So, you want to start your own business. Maybe you want to earn money and gain independence from your parents. Or you may just want the freedom to do what you love without being tied down by a job.
The first thing you should know is that you must be willing to take risks, think creatively, and work hard. You should also be willing to put in the time and effort that it takes for success.
Understand that taking risks will help you build confidence and learn from your mistakes. Don’t be afraid of failure. If you don’t try, then you won’t know what doesn’t work for you and what does work for you.
Do research into what’s important to your customers and focus on providing them with great customer service because if they love their experience with your company, then they will keep coming back again and again!
If that all sounds doable to you, then you may be ready to start your own business.
Start With Brainstorming
Start brainstorming ideas for your business and then make a plan like, what you will do, when you will do it, and how much money you need. Keep a journal of every single idea that pops into your head. Writing a business plan can help you with your brainstorming. Don’t worry if you have to keep changing your plan as you write it. Business plans are supposed to evolve as you work on them, tossing out what doesn’t work, changing tactics as you gain insight, and coming up with new ideas as you go. Make sure that you have a backup plan in place.
As a teen entrepreneur, you have to be resourceful in order to market your business. You need to find ways to stand out from the crowd and give your customer a reason to choose you over your competitors.
Social media marketing (Facebook, Instagram, Tik Tok) will be an important part of your marketing strategy.
Instagram and Facebook ads are a great way to get the word out about your services. You can design your own ads using a Facebook or Instagram Template which you can customize to include your own logo, branding, fonts, and colors.
Try reaching out to influencers who have a large following in exchange for a percentage of your sales.
And try marketing your business at events like concerts and festivals. Network by going to all the events you can where possible or probable. Talk to everyone you can; you never know who you could be standing beside!
Having good connections in your community greatly improves your chance for business success. Remember to listen well to learn what your community wants and needs. The best way to engage others in conversation is to ask them questions about themselves, their work, and their opinions.
Make a healthy supply of business cards. You can create them yourself by using online software. With it, you can upload your own designs and use your own fonts and colors. You can even print them yourself at home with business card stock that has its own template.
Getting help from a mentor can be invaluable to your success and enjoyment in running your business. Finding a life coach who works with teens can really give you the boost you need. Life coaching is different from therapy or counseling. The coaching process deals with specific personal goals.
Powershift Coaching offers one-to-one coaching and group workshops and can help you find your purpose, achieve your goals and remove any obstacles that may be inhibiting you from meeting them.
Make an appointment with a banker at your local financial institution for the best tips for managing your business finances. Set up a business account and a savings account for reinvestment purposes. You may need a parent or guardian to co-sign on the account with you, so have someone lined up to go with you. You’ll also want an adult to help you manage your finances or take online courses in money management.
Starting your own business can be exciting, profitable, and a great lesson that can guide your future. It’s possible to make it a success by following good sense business practices. Write a business plan, use social networking, like creating a free Facebook or Instagram ad, network at every opportunity, and find a mentor or life coach to help guide you. Before you know it, you’ll be able to add “entrepreneur” to your college resume.
Jill Palmer of Mental Wellness Center