Starting a business as a young adult can be a battle. With dedication, a business that is successful can be achieved. From my own experience, I came across a lot of hardship for my business startup which is a gardening service. In 2014, I started out with a few gardening tools and worked in my own neighborhood. Today, I offer my services to more than my neighborhood.
Moreover, I have also built an online digital marketing business in 2020 with the rise of the pandemic, which helps me look out for the best startup business ideas for teenagers and young adults.
Sure, the next few minutes with this ultimate business starting guide will be your first investment in your business. Certainly, the knowledge of starting a business is more powerful than the capital invested. If you are already familiar with this business starting guide, use the link below for the Best Startup Business Ideas for Teenagers and Young Adults.
There are so many self-made entrepreneurs and approximately 51,882,000 self-made millionaires today. Some of them are under 30 and some of them have built their own empires. Kylie Jenner, a member of the Kardashian-Jenner Family started out as a reality TV star at the age of 10 years old by starring in “Keeping Up With The Kardashians”.
Using Kylie Jenner’s popularity, she started her own enterprise Kylie Cosmetics by first launching a line of lip kits in 2015. As she has a strong social media presence, she took that opportunity as a way to market her products. And ever since, she has expanded her brand to other industries such as Kylie Skin, Kylie Swim and Kylie Baby. She also collaborates with other famous people and launches new collaborated lines. As of today, her net worth is at a whopping $600 Million. In her own words;
“It’s the power of social media. I had such a strong reach before I was able to start anything.”Kylie Jenner for Forbes 2022 America’s Self-Made Women Net Worth
as of 6/14/22
There’s more self made millionaires to be considered:
Mark Zuckerberg, the Founder of META (a Social Metaverse Company) formerly known as Facebook Inc.
He is a self-taught computer programmer, Co-Founder, Chair and Chief Executive Officer of META.
Mark Zuckerberg at only 19 launched Facebook, a social networking website that was founded in his Harvard University dorm room in 2004 along with Andrew McCollum, Dustin Moskovitz, Chris Hughes, and Eduardo Saverin.
Why start a business as a teen or young adult?
The thought of starting a business can be very exciting for most people. But, if you are a teen or a young adult starting up a business, this can be a very important aspect in your life and career as a young entrepreneur.
Reasons to start a business:
- Be your own boss
- Work at hours flexible for you
- Job assurance and satisfaction
- Make money at your own pace
- Inspire and Reach your ambition
Running a business or enterprise can be a challenge since you will have to develop a work/life balance at a young age. Other startup owners and entrepreneurs do this when they are an adult. This is where your dedication to have a thriving business shall be appreciated. Since not many teens or pre-adults even imagine of being their own boss.
In order to start a business or an enterprise as someone young, you should have a strategized plan setting out your goals and objectives you want to achieve. To help you with that, is why you should categorize your advantages and disadvantages of running your own business as a teen or a young adult.
Pros and Cons for your business startup
Benefits of a business startup
1. No Risk
Importantly, not a lot of capital funding has been invested, the risk associated if the business fails is low. Hence, there is low risk of funding into a startup business that will leave low risk of debts for your business.
2. Innovative Ideas
Ability to generate more creative ideas and think outside the box. Adaptability of innovative concepts for your new business can help you succeed in not so stereotyped ways like the industry you are and have witnessed before.
3. Fewer Commitments
Overall, you are still young, you have much less commitments between school and work. Hence, you have the capability to invest your energy and your schedule towards the success of your business.
4. Availability of Time
With less commitments, ample amount of time is available to work on your new business.
5. Supportive family and friends
6. Lower Costs
Costs will be lower depending on the fact the business is a startup and fixed costs like rent, employee salaries would be minimum. Further, keeping your costs to the lowest expense could be most beneficial for your business rather than having fixed costs before you start to make an income.
7. Concept Grasping Skills
Young entrepreneurs have the ability to grasp more innovative business concepts and implement them unlike more traditional business concepts. Which should benefit you by having a smarter head start in the industry and help you reach the success you wish to get as far as.
8. Ability to stay up-to-date
With today’s generation, you prosper and stay updated for newer business concepts that come to hand to use and have the upper hand in your business. This helps you adapt newer business ideas to your enterprise that will help you stay ahead of new business trends.
