Navigating the Business World as a Teen Entrepreneur
With more and more teenagers shaking up the business world, times are clearly changing. These days, teens are increasingly interested in starting their own businesses, whether it be a small hobby or a fully-fledged business. It’s a great way for them to learn money management, develop problem-solving skills, and express their creativity. That’s why SP Marketing has put together the following helpful resources for teens aspiring to be entrepreneurs.
Businesses That Work Well for Teens
- Live Streaming Gamer. There can be no better dream job for a teen than to make money by playing and live-streaming video games. One of the most popular sites for getting started with this type of business is Twitch TV.
- Lawn Care. For generations, teens have earned money by mowing the neighbors’ lawns, but that can be turned into a full-time landscaping business by investing in the right equipment and hiring friends to work as partners or employees.
- Child Care. Another oldie but goodie is babysitting, but by taking childcare classes and creating an online presence, it’s possible to make that a full or part-time job.
- Pet sitting. Pet sitting and dog walking can be excellent businesses for teens since dogs generally sleep a great deal of time allowing for study. Taking classes in pet care, training, and first aid will add credibility and allow the teen to get more jobs and earn more money.
The Business of Business
For a teen to be successful in a new business, they need to take best practices from the adult world and adapt them to their own needs and environment. This includes understanding their own strengths and weaknesses; understanding what it takes to start a business; learning how to manage finances responsibly; understanding the importance of relationships with suppliers, customers, lenders, and investors.
It goes without saying that businesses need to maintain precise records – not just to keep the tax man happy, but to make sure payments are being received from clients! That’s where invoicing software comes in, allowing you to send professional, accurate invoices that will get you paid faster.
The steps for teens starting a business are similar to those for an adult doing the same, like devising a business strategy, looking for funding, and devising a marketing plan. The best place to start is with a business plan. A business plan should describe the company, detail how you'll sell your products or services, describe how your business will be structured, and include what funding you'll need and financial projections. It’s easier to write a business plan if you follow an online template that can guide you through all the steps.
Getting an Online Degree
An online business degree can help anyone, including teens, learn how to turn their ideas into a reality, setting them for success for both the business they wish to create now and any future business goals and careers they wish to pursue. This is true whether their program of choice is in business management, management, leadership, or marketing.
There are many resources that support, train, and offer assistance to teen entrepreneurs. Groups that offer support and leadership opportunities for teens are excellent ways to help teens learn what goes into being a business leader. GoLiveGirl is one such resource. They offer free-of-charge, year-round leadership development and mentoring both in-person and online for grades five through college.
Never underestimate the power of teen entrepreneurs. They are fearless and ambitious, and they have the itch to make a difference in the world.
SP MARKETING is a full service digital marketing agency and web design firm located in Scottsdale, Arizona. Call 877-347-3376.