For some reason, people seem to think that it’s challenging, or practically impossible, to start a business as a teenager. I disagree—it may be difficult, but it’s not impossible. Many of our brightest, most successful entrepreneurs started young and still managed to make their mark. Many people assume that you have to be 18 or older to start a business, but starting a business as a teenager is reasonably expected.
Starting a business as a teenager comes with its challenges, but it also comes with its advantages. For one thing, starting as a teenager gives you time to learn about what business you want to build, which can help you figure out what kind of business you want to start. A teen business can be the perfect way to put money in your pocket. The downside: most teen businesses are demanding to make money. A teenager has as much potential as anyone to start a business. When it comes to starting a business, however, teens have unique challenges.
Here are eight tips teens can use to turn business ideas into money-making ventures:
When starting a business, many teens want to do something big — maybe they’ll sell a great product that everyone needs. Instead, start with something small. It’s easy to start a business with the belief that all you need is a great idea. But in reality, it’s just as hard to start a business without money. If you start with a small, simple product, you can build your business from there.
Ask parents for advice.
Parents can serve as invaluable source of support when it comes to running a business. Ask your parents what they think about your idea. Are you passionate about it? Do your parents have the resources or know-how to help you start? If they say no, you might want to reconsider.
Write a business plan.
Having a business plan can help you identify your goals and outline a course of action. It gives you direction. A succesful business is only as good as its plan.
Networking is crucial for any business. Find out about local networking events. Small businesses are starved for information and support.
Know your market.
Launching a startup is a lot like launching a product — you need to know who you’re making it for and what problem you’re solving. Do your homework on your target market, and don’t be afraid to adjust your strategy to fit your customers’ needs.
Be realistic about your expectations.
Entrepreneurship is risky, and it’s easy to get caught up in the excitement of launching something new. Be realistic with your projections, and don’t invest money in a business until you’re sure you can turn a profit.
Be realistic about your costs.
Running a small business is not much different from running a household — you have a lot of fixed costs, which don’t always show up in the revenue. When planning your budget, account for your rent, utilities and salaries, and other expenses.
Build a strong team.
Whether you run the business yourself or hire employees, it’s essential to surround yourself with talented people you can trust.
Starting a business as a teenager is no easy task, but it’s certainly possible. Some of the best entrepreneurs worldwide started their ventures at a young age, and there’s no reason you can’t follow in their footsteps!