7 Small Business Ideas for Teenagers & Young Entrepreneurs – Latest News

Curated by WorkingFromHome

This article is an excerpt from the original article found in the Read More link – please follow for full article.

Finding ways to earn extra money or save toward college is part of many teens’ experience. It’s a powerful rite of passage on top of helping them understand the value of money and the work that goes into earning it. For most teens, that means getting a job at the local burger joint, in the mall, or with some other local business. That’s a fine way to go about it, but it’s not the only model.

Another, arguably better, choice is to encourage your teen to start their own business. They get all the benefits of having a part-time job, plus experience in success skills you don’t learn working for somebody else.

Why Teens Should Start a Small Business

Like we said, starting a small business helps your teen earn some money, and learn some valuable lessons they won’t get working a job. Beyond that, it carries some other strong advantages.

  • Not Limited to Minimum Wage. Minimum wage, which most teens start at, is depressingly low. A small business doesn’t limit their earnings that way.
  • Looks Great on College Applications. College applications will go smoother when they mention, or write entry essays about, the experience of entrepreneurship.
  • It’s More Flexible. Your teen won’t have to worry about losing their job to go to a camp, volunteer with friends, or take a trip.
  • It Builds Self-Reliance. Being able to fend for themselves is a skill your teen will need more and more with each year moving forward.
  • It Teaches Startup Mentality. Thinking like a business owner can prepare young adults for success as an entrepreneur or employee.

7 Great Business Ideas for Teenagers

Here are a few great ideas for types of businesses that most teenagers could start today.

1. Monetizing a Hobby

At this point, your teen is probably passionate about and surprisingly good at something. That might be a sport, a hobby, or “pwning” a certain video game franchise. Whatever it is, their skill level is sufficient to start charging people for their skills and knowledge in that area.

For example, a teen passionate about a video game could begin livestreaming their play and collecting ad revenue on YouTube. A teen who likes building computers could start doing that for your friends and business associates. A teen into model trains could start trading in low-cost trains they find at garage sales, then sell high on Ebay and other online marketplaces, while one who loves to bake might bring muffins to the local farmer’s market.

For every hobby or interest, there is a model to make money, and no reason to wait for full adulthood to begin exploring that model.

Pros

  1. Your teen is engaging more deeply in something they love, which can be fulfilling.
  2. It immerses them early in something that could become a real career.
  3. Builds confidence as they realize they know more about some subjects than adults around them.
  4. Can be an introduction to e-commerce and other forms of online business.

Cons

  1. Making money from something you love can lead to burnout.
  2. Many e-commerce niches have stiff competition, or require a leadup to success that won’t become profitable until after your teen turns 20.

Tips

  • Replicate success: have your teen look into who’s succeeding in their area, then find ways to do what that person is doing.
  • It’s tempting to spend more on a hobby than this earns, so counsel and check in on your teen about their expenses.

2. Tutoring and Coaching

Wherever your teen’s skill level at their academic subjects or school sports, chances are they’re ahead of somebody else. That might include adults getting their GED or younger kids looking for a leg up. Teens can help people in the community around them while helping their financial situation by tutoring or coaching.

The rarer the skill your teen has, the more likely they are to succeed here. They will find more clients and be able to charge more money for more specialized tutelage. For example, a teen with strong calculus chops or who is fluent in French can charge more for tutoring than somebody who offers basic coaching on how to lift weights or gives introductory music lessons.

Pros

  1. Further develops their skills. Most people learn more by teaching than by being taught.
  2. High-paying compared to most items on this list.
  3. Teaches early the value of maintaining specialized skills and knowledge sets.

Cons

  1. Usually harder to find clients than with some other models on this list.
  2. Inflexible schedule because they have to meet when their clients are available.

Pro Tips

  • Although most have a minimum age requirement, online tutoring platforms can help your teen find clients while also widening the potential pool.
  • Encourage your budding tutor to ask for referrals. It’s one of the best ways to gain new clients in personal businesses like this.

3. Taking Care of Smaller Creatures

Whether the small creatures are children or animals, taking care of them is a classic method of teen earning. Although most teens suitable for this work already got some experience with it as a tween, it’s different now. Teens are old enough to take on more challenging and independent responsibilities, which means they can charge more for their services and sell them to a wider range of customers.

For example, they might move from simple date-night child care to watching kids for an overnighter or a weekend. They might move from pet sitting at home to a daily dog walking service or watching a home with pets while the owners are away for several days.

Pros

  1. Builds on skills and contacts your teen has already developed.
  2. Being responsible for another being’s safety builds responsibility.
  3. Can be more flexible, allowing your teen to take or pass on opportunities based on their overall schedule.
  4. If they were involved in housesitting or babysitting as a younger child, they can upgrade to more responsibilities as they get older.

Cons

  1. Not all teens are suited for this kind of work, either by temperament or ability.
  2. Some adults view this as work for tweens, so a teen may need to overcome that perception, especially when charging premium rates.

