Every beginning in life is difficult, especially when you are a teen. Even “the smallest” changes sometimes require a lot of sacrifices. However, just because something is not easy, it doesn’t mean you are not capable to achieve it.
Three crucial things entrepreneurs need to have
Becoming an entrepreneur is a long process. Before everything, there are three crucial things that you need to have:
• Entrepreneurial mindset
• “Can do” attitude
• Leadership capabilities
You need to get out of the box and to change your way of thinking. Waiting for the business opportunities to come won’t bring business success. Besides that, you need to believe in your talents, skills, and possibilities. If you don’t believe in your own success, no one else will.
Besides that, you can’t become your own boss if you are not capable to handle all the troubles and duties every successful entrepreneur has. That is the reason why you need to possess and constantly upgrade your leadership skills.
Path to success is like a marathon. It last long, it requires a lot of strength, and only the most persistent individuals will get to the end and become the winners.
How to start this “journey”?
Young entrepreneurs will confirm that the first steps in the business world are the toughest ones. That is the reason why they deserve attention. If your entrepreneurship spirit is present, there are a few steps you need to follow:
1. Selection of the best business ideas for teens
2. Research of the market
3. Making a business plan
4. Collecting the funds
5. Starting your own business
Every step deserves an explanation, and that is the reason why we need to analyze them.
1. Selection of the best business ideas for teens
In most cases, teens do not start with only one idea. They have a lot of them, and because of the lack of business experience, it is hard for them to decide which one will bring them success.
You need to determine which skills you possess, and which things you would LOVE to do. Making a list for both will make the process of selecting a lot easier for you. Put 10 things that you are really good at, and 10 things that you love. If there is something in common between those 2 lists; that can be the idea you are looking for.
Still, it is not just enough to be good at something and to love it. Therefore, the second step is even more important.
2. Research of the market
In today’s world, when the market is changing a lot faster than before, it is quite hard to get unique startup business ideas. Therefore, you will need to research startup companies from your industries and to determine how competitive your idea is.
Except that, you will need to find out if there is really a need for your product or service on the market. If you offer something that no one is claiming, be sure there is no chance you will make a profit.
Many entrepreneurs choose to make an offer of their products/services even before they start their own business. They want to see how their potential customers will react and which feedback they will get.
3. Making a business plan
This step is the most important one. You do not want to leave the destiny to decide if your business is going to improve or not. A detailed research is needed to come up with the best business ideas for teens. After a thorough research, you will have to put all the fact that you got on the piece of paper and to make the plans for the future.
We won’t provide you here with tips “how to make a business plan step-by-step”, but there are some crucial parts that every business plan needs to have:
• Description of the business
• Marketing plan
• Plans for the future
• Collection of the funds
You need to define what exactly your business is all about. A clear picture will help you to make better plans for the future. Besides that, you will need to find a way to promote yourself and to reach to your audience. It is easier than before to do something like that thanks to social media platforms.
After that, you need to determine your business goals, and how you are going to achieve them. If you do not know WHAT and HOW are you going to achieve your goals, your business plan is not good.
4. Collection of the funds
Common doubt of the majority of the teen entrepreneurs is how to start a business with no money. The answer is quite simple – it’s not possible.
However, it is possible to start a business without YOUR OWN money. That is the reason why you need to find the best possible way to collect funds. In your business plan, you need to calculate how much your business idea is going to cost you.
You have two different ways to collect funds:
• Working for other entrepreneurs
• Finding investors
First one is logical. You can try to earn money by working for other people, and to invest the money you get in your business. The second one is something that most of the teen entrepreneurs try out. They find people that are willing to invest the money in their business. This is one more reason why your business plan needs to include even the smallest details. Try to put everything that will convince investors that your idea is PERFECT.
5. Starting your own business
The first thing that you will have to do is to meet with the legal requirements. Registration of the startup is not something difficult, but the majority of teens are not familiar with that. Besides that, you will need to introduce yourself with the taxes you need to pay.
If parents want to support their kids to become “young millionaires”, they need to be aware of the weaknesses their kids have. More importantly, parents need to help their kids, especially when we talk about the legal requirements.
CONCLUSION: Don’t rush!
Each step requires a lot of patience, analysis, researching, and planning. Go to the next step only when you are truly sure that everything is done properly. If you were asking yourself “how to open a business”, now you have the answers.
However, these answers won’t mean anything to you if you are not ready to focus on your business and to work hard. Remember, a good plan without hard work is a bad plan, nothing more.
