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How To Start Online Business As A Student
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Have you ever stumbled upon a small business idea that could change the world (or at least your high school)? what now If you are under the age of 18, it is possible to turn that idea into reality and start your own small business. But there is a catch. Entrepreneurs often need parental support or help to start many steps.
The good news is that with the blessing of a parent or guardian, children and teens can manage most of the day-to-day tasks of a successful business. Becoming an entrepreneur at a young age can open doors later in life, teach skills outside the classroom, and generate extra income for a hobby or college.
Hear advice from former child entrepreneurs on how to start a business before you turn 18 and why you should do it now.
There are risks involved in starting a business at any age. When you are young and living under your parents, the consequences of failure are much less. Making mistakes early means you have more time to correct them.
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“There are a lot of unknowns when starting any business, and the only way to accelerate your learning process is to try a lot of things,” says Nick Mares, who started Bone Broth Co. with his brother, Justin, Annie Elle. Just a teenager. “Trying and failing is not something we should avoid. Fail fast and learn fast. “
Your schedule may seem tight between school, sports, work, and an active social life. But once you become an adult, your schedule can become more hectic. With less responsibility and less debt, now is the time to act on that idea.
“I was 16 when I started. When I was in high school, it was easier to balance everything,” says Leilie Secor, who turned a jewelry hobby into a small business. In college, I treated it like any part-time job or work study. I spend some. Hours of order fulfillment each week.”
Classmates become the best testing ground for product ideas, and the school’s built-in network of potential customers helps with word-of-mouth marketing. Use your experience as a child or teenager to solve a problem or create a product for your peers.
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Carson Kropfl was 11 years old when he came up with the idea for his Locker Board product, a small skateboard that fits in his locker. He says: “Initially I started selling them at my school for $20 a piece. “I created an Instagram account and posted a video of me taking it to school and kept it in my locker. I woke up the next morning and went from zero to 300 followers. Mom and I, we quickly built a website and started selling them. .
After high school, your education will pay for you and everything else. Almost everything from bus tickets to entertainment costs you more. Many schools are beginning to address the need for practical business skills for young entrepreneurs by offering electives as part of the curriculum.
Small business owners learn a lot in their first year of business. Because they wear many hats, from sales to product development to customer service management. The same goes for entrepreneurs of any age. Starting a business will build skills that can help you make successful college applications.
“Being able to prove that you’ve been through the ups and downs of building a business and making money on your own, and in some cases it’s more important than a college paper that says you went to school and you have four kids. years,” says serial entrepreneur and Combo CEO Tucker Schreiber, who started his first business as a child.
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Hobbies are ideal business ideas for young people. Turn a love of animals into a local dog walking business or a passion for sewing into an online clothing brand. Earn extra money by doing something you already love. Save for game systems or convert to college. Owning your own business gives you financial freedom.
Young entrepreneurs often start by hosting a lemonade stand or running a nearby babysitting service. These startup ideas don’t have high barriers to entry, but if you want to take the business to the next level, it’s time for a parent or guardian to get involved.
With the help of an adult, follow these five steps to start your own business before you turn 18.
Before writing a business plan or creating a logo, make sure you have a parent or guardian who supports your idea. Ultimately they will be responsible for signing anything related to the contract (legal documents, financial products, your online store account). Your adult supporters may be required to register and monitor social accounts if you are under the minimum age for certain platforms.
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Think big! Ideas can come from anywhere: a desire to solve a problem that affects you and your peers, a desire to take an existing product, or something entirely new.
“Start a journal or journal where you can write down all your ideas for your business,” says 22-year-old Maya Penn, who started Maya’s Ideas at the age of eight. “Whether you have a small idea or the next big idea, it’s important to write it down. Even if it seems trivial, it can be very useful in the future.”
There are many business ideas, from starting a lawn care service for kids to selling products through an online business or creating a non-profit organization around a cause. When coming up with ideas for your small business, keep in mind your target market (the people you want to sell to). Adding this category to your idea will help you consolidate the idea and make sure it’s a viable idea.
With the support of parents, youth can easily start a business. But some business ideas will require seed money. You have your own savings for benefits or a nanny job. Will your parents lend you money?
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Once you have the money you need to get started, you will also need the help of an adult to handle the other financial aspects of the business. Talk to your parents about whether you need a business bank account (with them as an authorized signatory). When starting out, you and your parents should also discuss your responsibilities for financing the business, including paying taxes.
To reiterate, starting a business before the age of 18 requires the involvement of a parent or guardian. Often, you are not old enough to enter into a legally binding contract or have a credit card in your name. In Canada and the United States, children under the age of 18 cannot enter into a contract. But your parents can help you.
State and national laws vary, but most financial products, e-commerce and social media have lower age limits. Local authorities can provide guidance on these rules. The US Small Business Administration encourages parents to seek advice from accountants and attorneys.
It’s time to start making money by selling to your audience. Launch your website or online store, start marketing and wait for the cha-ching notification on your phone. You can explore other marketing methods, such as local craft fairs or events at your school.
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We’ve created a free 44-page book with fun activities and exercises designed to guide kids on their journey to brainstorming and generating business ideas.
Once you’ve found a guardian to help you handle legal matters, you’re ready to manage the day-to-day operations of the business. Have fun, earn extra money, and learn new skills that you can take to college and beyond.
Children and youth entrepreneurs are in the best position to shape their peers into the next generation of consumers. Don’t wait until you turn 18. Talk to parents today and express your feelings. The lessons you learn while starting your own successful business will carry you through adulthood.
“There will be obstacles that will try to stop you, people will doubt you,” says Isma Elias, the young founder of social enterprise Ivory Ella. “As long as you keep doing what you started and love, it’s worth it in the end.”
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As a high school student, you can start your own business with the help of a parent or guardian. Some great business ideas for teens include neighborhood service, selling handmade items online, and starting a tutoring business for kids. Make sure you talk to your parents and research the legal requirements
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