by Emma Grace Brown
High school is the perfect time to start a business! Teens who are interested in entrepreneurship don’t have to sit on their ideas until they enter the job market after college. Instead, they can move forward with their ideas now, while they don’t have the pressure of supporting a household with income from their business. You can even enter entrepreneurship competitions hosted by organizations like Dignity of Children® to win funding and mentorship. Here’s how to start taking steps towards your entrepreneurial dreams as a teenager!
Why Start a Business?
Why become an entrepreneur as a teen? Rising Innovator states that young entrepreneurs often have more time and flexibility to focus on their business than older entrepreneurs. Plus, you can bring a new perspective to your business approach with imaginative ideas that older business owners might not have thought of. Furthermore, exploring entrepreneurship now doesn’t bar you from transitioning to traditional employment later on - if you find that business ownership isn’t the perfect fit for you, you can take these skills and apply them to a 9-to-5 job!
Fun Business Ideas
Which business ideas are realistic for teens? Even if you have limited funds to cover your startup costs, you can still launch a business that you’re passionate about! Think about which activities you already enjoy, and then consider how you could monetize one of these hobbies and turn it into a business. Very Well Family recommends that aspiring teen entrepreneurs look into designing websites, creating and selling homemade crafts, becoming a graphic designer, or providing landscaping services.
Once you’ve decided on a business idea, you can put together a business plan. In your plan, you can include everything from important information about your products and services to how you want to market your business.
Keep a Monthly Planner
As a teen, you’re juggling plenty of responsibilities. You’ve got high school classes, homework, extracurricular activities, and social commitments with your friends and family. And when you’re running a business, your to-do list is even longer. What can you do to make sure that you keep up with all of your obligations? Keeping a planner is a must! You can create an online calendar by using a monthly planner template in order to organize all of your commitments in one place.
With a monthly planner template, you’ll be able to clearly see everything you need to get done. You can set up your calendar with a 30-day view of task lists that you have to take care of over the next few weeks. By choosing a template that you can customize, you can add sticky notes, fun graphics, and even videos for a little pizzazz! This will make it easier for you to remember everything you need to do.
Make Your First Sales
Finding your very first customers can be challenging! But chances are, you’ve already met them. Your friends, family, and neighbors should be the first people you announce your business launch plans to. There’s a good chance that they will want to patronize you!
How can you take your networking efforts beyond your own social circle? It’s time to go outside of your comfort zone. Work It Daily recommends joining networking groups that welcome young entrepreneurs, making business cards, and creating a LinkedIn profile so that you can start networking online.
When it comes to networking online and engaging in digital marketing, the possibilities are practically endless. You can market your business on social media, create a website for your company, and start an email newsletter to keep customers updated on new developments in your business.
Managing Your Business
As you bring in extra income through your new business, it’s important to manage it properly. Adopting smart financial habits as a teen can serve you well in the long run! When you go over your monthly income, you will need to invest a certain percentage back into your business to cover your basic operating costs or to fund new projects that you want to take on. You should also save a percentage in a designated savings account so that you aren’t inclined to spend it - remember, you’ll need to put some towards taxes!
Many teens who are curious about business ownership feel like they need to put their goals on hold until they’re a few years older. But you can open a business today! All it takes is a little initiative.
Want to pursue entrepreneurship and launch your first business? Compete with other young entrepreneurs through Dignity of Children®! Email us today at [email protected] to learn more.
