Advice for Teenagers Who Want to Start a Business
Editor's note: Here, at Malta Thesis Proofreading, we love teaching young people new skills, and we are big fans of entrepreneurship, so when the budding writer Jason Kenner offered to write a post giving young people advice about starting a business, we immediately offered him our space to broadcast his message. We really hope that people enjoy reading this post and that more teenagers choose the path of starting their own business, because it can be extremely fruitful and rewarding, even if it is hard work. Readers are advised to follow the links found in the text to further learn about the topic.
From college to business, there is so much in our lives that requires a great deal of preparation. If you are a teenager, starting your own business is a great way to get a head-start on your career, while also earning some extra money. A successful business can also be a great résumé booster, helping you with future goals like going to college, or getting internships or jobs. The following guide explains why teenagers should consider starting a business, and offers tips and tools about how to go about it.
How Teens Benefit from Starting a Business
If you are a teenager, starting a business will offer you plenty of learning opportunities. Founding and running a company teaches all kinds of skills, including money management and leadership. It is also an opportunity to flex your creativity, hone your communication abilities, and enhance your problem-solving prowess. These kinds of transferable skills can serve you well in entrepreneurship, school, and your future career.
Founding a business is also a great way to boost your résumé. Teens who are preparing to apply for college and want to stand out from the crowd can highlight their entrepreneurship. As teenagers progress beyond their studies and start to think about their careers, business ownership can also help make valuable connections that lead to internships and jobs. For example, attending networking events for young people is a great way to make contacts.
Business Ideas that Work Well for Teens
If you are a teenager starting a business, you still have other obligations to think about, like school. You do not want your focus on entrepreneurship to hinder your academic success. With this in mind, embrace business models that give you the flexibility you need to accommodate school alongside your business venture. Work-from-home companies are ideal, giving you plenty of freedom to work and study simultaneously.
Some popular work-from-home business models include content marketing, social media management, translation, writing, and working as a personal assistant. When deciding what kind of business to start, consider your personal experience and skills, as well as future goals. For example, if you want to pursue a career in social media, then it is logical to get some experience doing social media management for others.
Resources and Tips for Starting a Teen-Run Business
If you are going to start a business of your own, there are a few key steps you will need to take. First, put together a solid business plan and begin thinking about how much money you will need to get started, and whether you plan to hire employees to help. Each business is different, so take a close look at the things you need to help your business hit the ground running. Then, consider registering your business as a formal legal entity. Business foundation rules vary between countries (and sometimes within them), so check guidelines to see what the requirements are in your area. Learn more about writing a business plan and registering your company with this ZenBusiness guide on how to start a company.
Next, you will want to open a business bank account. This will help separate any money your company makes from your personal finances, simplifying bookkeeping and tax filing down the line. Bookkeeping may sound complicated but is in fact the simple process of keeping track of the money that comes into the business, and the money that goes out. In its simplest form, it takes the shape of two columns in a book or a spreadsheet. It, however, can get more sophisticated than that, depending on the kind and level of transactions you are making. If you feel overwhelmed with the task, you can call in a professional.
Also, confirm what your tax reporting requirements are, according to the Internal Revenue Service. If your business makes money, you may have to pay taxes on the income, depending on whether you are reaching certain income thresholds and the laws in your country.
Once your business is ready to start operations, you have to think about how you are going to get your first clients. Marketing is the answer. Budget-friendly marketing options for small businesses include pay-per-click ads, blogging, and social media. For example, Facebook ads are one way to engage with potential clients.
Founding a business as a teenager offers many benefits, from teaching money management to providing leadership experience. However, it also requires a lot of hard work, such as registering your business with the state and finding an idea that is perfect for your age, resources and time available. To increase your odds of success, trust the tips above.
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