Never before have you seen such an explosion of young entrepreneurs on the business scene as we do today. In fact, more and more young people are becoming aware that age is but a number when it comes to owning and running your own business. So, if you're in your teens, and you’re one of the brave that is considering venturing into the business world, here's how to get started.
Consider it a learning curve
There are many benefits to starting a business when you are young apart from the extra money you'll be earning. Just consider it another learning curve as you navigate your way into adulthood. The benefit to starting earlier is that you have more time to experiment with business ideas if you aren't entirely sure of what to do in the beginning.
Better money management
Owning a business teaches one to be more frugal with profits earned, knowing that a portion of this income will probably need to be reinvested into the business to ensure its continued growth. Moreover, it's about learning the discipline of not being rash and impulsive but rather saving, spending, and reinvesting money for future gain.
It improves your analytical skills
Owning a business comes with a lot of duties and responsibilities. Often you'll find that you may have to wear many hats as you familiarize yourself with each function within your business. Furthermore, as a young business owner, you’ll need to equip yourself with the skills and knowledge to run your business successfully. One of the core skills of every successful business owner is the ability to think analytically. It's about seeing the bigger picture whilst keeping tabs on the smaller details to ensure every aspect of your business works in harmony.
Don't forget to have fun with it
Sure, owning a business is a serious matter. However, it's important not to lose sight of what drove you there in the first place. Usually, a great business idea starts with a passion you had fun doing at one point in time. Therefore, enjoy the process as this can be the difference between finishing strong and completing the journey just because you had to.
Examples of businesses you can do as a teen
Here, the possibilities are literally endless. It all depends on what you're willing to do and what you want to expend most of your efforts on. But again, this could be anything if you can foresee making a profit from it. Of course, there should also be sufficient demand for your product or service too. Nonetheless, some popular examples of businesses that teens have started doing and have been successful at include washing cars, babysitting, pet sitting, starting your own e-commerce store, blogging, tutoring, freelancing, and more.
Deciding on a business structure
Perhaps one of the first things you have to consider when starting your own business is what structure it will have, as this can have far-reaching consequences if you do not choose wisely. Some of these implications may include tax considerations, personal liability obligations, complex filing requirements, and more.
That said, an LLC it's quite a flexible option if you don't want to be bogged down by too many details. A formation service can assist you with all the details surrounding filing requirements and can advise you of any applicable changes regarding filing your business in another state should you decide to. In addition to having a convenient company on standby to help you with all your filing requirements, formation companies are also usually cheaper than other professional services.
Sticking to business best practices
Apart from deciding on your business structure, you will also have to abide by ethical business principles if you want to create a positive image for your brand in the eyes of your clients, employees as well as the public. Because at the end of the day it's about building credibility and the trust of the public so that you stand out amongst your competitors.
Invest in business tools
A significant portion of running a business is problem-solving, but it’s best to avoid problems altogether where possible. Investing in invoicing software for small biz can help you avoid cash flow issues from delinquent payments. Accurate invoices can be generated in minutes and instantly made available to the client allowing them to remit payment promptly. Clients can even have progress invoices provided to them to help ensure that there are no surprises when it comes time to pay.
In summary, owning a business is a very exciting and rewarding journey. But perhaps the biggest benefit of it all is that you don't have to be a certain age to start one. It is as accessible to teens as it is for anyone else. So, if you have been thinking about starting one as a young person, don't let age be the intimidating factor that prevents you from going after your dreams.
