Teens are notorious for wanting to spend money on things they can't afford, like new clothes, a car and fun times with friends. Starting a business is a fantastic way for teens to learn about money and there are several small businesses teens can start. Writing small business plans is a great exercise for helping teens realize the importance of planning ahead and refining small business ideas, to determine the best way for teens to make money.
Small Business Ideas for Teens
Teens who are artistic may want to choose photography, portraiture, painting, decorating furniture or teaching kids' art classes. Teens who want to get paid for household chores can make money as a dog-walker, a house-sitter, caring for plants in homes or businesses, detailing cars, mowing lawns, cleaning gutters, cleaning up dog poop, or even as housekeepers. Tech-savvy teens can learn how to edit video for free and start a video blog, or buy a domain and maintain a website about their favorite topics, a niche blog.
Adults seeking mid-life career changes are often advised to “do what you love,” and that advice works well for teens, too. Adults may not see value in the choices a teen makes, but it's a peer group that's always surprising marketers. Parents concerned about their teens making a business decision based upon “the latest hot thing” would do well to familiarize themselves with the story of Ashley Qualls, a multimillionaire who started a business at 14 years old, giving away MySpace layouts.
Learning How to Write Small Business Plans
The Service Corps of Retired Executives, a division of the Small Business Administration, gives young entrepreneurs advice for writing a business plan on their website and at regional offices throughout the United States. Software for formatting business plans is available, and public libraries also have resources for writing a business plan.
A business plan is a document that describes all the ins and outs of the business, to obsessive detail, in order that potential investors may see that the operator is serious and has thought of all contingencies. It's also a useful management too, reminding owners, amidst the chaos, what their original goal was.
Many adults regard starting a business as a risk, but that's not necessarily the case. Taking out business loans, potentially losing your home and cars, not relying on a stable source of income, those are risks a lot of adults can not afford to take. But for teens starting a business, these risks just don't exist. They're resourceful and inventive, their businesses can often be started on a dime and don't require a storefront or a large amount of stress. Without the risk, teens are free to try their best, and learn practical lessons about money management that no curriculum could ever teach.
Lisa Russell - Lisa Russell is a freelance writer and mom of six daughters. She blogs about their life at lisarussell.org
