Starting a business as a 14 years old teen might be somewhat tedious for you. You might think that there are lots of things you must compile in order to start your own business. When a young person starts a business, they give themselves opportunities both financially and academically. Therefore “founderactivity.com” loves to share this guide on how to start a business at 14 years old in order to provide something furthermore about your businesses.
As it is clear that in the modern era, all social media works are developed and launched by teens. so they have good knowledge of the business fields. Therefore, they need a guide to collect and rearrange the known details with the help of someone. However, this article will lead you to step by step to starting your business.
Things to do before starting a business
1. Decide what kind of business you want to start
Selecting the type of business that you want to start might be the most common problem among all the teenage entrepreneurs. Therefore, check whether that is there a hobby that could be turned into a business. There might be something you can turn into a mode of business. As example craftworks, jewellery. And also you can turn your skill into a business that can reach others on a larger scope.
Not only that, it may be outdoor activities that you practised in day to day life. such as the pet walking services, Cleaning houses. yard working, etc. As a 14 years teen, you might have a list of works that you are performing in day to day life. Therefore, it might be easy to turn such activity to your income mode.
If you are struggling much about this, You can search online by googling the business ideas that can you start. So we have provided an article about how to make money as a teenager.
Parents also have a duty in such situations. Because if your child is asking you from how to start a business, you need to guide them. On the other hand, if your child is interested in starting a business as a child or adolescent, you can provide valuable guidance and feedback as they decide which path to take. And also you can help them brainstorm ideas and inventory their skills and talents.
Your ingenuity as a parent will help your child to eliminate businesses that have start-up costs that are prohibitive, time-consuming, or have extensive warranty enhancements. You can help them focus on their idea and future work.
2. Talk to Your Parents or Guardians
As a child of 14 years, you need to make a conversation with your parents or the guardians about what are the things you want to do. As mentioned above parents are the main parts of your startup. On the other hand, you need your parents to deal with many parts of your business. Such as paperwork, taxes, bank accounts and things related to the law.
For the parents, make sure Your child to follow the rules. There might be no difference between the adult own business or the child business. There are rules. Therefore, if your child’s business fails to follow the rules you will get into trouble. So you have the responsibility of fulfiling the necessary licences and permits, related taxes, etc.
3. Conducting Research on the Market
Another thing you need to do is conducting research. That means you need to clearly identify the market. However, efore starting every business all must need to conduct research on the market. Market research is the procedure for collecting relevant information about the business that you are going to operate on. Therefore, conducting complete market research will lead you to handle a successful business.
Market research can educate you on the,
- Target audience
- New trends
Through market research, you need to identify that how competitive your idea is. In addition to that, figure out that is really there a necessity for your product or the service. And also the people who need your services? We have described more details about the market research below.
4. Making a Business Plan
After researching the market, you need to create a business plan. There are different types of business plans and you can select any kind according to your wish. As a 14 years teen, you can surf on the internet and find the variations of the business plans. However, in your business plan make sure to include the following facts.
- Where is your business’s location
- Who are your customers and the competitors
- what are the supplies you need
- Financial projection
- Marketing strategies
5. Find out the needed money
Another thing you need to do is finding your capital. That means you need to invest in your business. Then you might have earned some money from working part-time. In addition to that, you may have your savings. Through your business plan, you might calculate the financials you need. So check whether that the money in your hand is enough or not.
If it is not enough you can ask your parents how to find the rest of others. Seek whether that you can do additional chores to earn some extra cash at your home. And also you can engage in a weekend job. In addition to that, you can ask your family members and friends if they are willing to loan you some money.
For parents, If you have the money to help your child in order to start their own business, consider borrowing money from a lender and developing a repayment plan to give them a real-life experience of repaying it. And also if your child or teen borrows money from friends or relatives, you can help them establish repayment terms.
Step by Step Process of Starting
As you go through the things you want to know before starting a business at 14 years old. Here is the step by step process of starting a business. However, as this is a complete process, it includes the above factors also.
As we mentioned above, market research is the first step you need to do when you are going to operate a business. However, most of the teens do not start with one concept. They have different kinds of them. And also they do not have well experiences with the businesses. So the most important thing is to start with market research.
Marketing research is simply the collection of customer data, information, demands and its proper use. On the other hand, market research is the process of assembling, evaluating, and clarification of relevant items in businesses. These gatherings include the market, your products and services, about the customers, location of your business, competitors, etc.
About the market
The market analysis allows you to understand identify the background and the features of your market. And also the background and the history of the business you are going to start. Therefore, you might go with the SWOT analysis.
Products and Services
Through market research, you will be able to understand the products and the services related to your business. As 14 years old teen you have the great mind to figure out the things easily. Therefore, seek whether what are the products that have huge demand on the market. And also what type of products will make you more profitable through this business.
Not only that, you have to find out what type of products customers prefers more. And the new trends in the each business platforms.
Customers and competitors
You will be able to have a vast knowledge on who are your target customers and the competitors. While you are seeking the target customers for your business it is better to compare the demographics and the psychographic features of them. Through your research, you will identify what kind of products and services you want to offer according to each customer.
Not only that, another fact is your competitors. You have to identify clearly who are your competitors in the industry. And what are they doing? Similarly, how do you defeat them and launch a successful business? If you have done a complete market research you ill recognize your competotors,
- team of marketing
- marketing strategies
- sales strategies
- business growth
- user personas
Through your market research, you have to select where you have to establish your business. Therefore, while you are selecting a place make sure to select where you can get high traffic. However, consider the following facts.
- Foot traffic
- Accessibility and parking facilities
- Impact of ordinances
- Site’s image and history
- Style of operation
2.Decide a name for your business
Select a business name that will make a sense and easily memorable in your customers’ minds. And also make sure that it is a unique name that there are no other businesses using it.
3.Register Your business
Next, you need to register your business as required in your state and local area. So as that you have to decide the legal entity the business will be. Though it is the most affordable and least complex way to get into the business, most of the businesses own by teens are operate as a sole proprietorship.
If the business provides products or services that could endanger anyone or anything, it might be beneficial to create a formal company structure, such as a limited liability company (LLC).
And also your parents have to sign for the legal documents for you. the legal entities differ from region to region. so you need to fulfil the necessary legal documents according to your region or the state. And also you can have the help of an attorney and accountant for this.
4.Get the relevant licenses and permits
The licences and the permits related to one’s business is depending on its business structure. When you are starting your business you need to have all the licenses and relevant permits with you. Your customers are willing to trust you if you have the relevant documents. However, make sure to take the legal documents from local authorities. Because ordinary people trust local authorities than private authorities.
5. Advertise your business
Next, you have to fix up promotional strategies for your business. So as that you can use the marketing section in your business plan. In aid of crafting an effective marketing strategy, we have provided an article on How to create a marketing plan.
Advertising is all about attracting customers for your business. So you can use the following ideas.
- Social Media- All teens are much educated and expertise in using social media. Therefore, you can make your business a social media presence. So you can upload photos, and videos to showcase your products and services on Facebook, Instagram, Linkedin, Twitter, and other social networks.
- Website- You can make your business a web presence in order to inform the customers about the products, new inventories, promotions, etc.
- flyers- As well as you can use the printed marketing materials like flyers, brochures, posters, etc.
Running out a Successful Business
Finally the guide of your parents and the plan you made you can run out a successful business. It doesn’t mean that as a 14 years old teenager you couldn’t carry such kind of work.
With this guide, you won’t be tedious while operating your own business. Therefore, stay with us in order to have many detailed articles related to your business careers. So join iht us Facebook, Instagram, YouTube, Linkedin.