If you’re an entrepreneurially minded teenager, you may have started thinking about opening your own business. Starting a business at a young age can be a wonderful learning opportunity for business and financial matters and can help you start building a strong foundation for your professional life. However, there are a few things to know in order to give your fledgling company a shot at success. Keep these five tips in mind as you draft your business plan.
When deciding what type of business to start, you can begin by considering what your personal interests are. One key piece of business advice is that it’s always best to do something you love. This helps keep you motivated and can prevent you from becoming frustrated or bored.
However, don’t just pick a passion project because of your interest in it. Instead, make sure that your chosen business is something you can actually secure financing for. Ask around at local financial institutions, or talk with friends and family, to see whether you can raise adequate funds to start up your business idea. Make sure you can cover regular business expenses and have a shot at turning a profit, too.
According to one study, many of the most potentially profitable business ideas are centered on accounting and financial services. However, if you’re not a math whiz, rest assured that these are not your only options. Before deciding on your business idea, put in the time to research trending options that could be potentially lucrative. Good side hustle ideas for teens could include:
Home improvement and lawn care services
DIY arts and crafts products
Freelance blogging or graphic design
Freelance photography or videography
Virtual assistance or bookkeeping services
Throughout the start-up process, you can help keep yourself motivated and on track by learning about the potential benefits of starting your own business at such a young age. By getting started now, you could get a significant head start over your peers in the business world.
For instance, starting a company as a teen can help you identify your interests, let your creative side loose, and encounter real-world scenarios that force you to develop your problem-solving skills. You’ll likely also master some crucial money management skills that will serve you well throughout your life.
Depending on which industry you decide to enter, you may find it helpful to start reading up on current best practices to keep up with trends and lay the foundation for future success. Although specifics will depend on your chosen field, some typical management best practices include:
Keeping meticulous financial records
Focusing on good communication and customer service
Ensuring product consistency and quality, where applicable
Charging fair and competitive prices
Lastly, in order to succeed as a business owner, you’ll need to learn to bank and manage money on a professional level. To this end, you may find it helpful to:
Start a business bank account
Automate paying any business bills
Save up money for good cash flow
Invest some of your personal earnings
Download Zogo for gamified financial education
Starting a business as a teen can be exciting and potentially lucrative. Make sure to follow these five essential tips. Good luck out there!
Publisher’s Note: This article was written by guest author Michael Stephenson of theentrepreneurhub.com.