9. Young Enthusiasm
Looking forward to starting a low cost business with high profits as a young entrepreneur can be exciting. This will help you keep up your young enthusiasm to be a young businessman or businesswoman alive and this will help to keep your drive to success thriving.
Disadvantage of a business startup
1. Lack of Experience
Lack of no experience of running a business or the laws and regulations it entails can make you be at a great disadvantage cause in order to run an enterprise. Knowledge on how to run a business is crucially important cause all the business decisions you make and implement depends on the growth of your business startup and the legalities that you will have to fulfil as a businessperson.
2. Time Commitments (Work/Life)
Managing time between your work life and personal life as a young entrepreneur can be challenging. Because you will have to miss out a lot of your personal life such as going out with your friends on a weekend and instead be working to make your business thrive. As a young entrepreneur with a new business, this may be your greatest sacrifice.
3. Management Issues
Issues with management of running your own business mean also being your own boss, the way decisions are made and implemented will be your responsibility and so will the repercussions.
For example, as a hypothetical situation, if you decide to not recruit another employee to help with the workload you have taken on, you may see yourself drowning in work that you are not able to finish. This may result in bad reviews regarding your business and the time management problems of the service you provide.
In order to dodge such issues, recruiting someone to delegate work would be an appropriate decision to make.
4. Financial Funding Problems
If you are about to start a business that requires a capital investment, with your lack of experience on how to run a business; gathering investments towards your business may be challenging.
This is because investors may be hesitant to invest into a startup business that lacks business or industrial experience with no assets to provide as collateral in case of the investment going downhill, there will be no recovery.
5. Few or no Business Connections
Due to being a new business or new to the industry, contacts or connections among other entrepreneurs in your industry may be low.
This may be hard at the beginning due to other businesspersons gate-keeping their business tac-tics and information.
Only with your new business establishment and growth, you will be able to surpass being the “new business” in your market.
6. Issues with Work Ethics
With lack of business or industrial experience; work ethic may be given the least attention.
But this is a very crucial factor since work ethics have been experiencing breaches such as:
- Unethical workplace conditions
- Hostile work environment
- Harassment and Discrimination at a work place
- Conflicting and Unattainable objectives
- Dire use of company technology
7. Lack of trust in Young Entrepreneurs
Being a young entrepreneur can be challenging with a new business in a industry where there could be older and more stable establishments. In a situation like this clients or customers would not tend to take your business into consideration.
When this happens, your sole focus will become the growth and establishment of your business startup.
In addition, only 20% of small businesses close during their first year. Around half of all companies survive for at least five years, while a third of companies last for 10 years. This might seem like a scary piece of information, but the fact remains that 80% of enterprises survive through their first year.
Why start a business now?
- Development of Financial Skills
- The development and management of financial skills is not something that is taught at school or from home. This topic is mostly avoided till we are adults who earn. But to learn these financial skills at a young age as a young entrepreneur would be very beneficial as a life skill (for your personal and professional life).
- With the development of money management skills, this can be applied to business related objectives. As to how to make high profits.
- Long Term Profits could be assured with the ability of money management skills. This would be an amazing trait for a startup business to be making high profits in just a matter of time of establishing the new business.
- Enhancement of Time Management
- Time management is an excellent skill to be enhanced. Depending you are a young adult who just started their own enterprise, getting your priorities in order would help you a lot with the school/work life balance you will have to maintain and have the possibility of committing to them accurately.
- In order to stay organized even using a template of a monthly planner would be beneficial. It would help to keep your tasks that need to be done under a scheduled deadline.
- Such templates can also be used for future prospects. To also have a proper analysis and accurate details of financial data. This can be understood with the importance of a business plan.
- Documents that are relevant to future prospects can be identified below:
- SWOT Analysis
- Balance Sheets
- SEC Reports
- Expressible Creativity and Marketable Passion
- Being a young entrepreneur means having ample amounts of creativity and methods of expressing them. But sometimes you are not provided with the proper tools to express them.
- You should be able to explore and express them your own way.
- Your creativity can help explore niche segments that could use solutions. Being your own boss and working in a segment you can enjoy is a major benefit.
- This could be increase drive and passion to any niche segment you are focused on.
