Interested in small teenager business ideas? If YES, here is how to start your own business as a teenager with no money and no experience. How much does it cost to startup?
Starting a Small Business as a Teenager
Over the years, we have heard about remarkable stories of entrepreneurs who started their business empires when they were still teenagers. Today, these businesses are thriving and massive. How did they do it? Starting a business at a young age allows you to pass through several challenges which are inevitable. However, a positive lesson that is always learned is that you get to understand what led to these problems as well as practical ways to avoid them. As long as you are in business, there will always be challenges.
Knowing how to weather the storm is what distinguishes an experienced entrepreneur from a newbie. However, it is in the latter that we are interested in as we seek to disclose how to start a successful business as a teenager.
Step 1: Taking the First Steps
Naturally, a teenager is expected to start out small. This is because, at this stage, he/she has little or no experience at all. Hence most of the vital business lessons learned at this level come from observing the way adults transact business. This will start from the home and extend to the neighborhood. These ways of exchanging products or services for money gradually develops and the teen begins to venture out of his/her comfort zone by offering to help neighbors.
Such areas may include having to help around with domestic chores such as washing the cars, dog walking, babysitting and many more. This is the most active and adventurous stage of growing up. It is at such a stage that teens get to discover a particular are they are skilled at. With the encouragement from family and friends, they hone these skills by monetizing them. These may include providing handyman services, tutoring kids among several.
Some go on to perform in shows and fares as clowns, working as shop or store attendants as well as learning IT skills such as programming and other related fields.
Step 2: Learning the Crafts
Being very imaginative, teenagers are able to learn multiple crafts such as painting, creating a blog, learning photography, carpentry, recommending products or selling same through affiliate marketing. The services provided here can be hosted on an amateur blog. By clearly identifying your status as a teen alongside products developed, people are likely to purchase these products or services even when they are not up to par with similar goods of higher quality. This act is done simply to encourage your business as a teen.
Step 3: Finding a Catchy Name for your Business
A business requires a name to easily identify it. This is the identity with which people will be able to patronize and refer others to. It is necessary that your business name conveys an idea of the services offered by you to your potential clients. It is important that you do not rush this stage of your business as a good name will contribute significantly to the success of the offline or online business. In choosing a name, do not overlook the advice of friends and family as they can be of tremendous help in this regard.
After finding a suitable name, the next step is to carry out a research on possible businesses using the same name. There are free search tools you can easily use. One of such is the Thomas Register where you get to find a list of unregistered businesses.
You must understand that for every business, there are similar businesses in existence. Turning a blind eye to their existence will be doing a great disservice to yourself and business. The strength of your competition, their reach, how their products and services are offered are important insights you need to have. This will require you to carry out an online research as well as visiting these businesses and making basic inquiries. Although they may see anyone making these inquiries as a competitor, the fact that you are a teen allows them to be more open as they would hardly see you as one.
In doing this, you will gain critical insight on what determines client/customer choices, as well as the particular services and products in demand and those which are not and why they are not.
Step 5: Who are your Target Audience?
Is there a real demand for your products or services? if yes, which segment of society is in most need of your services. Identifying these will go a long way in ensuring you produce relevant products that meet specific needs. In the course of finding out your target market, you also need to find out if there is a possibility for sustainable demand for such services. If these demands are sustainable, then such an area should be properly exploited as the future of the business depends on this.
Step 6: Financing your Business
Financing plays a critical role in the success of a business. You need to know the level of financing required for your chosen business. Are your savings adequate to ensure commencement of business operations? If not, how do you intend to raise the required funding? You may get assistance from investors who are interested in the business idea. However for any investor to commit his/her resources to a project, he/she has to know that the business idea is viable.
Your business plan will be required for obtaining investments. Your plan will reveal the viability of the business. Hence it is necessary to seek the services of an expert in writing a good business plan. This is because doing a shabby job will not only make investors uninterested but will also have a negative impact on the business if at all you are able to float such business.
Although there are other ways of starting a business as a teenager, these are the most crucial you cannot do without as they will determine how successful your business turns out.