Become a Successful Teen Entrepreneur by Jason Kenner – onparparent.com
The modern world is full of opportunities for aspiring teen entrepreneurs. Whether you want to get started as a dog walker, or you are setting up a social media management business, use the following steps shared below by Nexxlegacy to improve your chances for a successful venture.
Identify Your Goal
More than a third of today’s teens want to start their own businesses. Many of these teens recognize the value of developing business skills. Some teens are anxious to make money but can’t find jobs that fit their schedules or aren’t old enough for the jobs available locally. Other teens want to turn their passions and interests into money-making ventures.
There are many types of businesses that teens are already using successfully:
- Online stores
- Social media posts
- Web design
- Sale of homemade products
- Child or pet care
If you don’t already have a business in mind, make a list of ideas that seem like a good fit. Research opportunities in your area and search out new ideas only. Part of your research should include your available market. Does your business provide a service that is needed in your community? Is it possible to run your business on an online platform? What do you hope to achieve?
Recognize the Available Resources
Teen entrepreneurship has many valuable benefits, including the development of money management skills, the chance to practice professional communication, and the evolution of problem-solving skills. However, only a small percentage of parents feel qualified to teach their teens about business and the skills necessary for success. If your parents aren’t confident in mentoring you, search out other sources of guidance:
- Identify areas where you need help.
- Brainstorm the people you and your parents know with successful experience in those areas.
- Reach out to those individuals through phone calls, emails, and social networking sites.
- Join local and online organizations, such as the Chamber of Commerce and youth entrepreneurship programs.
Your chosen mentors must be people whose advice and assistance are trustworthy and accurate. The guidance provided will guide and influence the success of your business.
Put Your Business Plan Into Action
With your plan in place and several mentors for assistance, it’s time to take action. You have several options when it comes to establishing your business:
- Sole proprietorship
- Limited liability company
Many experts recommend starting as an LLC because of the limit to your personal risks, tax benefits, and comparatively minimal paperwork. To learn more about the pros and cons of each business structure, read this great how to guide on starting a business.
Your next step is gathering the necessary financial backing, equipment, employees, and space. You’ll also need an effective marketing campaign, including a website, plenty of social media exposure, and in-person visits to other businesses.
Write a business plan. This document describes what you plan to do and how you’ll do it. This plan should include information about your business structure, business name, and the steps you’ll take to get appropriate licensing, permits, and tax structures. If you need a bank loan, the business plan is one of the most important documents to take with you.
Be aware that many business ventures aren’t successful. If your first, second, and third attempts don’t go in the direction you want, take stock of your attempts. Recognize things that worked well and areas where mistakes were made. Using the information and experiences you’ve gained, put together another plan and make a new attempt.
Entrepreneurship offers many valuable experiences that will last you throughout your life whatever decisions you make in the future. That said, it does require hard work and preparation, from selecting a business structure to writing up your business plan. Mark out your desired path and step forward in the direction you’ve chosen.
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