Small Business Advice for Teen Entrepreneurs

Business ideas for teens have come a long way in the past decade as online tools continue to grow and evolve. No longer relegated to babysitting or mowing lawns to earn extra money, young adults can now create a business that fills a need in their community or in the larger world. Not only is it a great way to earn your own cash, but it’s also beneficial for learning problem-solving and money management skills, which will come in handy as you get older.

Whether you already have a great idea or just have the passion and drive to build something of your own, it’s important to start with some brainstorming. Utilize Fire In Me as a place to find resources of all kinds, from finance to personal wellness, and consider these tips as you begin planning out your business.

Make sure you’re ready

There are many great business options for teens, including pet-sitting or selling handmade items on an online platform. No matter which one you choose, however, it’s crucial to ask yourself a few questions. Will you be able to devote enough time to your new endeavor and still keep up with school and other obligations? Will you still enjoy making handmade items once it’s something you have to do for your business? Will you need help with production or distribution? Make sure you’re completely ready to jump into your business idea before you start planning, and set small goals in the beginning to avoid becoming overwhelmed.

Stay organized

No matter what type of business you want to start, it’s next to impossible to find success if you’re not well-organized because there are so many details that go into the process. From finding funding to building a marketing plan to networking with other business owners, you’ll have a lot on your plate, so it will be extremely helpful to utilize a monthly planner. Look for a template that allows you to customize your 30-day view of tasks with videos, graphics, and sticky notes so you can stay on top of deadlines and meetings in style.

Consider going green

Today’s entrepreneurs also have to think about how they can ensure their business is sustainable. Not only is it important for the future of your business, it means a lot to customers when they can buy from a business that cares about environmental responsibility. Using recycled or recyclable materials is a great start, or you might build an entirely green business model. Sustainable packaging is another great way to make your business eco-friendly, so do some research into the different types and choose carefully. Take a look at other local businesses to get an idea of their practices; this is also a good way to network and talk to experienced business owners who might have advice as you get started.

Protect yourself

Finally, as a young entrepreneur, it’s important that you protect yourself and your business by registering with both local and federal agencies. Apply for a small business license in your city and open a business bank account (with the help of your parents, if necessary) to keep all of your professional funds separate from your personal ones. This is a crucial step in making sure there are no issues with the IRS down the road. You can also look into forming a limited liability company as your business grows, which will provide tax benefits and ensure that you’re protected in the event of a lawsuit or other legal issue.

Starting a business takes a lot of hard work, but if you’re ready to put in the time and energy, write out a plan and start setting some goals. Talk to your parents or guardians about the process so they can be of help, especially as you’re getting started.

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Joyce Wilson

Author's Corner

Joyce Wilson is a retired teacher and enjoys sharing lesson plans, resources, and teaching tips on Teacher Spark. Her website is a compilation of practical resources that will inspire student engagement and instill a love for learning. By tapping into a student’s natural creativity and curiosity, Joyce believes that they can take their education to a new level.