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Tuesday, October 3, 2023

Learn Business and Life Skills as a Teenage Entrepreneur

It’s common for teenagers to want to earn money by taking a part-time job. Some go one step further and start a business. If entrepreneurship is calling to you, why not take the leap? Below, True Sigma explains the benefits of starting a business as a teenager, and how to discover the type of businesses that are suitable for someone of your age.

Ideas for Teenage Businesses

When trying to develop an idea for a business, write down as many ideas as you can, then narrow them down to those you think can work for you. Here are some ideas to get you started.

  • Child care. As most parents are busy working, child care is high in demand. High-quality training is essential, but, as Sittercity shows, the work does offer favorable financial rewards
  • Academic tutor. Parents are always looking at ways to improve their kids’ grades. If you excel in a specific subject, you may be the ideal solution to their problem.
  • YouTube vlogger. Find a niche. Get yourself a camera, and start a channel on YouTube. As your channel gets more views and subscribers, you can attract interest from advertisers.
  • Dog walker. If you’re an animal lover, dog walking may be the ideal business. People who work outside the home and those heading on vacations are always looking for walkers and sitters to care for their pets. You can earn over $20 an hour working with the creatures you love.

These are only a few of the many jobs open to teenagers that can be developed into a business. Others include house sitters, clothing designers, website developers, and personal shoppers.

Once your business gains traction, a time will come when you need to consider the ideal business structure, and register your venture with the state. A common choice is an LLC. You can use a formation service to avoid handling the groundwork yourself and to save on lawyer fees. You’ll benefit from limited liability and tax advantages, and you’ll have far less paperwork to deal with.

Business Finances and Invoicing

Teenage entrepreneurs have a lot to think about when starting their own business. One of the most important things to manage from the outset is their finances. It’s wise to open a dedicated business bank account so that personal and business expenses are kept separate, which makes tax returns simpler at the end of the financial year. When it comes to invoicing customers, do this on a regular basis and follow up promptly if payments are late. When you choose invoicing software, you simplify the process and customize your invoices for your business.

Learn While You Earn

While you’re earning money from your brand-new business, you’ll also benefit from learning valuable skills that can serve you well later in life.

  • Hard work. You’ll soon discover that running a successful business requires hard work. It also pays to continually evaluate and improve your business.
  • Money management. Money Prodigy notes that learning this skill as a teenager can help you make better financial decisions as an adult. 
  • Sales. Sales skills are crucial in everyday life as they help you develop listening skills and deal with objections and conflicting opinions.
  • Risk-taking. Risk-taking is a big part of business and life. It’s essential to evaluate available options and make informed decisions.
  • Keep an open mind. Always be open to new business ideas. In life, it helps you cooperate better with others and put differences aside.

The Best of Both Worlds

There are few better ways of learning valuable life skills, such as money management and keeping an open mind, than starting a business as a teenager. Utilizing some of the ideas here – including doing work you enjoy, using invoicing software to help manage finances, and learning while you earn – can help you develop a successful business and teach you the skills for later life, the best of both worlds!

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