The best time to start a small business is definitely as a teen. It might come as a surprise to many readers. However, there’re strong reasons why teens are in the best time to open their enterprise.
Teenagers started a lot of successful businesses that we know today. In most cases, these teens had little or no help from parents or anyone else. That’s because they had a vision of creating something new that would help meet the future’s needs.
Therefore, let’s discuss some of the best tips to start a small business as a teen.
Tips to Start Small Business as a Teenager
These few tips should help you embark on what can prove to become a lifelong journey as a business person or entrepreneur.
1. Use Original Ideas
Most teenagers are full of ideas about what they want to do with their lives or the kind of career they’d love to have. If you’re one among such teens, put your ideas to work. Or you could look around on the Internet for some excellent small business ideas for teens that you think would work.
For example, teenager Fraser Doherty from Scotland wanted to popularize his grandma’s jam recipes. He began making jams with those recipes and soon became rich and famous as the Jam Boy of Scotland. The British royal family was also the customers of his famous brand of jams.
Similarly, you, too, could have some unique ideas that appeal to starting a business. Please don’t ignore them. These are original business ideas that come to your head because you feel there’s a need for the people.
I often repeat one statistic when it comes to discussing business ideas. That 90 percent of startups flounder and fail because they’re only copycats of successful business models and lack originality. Therefore, launch a business with your unique idea where possible. Or look for superb opinions on the Internet and adapt them to suit your creativity.
2. Define Your Business Objectives
Most teenagers will mistakenly believe the sole purpose of a business is to make money. That’s the wrong kind of thinking. Starting your own business has more to offer than just some cash or income. That’s why I give this tip of defining your objectives while starting a business.
Ask yourself some essential questions, such as what are you looking to gain by opening this business as a teen? Is it work experience or fun, money, or long term enterprise? It could be anything. Most teenagers will find more than one objective for starting their own business.
3. Draw Business Plan
A business plan is critical for the success of every business. I’m not asking you to draw an elaborate business plan like large corporate houses and huge enterprises. As a teen, a workable and straightforward business plan would be usually enough.
Clearly define the nature of business you’re planning to start and note your experience in that field. Mention reasons you think people would come to your company and the prices they’ll be willing to pay. Find out where your customers are and how you can reach them with the least possible expense and trouble.
And finally, find out how you will cater to the demand for your products and services. Or how can you innovate your business if the products and services you’re offering aren’t really what people want to have? After all, business is all about meeting other people’s needs, regardless of whether it’s individual consumers or multinational companies.
4. Check Sustainability of Your Business
It might sound like rocket science. However, it’s not. Checking the business’s sustainability means finding out how much you can expand within a specific time frame. And what it would take to maintain the market while ensuring its growth.
Remember, there’s no point in opening a business that cannot withstand the test of time. It’s straightforward to open a venture as a teenager. However, maintaining a business and growing it further isn’t the proverbial child’s play or cakewalk. You need to invest extra effort and time in sustaining a business.
If you find that a business can be easily sustained since the demand would grow and you can venture into newer markets, go ahead with your idea.
5. Draw Your Daily Timetable
As I mentioned earlier, as a teen starting a business, you’ll have to invest extra effort and time to succeed. It is possible when you make your timetable and stick to it. Give ample time for studies, recreation, and other favorite things. But also include a lot of time for your business venture. As a teenager, you can’t afford a high payroll or have people working for you, unless there’s abundant money to spend.
Drawing a timetable helps you dedicate enough time to take care of your small business venture. This time also compensates for any lack of resources and investments. A teenager, the time you spend with your own business, can teach you vital lessons.
6. Use Own Skills
Every teenager that’s opened a successful business venture has one thing in common. They used their skills and didn’t depend upon others or needed to buy technology from external sources. Also, you can use your skills to find excellent jobs for teens that require no experience. These jobs not only give you an income, but they also give you essential life-skills. The skills you’ll use to open a business could come from anything such as your passions, hobbies, and interests in a profession you’d like to follow.
Regardless of the nature of the business, make sure you have sufficient interest in the particular field and the necessary self-motivation to make it successful. At best, you can rope in some help from parents or even a couple of classmates or neighbors. The most significant part of the business depends on your skills only.
Before venturing to open any business as a teen, here’re a couple of more tips. Check income and other tax rules for your business. That’s because companies owned by teenagers also have to pay taxes. And find out applicable labor laws. Teenagers can work only on specific non-hazardous jobs. Meaning, your business has to comply with the labor laws for teenagers too.