TEEN TIPS FOR BUSINESS STARTUPS
by: Lisa Walker (Contributing Writer) | published: April 11, 2022
Starting a business as a teenager is an excellent way of earning extra cash and a fantastic learning experience. It teaches money management and problem-solving skills and helps with creative expression, as well. If you’re a teenager wanting to start up in business, here are some tips, courtesy of Prosper Pathways.
Best Business Practices
How you form your business determines several things. It can impact your personal liability, how you pay taxes, and the flexibility it offers you. By forming a limited liability company, you have more control over these areas. LLCs provide limited liability and tax advantages — such as avoiding double taxation — and are more flexible and paperwork-friendly. Use a formation service if you prefer to leave the paperwork to someone else and avoid costly lawyer fees. Not all states adhere to the same regulations around forming an LLC, so check before proceeding.
Teenage-Friendly Business Ideas
Depending on your age, the business can be home-based or mobile. Some excellent business ideas for both groups include:
- Online tutor. Everyone has a unique skill, whether writing, math, languages, science, or anything else academic or otherwise. This Online World notes that people are willing to pay good money for tutoring on subjects their kids struggle with.
- Pet sitter. If you’re an animal lover, what better way of earning money than looking after the creatures you love? The hours are flexible, and the owner provides everything you need, such as leashes and food.
- Lawn maintenance. Everyone likes a lush, green lawn, but not everyone has the time to establish one and maintain it. You only need to do an excellent job on one in the neighborhood, and the others soon come calling.
- Selling handmade jewelry. If you’re the creative type and good with your hands, consider starting a jewelry business. You can sell your unique handmade designs online.
- Graphic designer. If you have a flair for tech, think about starting your own graphic design business. You can start by creating simple designs on T-shirts for friends and progress to helping local companies with their marketing campaigns.
- Retail arbitrage. SkuVault points out that exploiting a price mismatch between two marketplaces allows you to buy from one venue and sell on at another for a profit.
Marketing Strategies
While digital marketing is an essential part of any business today, it’s a mistake to ignore the more traditional methods, such as handing out business cards. Business cards serve as visual reminders of what you offer, unlike emails that can accidentally be deleted or lost among a myriad of other digital correspondence. The more people know about your products or services, the more interest you attract. And you can design your own business card for free using this quick and easy business card maker.
Post Graduation
Earning a business degree after graduating is an excellent idea if you want to increase your business knowledge. Choose from business management, management and leadership, and marketing.
Put Yourself in the Driver’s Seat
Starting a business when you’re a teenager has many advantages. You earn extra money, but more importantly, you learn some of life’s valuable lessons at an early age, such as money management, business acumen, and responsibility. Follow some of the tips here to put yourself in the driver’s seat when you enter adult life.
Prosper Pathways believes that the world is a vast place with lots of opportunities to grow and impact a lot of people along our journey. We feel the purpose is to provide value and always do the best we possibly can. We appreciate your support and look forward to hearing from you!