- Grow your grit to increase motivation and energy
- Developing resilience can be considered as one the most reliable indicators of success. This skill helps you overcome hurdles and stay persistent to any challenge.
- Development of determination as an entrepreneur is crucial. Startup businesses demand hard work and focus. As people grow, sometimes there is a possibility that they could lose interest overtime.
- That is why it is important and beneficial to start your business young while you are still enthusiastic about your business idea.
- Adaptability and fail to improve
- As a young entrepreneur being adaptable with the challenges you come across proves how you have the ability to navigate and make way through the bumps with proper solutions. This is a very important factor as to why you should be an entrepreneur at a young age. Your method of critical thinking can be put to the test.
- Entrepreneurs meeting failure is inevitable. It may have a great impact or a minor impact. Depending on the situation, you can be prepared in advance with your skill of resilience; knowing its you and your business that is against the problem which only needs a suitable solution. Understand what your situation is and charge at it. Knowing what your problem is, you can develop your critical thinking and decision making skills.
- Take risks with lower stakes
- When taking risks, you never really know whether you have taken the right decision until it pays off or not, no matter how you have calculated on how your results should have turned out. This should not stop you from taking risks cause only then you learn and seize the next best opportunity.
- Being innovative changes how businessperson does things or make decisions related to their business. Taking the opportunity when it can be seized is tied to risk cause everything involves a risk.
- Those who take risks have a competitive advantage with persistent capabilities that help them make a suitable business decision.
- If you have a startup that has low capital investment, this could lower your stakes therefore, making risk taking easier and improves your entrepreneurship as an opportunist who seizes every opportunity at hand.
Things to consider before starting a business
It would be beneficial for you to identify these relevant skills early on to develop when operating your startup business. These skills become a crucial point because of the way you utilize them will have a positive or negative impact on your enterprise.
If you use them in the right way, you can end up with that skill set being a major positive impact or if not, if used wrong, it may create the downfall of the operations for your startup.
- Decision-making (Analytical Skills) and Delegation
- Strategic Planning (Being proactive) and Leadership skills.
- Resilience (Emotional Intelligence) and Team Building Skills
- Communication and Negotiation Skills
- Financial and Cash Flow Management
- Time Management and Social Management Skills
- Digital Marketing Skills and Sales Development Skills
- Problem Solving Skills and Customer Service/Relationship Skills
FOR A MORE DESCRIPTED AND EXPLANATORY ON HOW TO BUILD ESSENTIAL BUSINESS SKILLS:
How to prepare your business plan?
Prepping solid business plan helps you achieve the ambition you desire to attain for your startup business ideas as a teenager and young adult.
The below tutorial on how to start writing your business plan may come in handy.
Importance of a business plan:
Preparing a business plan is like preparing a road map for your business. Without one, along the way it is possible to be lost from your business plan.
YOUR BUSINESS PLAN CAN INCLUDE:
- Define your business Vision and Mission
- Set business Goals and Objectives
- How to promote your business
- Be educated on your market space
- Identify your customers
- Research the demand for your business in your market space
- Set your marketing goals
- Plan your marketing strategy
- Implementation of your business plan
Types of business ideas
Firstly, for you to be successful your business idea must include;
- Passionate Idea
- Related Skills
- Available Marketspace
All of these facts combined would create the perfect startup business idea for you to work on.
We did full time research and categorized each business ideas with your gender and starting capital of the business. That will help you to navigate through the article easily and select the most suitable business idea.
- Trending Business Ideas for Men
- Trending Business Ideas for Women
- Businesses to start with Low Capital
- Businesses to start with High Capital
Business Ideas for Teenagers:
Picking a business idea for a startup is something you should be passionate about with the relevant skills and in the available market space to start career where you can earn while balancing a school/ work life.
Starting a business or a side hustle as a teenager can be the smartest decision you decide to make. Taking into consideration that you will be able to have a head start on skills you can use for your professional career.
