A Guide to Becoming a Teen Entrepreneur

By starting a business as a teen, you can learn valuable skills and lessons you can’t learn in a classroom. You’re also using those math lessons and applying them to the real world. Plus, opening a business allows you to problem solve and hone your creativity.

Benefits of Starting a Business as a Teen 

Opening a business allows you to learn money management skills. For instance, if you start a crafting business, you’ll need to pay for all the supplies but still make a profit. You then must figure out how much you need every time you purchase those supplies and ensure you have stock at all times. You’ll also earn profits and need to decide what to do with that money. 

When you start a business as a teen, you have the opportunity to learn to problem-solve, which is essential as you grow up. For example, if you own a babysitting business, you may need to contend with an unruly child. If you own a crafting company, you may need to correct a flaw in your design or think of creative ways to sell more products, such as by creating an online store on a crafting platform

Business Ideas 

If you have the desire to become a business owner but have no clue what to offer, think about what you’re good at and enjoy. Do you excel at writing? You could start a blog. Do you like animals? Perhaps, a dog-walking business would be the perfect fit for you. 

Some other examples include:

  • Babysitting
  • Crafting
  • Tutoring
  • Lawn care

Business Plan Creation 

Having a solid business plan increases your likelihood of success. A business plan puts your thoughts into words, so it can help you stay organized. Through a business plan, you can outline all the essential elements of your company and have a step-by-step guide to keep you on track. It also ensures you don’t miss any key steps to beginning your business. 

Your business plan should accurately describe your business and your company’s philosophy. It should have a section that outlines your products or services and another section that describes how you’ll structure your business. This outline needs to cover where you’ll acquire the funding you need and your financial projections for your company. Don’t forget to include a section on where you’ll sell your products and services and how you’ll advertise. For step-by-step guidance, read how to start a business with ZenBusiness.

Business Knowledge Acquisition 

As a teen starting a company, it’s vital to gain as much knowledge about business as possible. You can talk to local business owners and ask them for tips. 

Head to your local library and find books that discuss the best business practices. Inquire about the library’s programs for youth. The library may offer business classes. Depending on your age, you may be able to take a course or two at your community college to boost your business acumen. 

Learn and Grow Through Opening a Business 

Even if you don’t plan on becoming a business owner one day, you can learn a great deal by starting a company as a teen. Use the tips above to enhance your creativity and learn lifelong lessons simultaneously. 

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Article written by Vanessa Holwell, vholwell@hiringsquad.net.