ChiefD
Footballguy
So my 13 year old son is turning into quite the entrepreneur. He mows lawns now to make some money, and we also opened up a trading account for him on Schwab.
As a hobby for the last few years, he also makes fishing lures. Every year when we go on our family vacation to Minnesota we have a family fishing tournament. It's a reunion every year, so we have anywhere from 20-30 family members show up each year. So we make a new lure for each family member every year. Everyone throws $2 in the pot and the biggest fish during the tournament takes the pot.
Anyway, we have made spinners, bucktails, hand carved floating baits, larger spinners, spoons, etc. Usually we buy the materials online and assemble them.
So now he wants to start a website to try and sell some of his lures. We have no illusions about making a ton of dough here - to me it's more the practice of having an idea, write down a business plan, research the costs, and then price an item for market. So basically if he wants to have this entrepreneurial spirit, I will help feed that desire.
So building the website is the easy part - I have some experience in this area and plenty of programmers I can tap into if necessary. It's the financial part that I need help with.
I can certainly set up the website for e-commerce - there are options available for that. My main question is HOW to set him up as a business.
Do we just use his (or my) social security number, or is it better to have a federal tax ID number? I'm guessing yes, but I really have no idea.
Any ideas or guidance would be helpful. Shtick welcome also.
As a hobby for the last few years, he also makes fishing lures. Every year when we go on our family vacation to Minnesota we have a family fishing tournament. It's a reunion every year, so we have anywhere from 20-30 family members show up each year. So we make a new lure for each family member every year. Everyone throws $2 in the pot and the biggest fish during the tournament takes the pot.
Anyway, we have made spinners, bucktails, hand carved floating baits, larger spinners, spoons, etc. Usually we buy the materials online and assemble them.
So now he wants to start a website to try and sell some of his lures. We have no illusions about making a ton of dough here - to me it's more the practice of having an idea, write down a business plan, research the costs, and then price an item for market. So basically if he wants to have this entrepreneurial spirit, I will help feed that desire.
So building the website is the easy part - I have some experience in this area and plenty of programmers I can tap into if necessary. It's the financial part that I need help with.
I can certainly set up the website for e-commerce - there are options available for that. My main question is HOW to set him up as a business.
Do we just use his (or my) social security number, or is it better to have a federal tax ID number? I'm guessing yes, but I really have no idea.
Any ideas or guidance would be helpful. Shtick welcome also.