Using the table below with the listed startup business ideas for teenagers and young adults may help you to jumpstart your career.
|Business Ideas||Average Income per year||Average Income per hour|
|1||Pet Sitting/ Dog Walker/ |
|3||Lawn Care Service (Landscaping)||$29,667||$14.26|
|6||Personal Shopper/ Running Errands||$34762||$16.71|
|7||Doing Seasonal Chores||$32,850||$15|
|9||Child care (Baby Sitting)||$30,972||$14.89|
|12||Handmade Crafts||$ 35,930||$17.27|
|16||Social Media Influencer||$52,119||–|
|18||Starting a Podcast||$72,471||$35|
|19||Live Video Game Streaming||$39,687||$19.08|
|21||Search Engine Optimizing Expert||$57,384||$27.59|
|24||Data Entry Clerk||$31,582||$15.18|
Trending business ideas for Men
As a father, spouse or young man, you will be expected to earn more. Having a business that is profitable can help you hold financial security. As well as, focusing on your gender you have few more chances in society. So we have extracted a list of business ideas specially for men.
Earn profits by using a business idea from the list below:
|Business Ideas for Men||Average Income per year||Average Income per hour|
|2||Print on Demand||$55,368||$27|
|8||Mobile App Development||$101,761||$48.92|
|10||Freelance Front End Web Developer||$85,974||$41.33|
|11||Freelance Marketing Writer||$75,869||$36.48|
|13||Freelance Graphic Design Artist||$45,000||$22|
|16||Food Truck Owner||$28,337||$13.62|
|17||E-Commerce Store Owner||$67,851||$32.62|
|25||Digital Event Planner||$58,511||$28.13|
|26||Computer Maintenance and Repairing Business||$42,714||$20.54|
|28||Drone Business and Videography||$50,290||$24.18|
|31||Tutoring Martial Arts||$40,123||$19.29|
|33||Pest Control Business||$98,719||$47.46|
|34||Real Estate Business||$91,788||$44.13|
|39||IT Consulting Business Services||$105,549||$50.74|
|41||Create an Online Course||$69,914||$33.61|
|42||Become a Reviewer||$48,691||$23.41|
|43||Self Publish Books||$34,440||–|
|46||DVD and Blu Ray Digitizing||$44,402||–|
|50||Singing gigs at local establishments||$136,424||$65.59|
Trending business ideas for Women
Women are heading towards being financially independent. We have started running their businesses bringing extraordinary results.
As a mother, a spouse or a young woman, we bring care to every minor detail. Hence, we have managed to use it for our business expertise. Therefore, I did my research to bring you the best business ideas for women.
Find your startup business idea here to run your business and help you balance life while making profits.
|Business Ideas for Women||Average Income per year||Average Income per hour|
|1||Life/ Career Coach||$60,510||–|
|5||Clothing Boutique Owner||$78,782||$37.88|
|10||Crafter (Small Batch Seller)||$39,106||$18.80|
|16||Coffee Shop Owner||$50,000 to $175,000||–|
|19||Data Entry Clerk||$31,582||$15.18|
|20||Social Media Manager||$53,917||$25.92|
|24||Home grown Produce||$66,360||–|
|27||Book-Keeper (also with relevant application and software)||$40,240||$19.3|
|28||Online Retail/ Wholesale||$45,355||$21.81|
|31||Home based Hobby Classes||$30,000||–|
|33||Social Media Influencer||$52,119||–|
|39||Editing and Proof Reading||$61,940||$29.78|
|41||Skincare and Beauty||$57,818||$27.80|
|43||Remote Customer Service||$30,899||$14.86|
|46||Offer Manicures or Pedicures||–||$17.86|
|47||Second hand Consignment (Thrifting)||$30,786||$14.80|
|48||Sell your digital art||$61,317||$29.48|
Types of business to start with low capital
An entrepreneur who aspires to run his own enterprise but has very limited capital funds to invest, a service based enterprise is the most appropriate decision to make high profits.
