Teen entrepreneurs get a head start in learning the lessons of running a business efficiently and effectively. Whether running a babysitting business, a tutoring business or making jewellery, teen entrepreneurs put their ideas into action to start businesses from home.
- Skill level:
- Moderately Challenging
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Things you need
- Word processing program
- Desktop publishing program
- Business card
Come up with a teen business idea based on interests, skills and resources. Consider the things you like to do best, including sports, hobbies and after-school clubs and organisations. Determine an existing need for a product or service within your circle of friends. Consult with your parents, explain your idea and get their support and permission before moving forward with your business.
Research your competition and determine how you can differentiate your products or services.
Develop a list of products or services you plan to offer and identify your target market. Come up with a list of characteristics that describe the types of people who will use the product or service you offer.
Work with your parent or teacher to create a business plan or a business outline for your teen business. Include information on how you plan to run your business, finance your business and market your business to potential customers.
Create a start-up budget that lists how much of your savings you plan to invest into the business, as well as other money people such as your parents plan to loan you to get started. Include your start-up expenses. Start-up expenses include things like the cost of supplies and equipment, money spent on a mobile phone for business use or purchasing a computer for business use.
Use your budget to help you set prices for the products or services your teen business offers. Determine how many sales you need to make to cover your expenses, and at what point your business will become profitable.
Purchase supplies for your teen business and set up an area in your home where you will fulfil orders or provide services. Check with your parents to ensure that the area you select is ideal.
Create samples of the product you plan to sell, if applicable. Or, put together a portfolio outlining work you've done in the past, whether it's designing logos or writing articles, so long as it's relevant to your current business.
Promote products and services online through a free website like Weebly.com or Wix.com. These sites offer free hosting, which can help cut down on your advertising expenses. Use a word processing or desktop publishing program to create business cards and brochures to promote your teen home business. Use social network sites such as Twitter and Facebook to help introduce your business to your friends.
Tips and warnings
- If your business involves driving, work with your parents to ensure that your vehicle is insured for personal and business-related matters
- Work with your parents to understand tax laws and how they apply to dependents.
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