A Brief Introductory Guide to Starting a Side Business for the Entrepreneurial Teen
Teens are often encouraged to get part-time or summer jobs to gain experience and fun money. However, some places won't hire minors or seasonal workers, and regular employment is restrictive, cutting into study and extracurricular time which can potentially affect their ability to accrue accomplishments that make them appealing to colleges.
Photo courtesy of Usplash
As the land of opportunity, the U.S. is home to millions of small businesses. Statistics show that in 2020 business startups surged, hitting a 13-year high. Teens are among the many individuals who display an interest in entrepreneurial pursuits. Starting a side business offers teens valuable experiences in money management, negotiation, and problem-solving while allowing them to express their creativity and pad their savings while retaining flexibility. As an aspiring teen entrepreneur, there are certain basics of launching a business you should know.
ASSESS YOUR IDEA
Not all ideas are equal. It is important to consider every aspect before jumping into a pursuit so you don't waste valuable funds and time. First, are you going to be doing something you are passionate about? Without a genuine interest in and love for the enterprise you plan on captaining, you may find yourself bogged down by the roadblocks you may encounter. You need to have enough fire for your business to push you to persevere and overcome, whether you make crafts, design websites, illustrate book covers, write short stories, blog, make stickers or make or offer some other good or service.
Second, is what you're offering marketable? Businesses must do at least one of two things to thrive: They must provide a good or service someone desires or solve a problem. Validate your idea through online research, surveys, and beta testers. Mention your idea to friends and family members to gauge their opinions.
Finally, is your business idea unique enough to compete with similar ones that are already established? Research possible competitors. See what people like best and how you can build on that in your own way without directly copying. Perform a competitive analysis. For example, if there are many people selling polymer clay charms, and you want to as well, what can you do to stand out? Is there a specific niche you can take advantage of? Assessment of the viability of your business idea is vital.
Write a Business Plan
Organize your idea by writing out a business plan. This is where you map out what you want to achieve and how you will do so. Business plans are important because they help you stay on track and understand all of the considerations involved in starting a business. Components you should include in your business plan include:
A description of your company, including the goods or services you want to offer and the values you want it to be associated with
The information and data from your market and competitive analyses
Your marketing plan
How you will handle pricing and selling
Funding sources
Financial projections
Goal posts
Your business plan should contain every relevant detail on how you plan to structure and run your business. Check out this guide for more on starting a business.
Accept and Learn From Mistakes
All entrepreneurs stumble at some point. The important thing is to learn from your mistakes and use that knowledge in the future, not be perfect. No person ever became great by staying down on the ground after tripping. Missteps are lessons that empower you to be a better business person, not the end.
Entrepreneurship can be very rewarding, and starting early only gives you time to grow, as an individual and an entrepreneur. These basics are simple but form a firm foundation to build on.