Age is just a number we say! In terms of business as well, it never works according to your age. It is all about the idea and how you take that particular idea to the next step. Today teenagers are smart and money-making is always on their minds, so what better than starting their own business.
On a serious note, high school is definitely the best place and time to start a new venture. Many successful entrepreneurs are at their zenith all because they started early. Even psychology says that the teenager is an age of establishing identities, it is the age where teenagers try to picture their future with some vivid ideas.
So, if you are a teenager with some crazy idea, and have a question about how to start a business as a teenager, then the points presented below are surely for you.
Generation of an Idea
The idea is the factor for every business, for a teenager to start a profitable business the first step is to turn your imagination into your ideas and those ideas into a business.
1. Turn your daily activities into your service
As teenagers, we are provided with a lot of chores at home, why not turn those chores into your definite services and earn through them. For example, many households have pets but they might not have time to take their pets walking or are not able to groom them but this can be turned into a business by a teenager. Another example can be taken from a food stall, if you are a food enthusiast and want to make a career out of it why not start early.
2. Turn your hobby into a business
Try turning your skills into a business. We saw the massive rise of young entrepreneurs paving their way through their crochet or rug-making ideas and selling them on special sites like Etsy. In a similar manner if you have that crafty bone in you try using it.
3. Naming your business
It is also a necessary step as without an effective name you cannot reach your public. We advise you to start the LLC with companies like Northwest.
Doing the Research
A business plan without proper research might face several bottlenecks in the future. Thus, it becomes necessary to research certain aspects before indulging yourself in the business world.
1. Researching the market
Here you need to have thorough knowledge about your competitors and the market need for your product or service. Because many a time you might find some companies providing the same unique selling proposition that you want to provide.
2. Segment your target audience
it is important for you to know who your product or service caters to. The better you are able to understand this fact the faster you will be able to grow the business.
3. Look for financing:
Teenagers have only their pocket money as their source of financing, but if that amount is not sufficient you can always think of funding the capital through someone. Remember to have a proper budget to determine your capital.
Implementation of the plan
After ideating and researching the business it is time to implement your plan.
- Acquire the different tools or people that are required for starting your business.
- Marketing the business becomes an integral part of the implementation. You can market your business through social media, websites, or even through newspapers or flyers.
- After you have marketed your product or service, you need to launch it. Remember the process is tiresome but the results generated will surely be fruitful.
Business growth is considered a crucial part of the business life cycle. At this stage all you need to plan is for taking your product to a next level, this can be done through:
Initiating a business plan
This acts as a descriptive plan of your business’s future which will surely help you foresee different things and even help you stay focused on your goal.
Registering the business
Incorporating the business in a legal identity works as the next step for growing your business because through this you can obtain the different licenses or permits you require to start your business in a full-fledged manner. Here you as a teenager can take help from your parents or a mentor.
Choosing the business location
It is another viable step, as the world is heading towards a virtual economy you can opt to function through a website online or can look for some physical locations but keep in mind to have it close to your targeted audience.
Teenage is regarded as an age of rebellion, which makes it a crucial age for your future choices. Business can be a gamble for you but never be disheartened if you face some difficulties on the way as it is all about the risks and how you can overcome them.
Everything might look new to you but with time and proper support, it becomes icing on the cake.
All you need to remember is that to start a business as a teenager requires determination, passion, courage, innovation and motivation, with their perfect blend you can surely achieve great heights and leave no stone unturned.