How to Become a Teenage Entrepreneur￼
Guest Article by Eleanor Wyatt
If you’re a teenager with an entrepreneurial mindset, you may be interested in launching your own business venture. Not only is this a great way to generate an income, but you’ll also get practical, real-life business experience that can be the basis for a fulfilling future career.
Deciding What to Do
When it comes to strategizing the best business approach to take, think about your talents, your knowledge, and what you enjoy doing. While making a profit is important for a small business – and you do need to cover your expenses – doing something that you’re passionate about will help ensure that you give it your full time and effort.
Make Money from a Hobby
Do all of your friends love your designer hairpieces? Maybe you build exceptional websites or help people develop unique social media profiles. Do you enjoy planning parties for friends, drawing murals, designing jewelry, or coaching Little League kids on best pitching practices? Whatever your personal hobby is, look for ways to monetize it in the form of a small business.
What Are Your Skills?
We all have our own unique skill sets, and there’s a good chance you could make money from yours. For example, are you great at organizing closets? Maybe you have a knack for detailing automobiles. Perhaps you are fluent in a foreign language and can offer tutoring services. Maybe you can troubleshoot electronics and computer issues. Whatever your skills, do some research to see if there’s a market for your services.
Scope Out the Competition
According to Once Interactive, it’s always a good idea to see what potential competitors are doing so you can determine if there’s a healthy customer base to tap into and if there is, how to price and market yourself accordingly. A little bit of online research can help you get a feel for what others in your line of work are doing. It’s important to ensure that you have the ability to be competitive and provide a price point that will draw in consumers.
Set Up Your Business
Writing a business and marketing strategy is a great way to help you formulate all the important elements of how your business will operate. Part of this should include getting a business license, opening a business bank account, and choosing a business formation.
Develop Invoicing Process
Maintaining a healthy cash flow is crucial to your business’s success which is why you need to take steps to ensure you get paid promptly for your products or services. Invoice terms should be easy to understand, and it’s a good idea to offer customers the convenience of several different payment options. You can also create branded invoices by utilizing the best invoice template and adding your own terms and conditions, colors, and logo.
Other Things to Consider
When you’re mapping out your business strategy, there are a few other elements to consider. How much time will you be able to devote to your business, especially if you’re in school or extra-curricular activities? Do you need a physical location to operate from? How about purchasing supplies or inventory? Do you need startup funding? You might be able to secure a small business loan or grant, get funding from family, or bootstrap your startup using your own savings.
Do Things Right
The most successful businesses are built on reputation, and reputation develops based on the way you run your business and treat your customers. Be above-board in all dealings, resist the urge to cut corners, and provide exceptional levels of customer service. Strive to meet all deadlines, charge fair prices, and according to Help Scout, take care of any problems or complaints as soon as they arise.
Launching a business as a teen is a great way to learn problem-solving skills and organizational approaches. It also requires a great deal of time and effort, so you’ll want to learn good time management techniques so you can prioritize tasks and ensure you still have a healthy work-life balance.