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December 4, 2022

Starting a Business as a Teenager: Tips and Strategies

By Justin B.
, from Boston, MA

Starting a business as a teenager is a fabulous alternative to a part-time job. Not only do you
gain experience and earn money, but you also set yourself up for future career success. Read
on for some pointers from Talk with Zach.

Benefits of Starting Your Own Business

Most teens would love to pad their wallets with some extra dollars, but part-time jobs are hard to
come by. Additionally, they don’t pay very well and offer little flexibility.

When you start your own business, you get to set your own hours, be your own boss, and do
work you love. You also develop skills such as:
Money management. To run a successful business, you need strong financial
management skills. This is essential if you want a profitable business, but it also serves
you well for the rest of your life.
Problem-solving. Nothing forces you to become a better problem solver than starting your
own business. There are many challenges and hurdles to overcome, and each one further
hones your critical-thinking skills.

Creativity. Starting a business lets you take ideas that exist only in your head and bring
them to fruition. It’s an amazing way to express your creativity and share your inner genius
with the world.

In addition to earning money and gaining the skills mentioned above, you’ll be well qualified to
start an online business degree in business management, management and leadership, or
marketing once you graduate from high school.

The Best Business Ideas for Teens

What kind of business should you start? Traditional enterprises that require huge investments
and hundreds of hours of investment — such as opening a coffee shop or a retail store — aren’t
ideal for a first-timer, especially if you’re still a student.

Fortunately, as TechTarget explains, the gig economy has made it possible for teens to become
business owners very quickly,
and you may not even need to follow conventional startup
strategies, such as creating a business plan. 

To brainstorm your small business idea, WordStream suggests doing a SWOT analysis — an
assessment of your strengths, weaknesses, opportunities, and threats. Make a list of the things
you love doing and those you’re great at. Think about the opportunities available to you and the
connections you have. Write down any limitations that could get in your way, such as lack of
funds or limited free time.

Here are some ideas to get you started:

Create an Etsy shop to sell handmade items
• Start a lawn care business
Offer dog walking or pet sitting services
• Offer music lessons
• Market yourself as someone who puts together Ikea furniture
Start a blog or website

Best Business Practices

First things first: You’re going into this without the benefit of a lifetime – or even a few years – of
experience in starting and running a business, so it’s a good idea to consider furthering your
education. Taking coursework that leads to a bachelor’s degree in business will not just confer a
diploma, but you’ll learn many valuable skills such as marketing, accounting and leadership.
And when you take the online education route, you have the convenience of being able to study
wherever you have an internet connection. When checking out what’s available online, here’s a
good option
that offers courses that can be completed in just five weeks.

Figure out how much money you need to start and sustain your business in its first few months.
Save up enough to cover those expenses plus any unexpected ones that might arise. Also, set
your prices in a way that covers your expenses and earns you a profit. 

It may also be a good idea to set yourself up as a limited liability company (LLC). This business
structure makes it easier to do your taxes, and your personal assets will be protected. If you’re
wondering how to start an LLC, the easiest way to register is to use an online formation service.

When you’re ready to start your business, use your social media platforms and personal
connections to market your services.

Starting a Business Prepares You for Future Success

Starting a business is hard work that pays off in the long run. Brainstorm business ideas and
then incorporate some best practices like setting prices correctly, forming an LLC, and
marketing on social media. As you begin your journey and focus on growing your business,
don’t forget to take care of yourself.

Talk with Zach answers your questions with a combination of research and my own thoughts
as a teen dealing with similar things. Reach out today to learn more!

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