The list of business ideas to start with low capital should be of great use:
|Business Ideas with low capital||Average Income per year||Average Income per hour||Minimum Startup Capital|
|6||Home Entertainment Installation||$52,054||$25.22||–|
|7||Insurance Brokerage Agent/ Selling Insurance Policies||$62,552||$30.07||–|
|8||House painting services (Interior and Exterior)||–||$17.54||$500|
|9||Interior Wallpaper Installation Services||$33,590||–||–|
|10||Non Medical Elder Care Service Provider||$60,118||$28.90||$1,000|
|12||Office Support Service||$32,588||$15.67||–|
|13||Corporate Event Planner||$65,519||$31.50||$15,000|
|14||Adventure Tour Guide/ Travel Agent||$55,227||$26.55||$4,290|
|15||Travel Concierge Service||$52,378||$25.18||$2,000|
|16||Valet Parking Service||$32,233||$15.5||$2,000|
|17||Business Plan Consultant||$92,998||$44.71||$2,250|
|19||Real Estate Agency||$91,788||$44.13||$700|
|20||Power Washing Services||–||$14.93||$2,000|
|21||Carpet Installation Services||$38,061||$18.30||$2,000|
|22||Air Conditioning Installation and Maintenance Services||$48,236||$23.19||$3,000|
|23||Private Yoga Instructor||$45,673||$21.96||$60|
|24||Chiropractor (on demand)||$75,000||$36.06||$3,000|
|25||House Cleaning and Maintenance Services||$28,081||$13.50||$685|
|27||Grocery Shopping and Delivery||$43,958||$21.13||$2,000|
|30||Nutrition Consultant/ Meal Planner/ Dietary Consultant||$48,180||$23.16||$2,000|
|32||Data Management Consultant||$126,672||$60.90||–|
|34||Doula and Birth Coaching Services||$55,936||$26.89||$2,000|
|35||In- home hair stylist||$86,553||$41.61||$5,000|
|37||Mobile Pet Grooming||$47,827||$22.99||–|
|38||Mobile Car Mechanic||$62,640||$30.12||–|
|39||Vehicle Inspection Service||$36,314||$17.46||–|
|40||In-home physical therapist||$113,574||$54.60||–|
|41||Pool Servicing and Maintenance Services||$32,180||$15.47||$2,000|
|42||Online Dating Consultant/ Profile Editor||$76,169||$36.62||$1,000|
|44||Public Relations Consultant||$58,687||$28.21||$2,000|
|45||Customer Service Phone Operator||$31,969||$15.37||–|
|46||Corporate Retreat Coordinator||$45,284||–||$8,050|
|47||Content Marketing Strategist||$64,932||$31.22||$6,000|
|49||Online Security Consultant||$116,265||$55.90||–|
|52||Social Media Ads Strategist||$62,339||$29.97||$4000|
|53||Software Installation Service||$59,124||$28.43||–|
|54||Online Network Installation and Maintenance||$55,366||$26.62||$5000|
|55||Cruise Booking Agent||$45,738||$21.99||$162|
|56||Online Dance Tutorials||–||$20.70||–|
|57||Mobile Notary Public||$107,232||$51.55||$1,000|
|58||Tax Preparation Agent||$43,483||$20.91||–|
|59||Mystery Shopper/ Customer Survey||$50,028||$24||–|
|60||Customer Service Phone Operator||$31,969||$15.37||–|
|61||Private Investigator||$71,406||$34.33 ||$2,000|
|63||Fundraising Event Coordinator||$50,375||$24.22||$8,050|
|64||Legal Process Server||$49,514||$23.80||$90|
|65||Computer Training Services||$49,000||$23.56||$49|
|66||Audio Visual Technician||$47,208||$22.70||–|
|68||Live Chat Customer Support Services||$27,676||$13.31||–|
Types of business of start with high capital
The investment capital of starting up a business has never been so low or zero. Although, there are some enterprises that need the capital funding to back up the operations of your business startup. There are also young entrepreneurs who are willing to invest large funds and start a business with risks.
Such enterprises are listed below:
|Business Ideas with high capital||Investment Capital Required|
|1||Hostel Owner||$19,815 minimum startup cost|
|2||Custom Drone Builder||$30,000 minimum startup cost|
|3||Office Space for Rent||$19,815 average startup cost|
|4||Business Incubator||$300,000 average startup cost|
|5||Organic Vending Machines||$10,000 average cost of a vending machine + Cost of organic stock|
|6||Gluten Free Bakery||$58,299 average startup cost|
|7||Organic Food Catering||$175,500 and $750,500 average startup cost range|
|8||Organic Cafe||$39,798 average startup cost|
|9||Espresso cart||$30,000 average startup cost|
|10||E-Magazine||$13,936 average startup cost|
|11||Gym||$50,000 average startup cost|
|12||3-D Printing Services||$7,000 to $16,000 average startup cost range|
|13||Tattoo Studio||$50,000 average startup cost|
|14||Smart Home Contractor||$25,000 average startup cost|
|15||Mobile Medical App Developer||$425,000 for launch + $200,000 for development average startup cost|
Methods to step up your startup business
With the world’s demand changing at a rapid pace with better business environments, implementation of particular business concepts, upgrades in technology; it is important to be up to date with these advancements. Altogether, to have the upper hand and continue to make your business thrive, testing out ways to step up your business would be a smart decision to make.