Pro Tips

  • It can help to get a certification as a sitter, and in the appropriate first aid, to help sell your teen as a reliable professional.
  • Your teen can look for ways to work for multiple clients simultaneously, for example walking more than one dog at once.

4. General Handyperson and Errand Runner

Doing chores for money is something even preschoolers and kindergarteners can do, but once a teen gets a driver’s license or masters the bicycle, it opens doors for all kinds of help-for-pay options that were previously closed. Every family and every neighborhood has adults with more money than time, or with physical limitations that require some assistance.

For the former, hiring a local kid to take care of some task

Commentary:
Some interesting tips and urls can be found on the complete post.

For the Full Article
You can Find it Here: 7 Small Business Ideas for Teenagers & Young Entrepreneurs

You May Also Like…

7 Great Small-Business Ideas for Kids to Start Making Money – Latest News

7 Great Small-Business Ideas for Kids to Start Making Money – Latest News

There’s nothing wrong with giving an allowance to start teaching kids about money and finance. But they can learn even more from earning money in a small business. Although elementary-aged and tween children might seem too young for entrepreneurship, it pays to remember that Mikaila Ulmer of the multimillion-dollar brand Me & the Bees got her start before entering kindergarten. Of course, not every small-business idea is a good fit for a 12-year-old or younger child. Some are too risky to try until high school. Others would put them in contact with strangers far too often. Still others are too complex to manage while growing up and going to school. But a few — like one-third of the beds, chairs, and porridge in the old story — are just right. They’re great business opportunities for kids of all ages who want to explore this side of personal finance. Why Kids…

20 Digital Payment Options for Small Business Transactions – Latest News

20 Digital Payment Options for Small Business Transactions – Latest News

Now more than ever, it’s vital for businesses to accept digital payments. The question is which method of doing so best fits your company’s needs. Some small businesses end up paying far too much for a processing arrangement because they don’t have enough information about the process, the players, and what’s involved. We’re here to help you avoid that by providing all the up-to-date knowledge you need to make an informed, profitable decision about this central detail of your business finances. What Are Digital Payments? Digital payments are anything that’s not a paper check or cash in the till. They represent moving funds from a customer’s account into your own. Once upon a time, credit card transactions weren’t digital payments. Then point-of-sale machines were invented, and credit and debit cards became digital. When you sign up with a digital payment processor, they collect your banking information and streamline transfers to…

Working From Home TV …

Tips to enhance your own website…

Welcome Easy Digital Downloads, WP Simple Pay, AffiliateWP, and More to the WPBeginner Family of Products – Website Tips

Welcome Easy Digital Downloads, WP Simple Pay, AffiliateWP, and More to the WPBeginner Family of Products – Website Tips

Today, I’m extremely excited to share that all Sandhills Development products are joining Awesome Motive, and they’re now part of the WPBeginner family of products. This includes several popular WordPress plugins including Easy Digital Downloads, AffiliateWP, WP Simple Pay, Sugar Calendar, and many more. These brands are very close to my heart because when I first started selling premium plugins in 2013, we used Easy Digital Downloads, and we still use EDD to power our eCommerce. This is one of those rare life moments where things have come full circle, and I honestly feel like I’m living in a dream. Introduction – Quick Overview of the Plugins Unlike our other investments, this is an acquisition of a large portfolio of plugins, so I’ll give a quick overview of what each of them do. Easy Digital Downloads makes it easy for you to sell digital products online such as eBooks, digital…

How to Set Up Business Call Forwarding From Your Website – Website Tips

How to Set Up Business Call Forwarding From Your Website – Website Tips

Do you want to set up business call forwarding from your website? For many small businesses, calls from potential customers generate significant sales and revenue. This is why it’s important to properly set up business call forwarding from your website. In this article, we will share a step by step guide on how to easily set up business call forwarding from your WordPress site. What Do You Need to Set Up Business Call Forwarding from Your Website? Normally, you can just add a phone number to your WordPress website or online store. Your website visitors can use the phone number to make a call. However, regular phone services don’t come with advanced features like call forwarding, business hours, call waiting, etc. Plus, they cost a lot more even for even basic features like basic call forwarding. For proper business call forwarding, you’ll need a smart business phone service provider. We…

How to Notify Subscribers of New Posts in WordPress (3 Ways) – Website Tips

How to Notify Subscribers of New Posts in WordPress (3 Ways) – Website Tips

Do you want to notify your website subscribers about new posts on your WordPress blog? Notifying your subscribers about new content helps you stay in touch with your visitors, bring them back to your website, and convert them into customers. In this article, we’ll show you how you can notify subscribers when new posts are published on your WordPress blog. Why Notify Subscribers of New Posts in WordPress? For most websites, nearly 70% of website visitors will never come back again. By notifying subscribers that you’ve published a new post, they’re likely to return to your WordPress website to read it. This lets you provide more value and deepen the relationship with your subscribers. For online stores, notifying subscribers of new posts will help you to turn those subscribers into loyal customers. That being said, let’s look at how you can notify subscribers of your new posts using a few…

0 Comments

Submit a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.