You hear it all the time: “Kid, you’re going to be a millionaire.” Smiling adults pat you on the back, wishing they had had your ingenuity when they were young. So, isn’t it time you put that clever business idea of yours into motion? PowerUp Hero thinks so! Kid – You got this!
What About School?
Join other teen business owners who have balanced both school and a business. Many continued on after high school by enrolling in an online business school. You can do the same, setting yourself up to earn a business degree in leadership, management, or marketing, while you continue to grow your business.
With school cleared up, what’s still holding you back?
Turn Your Hesitation Into Hustle
It’s most helpful to start with a conversation with your parents or guardians regarding your idea. Their support will give you advice and the encouragement to reach for your business dreams. Share the information below with them so you can work on it together.
So, you’re confident in your product, but starting a business keeps getting put off. Do any of the examples below sound like you? If so, here’s some motivation to hustle instead.
- Lack of experience. No one is ever totally comfortable with their experience level when starting a business. You gain experience along the way. Enjoy the learning process.
- Incomplete product development. Visit trade shows and entrepreneur conventions to learn how to get your product ready for the big leagues. The people you meet there may inspire you.
- Financial challenges. Being young, you’re probably at a point in life where you can afford to take risks and weather the highs and lows a little easier. Wealth management counselors can help you solve any money issues.
- Fear of the unknown. Every business has bumps in the road. Many problems you can’t predict. Use those bumps to hone your problem-solving skills and learn how to reprioritize the important things.
Advantages of Establishing an LLC
Setting up a business’s structure can be daunting, but Money Under 30 notes that forming an LLC is easy. Different business entities have different requirements in each state. Research your state’s regulations, and file the paperwork yourself, or hire a formation company to help you. The legal setup of your business impacts your personal liability, taxes, and registration.
- Personal liability is limited. An LLC is considered a separate entity from its owner, so you’re not personally responsible for your business debt.
- Easier tax returns. There’s no company tax return to file. QuickBooks explains that you report your taxes on your individual return.
- Less paperwork. An LLC isn’t required to hold annual meetings or retain records, and many states don’t require annual reports to be filed.
- Flexibility. Fewer restrictions on management, ownership, and profit distributions.
When the paperwork is finished, you’re the new CEO. Congratulations! Marketing is your next step.
As a teen, growing up in the tech world, you know the importance of digital marketing. A word of caution, though. Don’t rely solely on your web presence to get the word out. Take a look at some classic marketing methods that can still pack a wallop. You may be surprised to know that traditional advertising is quite effective; postcards, yard signs, radio spots, billboards, and yard signs are still used by companies around the world, and for good reason – they work!
One of the first items on your marketing agenda is coming up with a stand-out logo. Your logo will be used on a number of important items, including your business card, website, and stationary. There’s not necessarily a need to go beyond your budget by hiring a graphic designer, as there are free templates available online that you can customize with your look and feel. For example, if you’re considering creating your own line of clothing or T-shirts, you can make a clothing logo design easily and quickly.
As a youth CEO, your youth is your superpower! It is on your side being so young. You have boundless energy, more free time, and expectations are few because you’re still learning. Follow these tips, and get started on your business venture.
PowerUp Hero is for people ready for change. People who want a proven path to success. People committed to being agents of change for the world! Reach out for more info today! email@example.com
Written by Erin Reynolds