about what I do to end the business. I really wouldnt want to end it, but I’m just gathering info just in case if I had to. Because its a sole proprietorship, I’m pulling the strings. No shareholders, etc. Just me. I dont want to be commited to this for the rest of my life, just something that I can have a taste of and if something should happen, I can pull out and regroup. I hope this doesnt sound stupid, or I hope I dont sound ambitious. I thought about starting a corporation, but then shareholders become involved, I have to pay two sets of tax, and its a lot harder to manage and start up. I just want this to be my vision. Like I said, I dont want to sound ambitious, or like I’m jumping in head first. I’ve been reading the heck out of a freelancer’s life, and have gathered that its extremely competitive. With no degree in graphic design, digital design, etc., I’m only really looking to get experience. I want to start planning now, so that when I enter uni (and I save up enough for equipment), I’ll have a smoother transition into the freelance field. Should I decide that I want to incorporate later on (im talking about when I finish uni, in 7 years time O_o), I’ll look into that.
I probably sound like some dumb kid, in way over his head, aspiring to enter freelance design with absolutely no knowledge of what’s in store for me. But I can learn from my mistakes and get a better start at this. Id rather experience it now, while I can run it in conjuction with study , and make mistakes now when it doesnt matter as much, rather than later when I’m fresh out of uni, got an empty fridge and rent to worry about. Lately I’ve been expanding my horizons, trying to become proficient with web technologies and graphics, so I actually have something to offer. I’d really appreciate any feedback.