Teens: Tips for Starting Your Own Business

Have a gift for selling? Does everybody agree with you because you know to persuade? Do you make something look easy? And are you bored with everybody telling you what to do? You are probably a risk taker, looking for excitement. You just want to take charge. Do it.

You're probably thinking, What? Just do it. Even though you're just a teen and you think no one will list to you, you are wrong. If you have an idea, a hobby, or a talent, and you are willing to take a chance, then the world is waiting for you.

Today, teens are part of the growing trends toward business ownership. A lot of teens start their own businesses for many reasons. Some can't find what they like, or others have a particular idea or a talent. Those types of teens are willing to take risks, even though one out of every two businesses may fail within two years.

Working for yourself gives a greater opportunity to make money. It gives you respect. Your network of contacts begin to grow. And who knows, maybe your business will be nationally or internationally known. You're right, there's a catch. There are chances of financial stress, difficult customers, and long, hectic days. However, being your own boss is worth it, if you are adventurous.

Starting a business takes lots of planning and financing. You have to have patience. Choose your idea, product, or services carefully. Know the answers to these questions: How many businesses will be competing against you? What are their reputations like? What do they charge? Do the research.

Create a plan. Describe your business, goals for the next three to five years, and who will be the customers.

Choose a name that could be easy to remember and describes what your business does, sells, or produces. Figure out your costs for advertising to supplies to transportation. Getting money might be a problem because banks may not consider giving to teens because they are considered bad risks. Borrow from family and friends, your savings and gifts. When your business is going well, then you may borrow to expand.

Don't forget to advertise in newspapers, distribute fliers, business cards and coupons. The cheapest and oldest advertising is by mouth. Every dollar counts, so plan wisely.

When there is a job, there is paperwork. Get a family member to help you. Your business must be registered and have a sales tax identification number. Check with your local city hall or the county courthouse for information. Keep accurate up-to-date records. Collect receipts for taxes.

Don't forget about yourself. How you look? Do you look like a success? Always wear your best clothes. Look and be organized. Treat even the rudest person with respect. If you make a mistake, admit it.

As the old cliche goes, "If it doesn't succeed, try, try, try again."