Business tips for youngsters
Starting your own business.
An allowance, if you are lucky enough to get one, only goes so far. The chances are good that Mum and Dad are tired of being your personal ATM machine.
The solution?
Become a teenage entrepreneur - and spend (or save) your profits as you see fit.
No experience, no car, no job. Sound familiar? Despite your best efforts, securing a job, particularly one that you like can be a very difficult task for a teenager. So what can you do about it? Sit around and do nothing… Play video games all summer? That will get old quicker than you could imagine. Create your own business opportunity? Now, there’s a thought.
To start your own business, you don’t need to be a genius. All you need is a good idea and a strong desire to make it happen. It’s not easy, but the experience can be rewarding, fun and profitable. Start with who you are and what you have. Find a business that you can go into with the resources you have available.
- Many youth-based businesses require little or no start-up funds.
- Make a list of all your special skills, abilities and talents.
- Make another list that details all the resources you have (contacts, a mode of transportation, computer, etc.)
- Next, come up with a couple of ways that you could put these strengths to work for you as a money-making venture.
Emily the teen entrepreneur.
Stumped for ideas then consider the following story.
When Emily was 15, she wanted a job that paid good money and offered flexible hours, not an easy order to fill for the typical teenager. Emily’s mum was devoting lots of her free time to running errands - and said over and over again that she would gladly pay for someone to run her errands for her. Emily took her up on it, and ” Emily’s Personal Errand Service” was born. Emily’s mum paid her to do things like going to the cleaners and getting her younger brother to the places he needed to go.
Promote the business.
In perfect entrepreneurial spirit, Emily soon decided that if her mum was willing to pay for someone to run her errands for her, other people probably would appreciate that service as well. She asked everyone she knew if they could make use of her service and many could.
This is one of the basic building blocks to success in the business world: Find a need and fill it. Be of service by providing a service or product that people already have a need for.
Emily’s mother was a sales director and taught her that the key to self-promotion is simply to tell people who you are and what you do. Emily used this word of mouth advertising to gain a client base. Emily began running errands to the post office, grocery store, and basically everywhere. She kept organised lists and quickly learned that combining errands was the way to go. That way, several people would be paying her for the exact same trip. Working smart like this means that you get more done in less time using less effort.
Be efficient.
Advertise your services.
Emily got some business cards made up for her. Put your name and what you do in your business name. Keep it simple. Once she realised that so many people would want and could use her service, she asked some friends to design, print and distribute a flyer for her. Advertising made all the difference in the world and she was soon able to guarantee a steady flow of business.
Emily was 15 when she began her business and she couldn’t drive. She ran all her errands on her bike. When she turned 17 she got her driver’s license and bought herself a scooter. Then she was able to offer a whole array of car services to her clients such as taking animals to the vet, taking cars to the car wash or into the mechanic for service. Emily, 17 was making over £300 a week.
So what are you waiting for?
Make up your resource list, come up with a good idea and make it happen.