Using these methods can help you as a businessperson and your business to reach heights you have dreamt of it to be.
- Utilize Social Media
- Use of social media platforms will turn up to be one of your most effective methods of business development strategies.
- Being able to publicize and promote what you have to offer in the quickest and low cost effective way by just a post of your product or service. Using these social media tools using social platforms will help you reach and promote to your target audience and even be recommended to your potential audience.
- You are also able to use these platforms to educate your customers about how your product or service is developed. This helps you to build a loyal customer base the more you become transparent about the way you operate your business.
- Create Proper Customer Relationships
- Being educated on what your customer base demands is the most important factor to have strong customer relationships so that you can develop a loyal customer base.
- Their demands may consist of what they want; what they prefer and desire; what they wished existed in the market and what their purchasing behaviors are like.
- Traditionally, customers would look for sellers that meet their demand and requirements. Jumping to present day, with the variety of substitutes available, competition among businesses have become fierce.
- Stay Up-to-date
- Keeping up with rapidly advancing technological changes is the prime way to thrive as an entrepreneur and for your enterprise.
- This factor can help kick down doors that have been holding your business back and bring you many more opportunities.
- Being educated about new technology, this improves the ability to make quick and smoother decisions that saves time, energy, money and other utilizable resources.
- New marketing concepts
- With everything rapidly advancing around us, it can help you to create and fill up empty spaces in the market.
- With the following of advancements of technology, most established yet traditional enterprises are switching or upgrading to technologically advanced methods of marketing concepts and utilizing them to build their online presence to help continue to grow their well established enterprises.
- The use of newer business concepts will help you see what works for the business and what won’t work. This can only be viewed by the result of such decisions so therefore, you will have to keep adapting and revolving around updating business concepts.
- Think beyond boundaries
- Once you set your goal, it becomes your priority target to achieve therefore, your work gets aligned for the accomplishment of that goal.
- Steering clear on your focus, calculating the progress made and being on track of the achievements seems possible if you have a clear idea of what you want to achieve for your business.
- You can push yourself to overwork or work less or even try working out of your usual comfort zone to achieve your set goals for your business, by testing it out so you can understand what your business requires to grow and how it can thrive and be successful for the long term.
- After you have tested out what works for your business, it will become much easier to set long and short term goals or objectives and how to meet their requirements for the business to grow.
- Working regularly and being more productive on tasks gives your business better results.
- Time management and not overlooking work can help you and your business be on right path to productivity.
- Make your business have an environment that is a safe place and introduce a work-friendly work environment and better professional relationships. This can be called better management methods which also helps have productive work done. The potential of start-ups can be assured by such methods.
- Continue to educate and optimize
- Being able to educate yourself will never have a finish line. It is not possible to.
- Educating yourself in a regular and learning in a broader aspect can help you innovate new business and marketing concepts for your business.
- The sky is the limit. As we have heard, but there will always be ample amount of things to continue to learn and apply it for life and your business.
- There are so many ways you can self learn and also many platforms can you use to educate yourself. Such as
- Online Classes
- Online Training
- Self-paced Programs
- Research and Reading
- Introduction and brief examples of Entrepreneurs
- Why start a business?
- Benefits and Disadvantages of a business startup
- Skills to develop
- Things to consider before starting a business
- How to prepare your business plan
- Importance of a business plan
- Types of business ideas
- How to step up your business
In conclusion, you can use this article to refer all aspects you should be considering when commencing your business startup ideas as a teenager or a young adult with ambition and passion. You will also be able to empower your own future and develop the required skills to keep you going.
CHASE YOUR WILDEST DREAMS.