6 answers
Joy
Student
Roosevelt, New York
1
Question
Asked
1080 views
Can you start a small business at a young age and if so, how can you do so and achieve financial stability and freedom with it??
- I'm in middle school
- I enjoy performing arts
- I definitely know I would like to venture into business and cosmetics
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6 answers
Chiara Ledesma
Data Analyst
1
Answer
Manila, Metro Manila, Philippines
Updated
Chiara’s Answer
Yes, but it definitely takes a lot of work especially in the early stages to get it up and running. The good thing is you can start small.
One of the key things in choosing what business to start is in knowing what value you provide -- for example, a product that no one else in your community is selling or a service that you know you can do better than others. For example, if you are into cosmetics, you can check if there are products that you like that no one else is selling in your school or city (e.g., Korean makeup products). Or, if you are a budding make up artist, you might try to start offering make up services to your classmates before theater shows. You can start small by just buying small quantities first or taking in a few clients at very cheap fees so that it's not at great cost to you yet. If it starts taking off and you are able to turn a profit, then you can try buying supplies in bulk to or raising your prices so that it becomes more sustainable for you.
I hope this helps!
Think of a business idea with a unique value proposition in your community.
Look for a supplier with the lowest costs.
Find initial buyers in your community.
One of the key things in choosing what business to start is in knowing what value you provide -- for example, a product that no one else in your community is selling or a service that you know you can do better than others. For example, if you are into cosmetics, you can check if there are products that you like that no one else is selling in your school or city (e.g., Korean makeup products). Or, if you are a budding make up artist, you might try to start offering make up services to your classmates before theater shows. You can start small by just buying small quantities first or taking in a few clients at very cheap fees so that it's not at great cost to you yet. If it starts taking off and you are able to turn a profit, then you can try buying supplies in bulk to or raising your prices so that it becomes more sustainable for you.
I hope this helps!
Chiara recommends the following next steps:
Jennifer Fischer
Product Manager
27
Answers
Dallas, Texas
Updated
Jennifer’s Answer
You bet, you can! Launching a business isn't really about age, but more about motivation and passion. I like the idea of gig jobs or freelance work. You can share the services you're happy to offer on websites like Upwork, and they'll handle the promotion and payments for you. In my view, this offers a smoother beginning as you figure out your path, with lower expenses and the best flexibility.
david kirk
Retired Computing Manager
478
Answers
Syracuse, New York
Updated
david’s Answer
Hi, Joy,
Having your own business can be fun and, even if you don't get rich, it's a great learning experience for whatever you do later. Some thoughts:
- consider free social media, such as Facebook and Nextdoor and PayPal.
- create a free website on blogspot.com This can be a place with photos and info on you and products.
- if the Nextdoor social media platform is available in your community, join it. It's a great way to show your products to local residents.
- depending on what you sell, be prepared for problems. There are always people who complain or want their money back. Keep good records.
- on that, if what you sell is something that can be argued, create a simple purchase agreement to be signed by the customer, possibly to clarify return policy.
-if you hope to do a lot of selling, talk to an adult on any tax issues that may touch you.
- again, depending on your product, possibly 'hire' a few friends as sales people and pay them a percentage of whatever they sell.
- most of all, have fun. But keep good written records of what you bought as part of your business and what you sold. Having the business records will reinforce that you are really in business. :) Go for it!!!!
Having your own business can be fun and, even if you don't get rich, it's a great learning experience for whatever you do later. Some thoughts:
- consider free social media, such as Facebook and Nextdoor and PayPal.
- create a free website on blogspot.com This can be a place with photos and info on you and products.
- if the Nextdoor social media platform is available in your community, join it. It's a great way to show your products to local residents.
- depending on what you sell, be prepared for problems. There are always people who complain or want their money back. Keep good records.
- on that, if what you sell is something that can be argued, create a simple purchase agreement to be signed by the customer, possibly to clarify return policy.
-if you hope to do a lot of selling, talk to an adult on any tax issues that may touch you.
- again, depending on your product, possibly 'hire' a few friends as sales people and pay them a percentage of whatever they sell.
- most of all, have fun. But keep good written records of what you bought as part of your business and what you sold. Having the business records will reinforce that you are really in business. :) Go for it!!!!
Ann C
Learning & Development, Software, Administrative, Tech, Systems
37
Answers
Atlanta, Georgia
Updated
Ann’s Answer
All the answers given so far are great. I think research and planning are KEY. Here's an article with helpful tips: https://www.indeed.com/career-advice/finding-a-job/how-to-become-young-entrepreneur and also, look for success stories about young entrepreneurs on sites like Fast Company, Fortune, etc. There are many great stories out there and each person has their own set of advice. The best part is, they've been where you are and learning from them will give you an advantage.
Best of luck!
Best of luck!
Patrecia (Trish) Rosito
Associate Director of Technology
31
Answers
Dallas, Texas
Updated
Patrecia (Trish)’s Answer
It's fantastic that you're considering starting your own business at such a young age! I highly recommend seeking the approval of an adult before diving into any new ventures. With the guidance of an adult, they can safeguard you and provide valuable advice on legal and privacy matters that you might need to address. In today's world, with the challenges of social media and various dangers, it's crucial to have guidance when embarking on a business journey, especially at a young age.
Find a reliable mentor who can help you explore your interests and potentially even assist you in launching a small business. When done correctly, it can be an incredibly rewarding experience. I've personally helped my son, but he didn't start his business until after graduating high school. The reason for this was that I understood the amount of time I would need to invest, and I wanted him to remain focused. Now, after five years, our business has grown to the point where we've hired additional staff.
Find a reliable mentor who can help you explore your interests and potentially even assist you in launching a small business. When done correctly, it can be an incredibly rewarding experience. I've personally helped my son, but he didn't start his business until after graduating high school. The reason for this was that I understood the amount of time I would need to invest, and I wanted him to remain focused. Now, after five years, our business has grown to the point where we've hired additional staff.
Charles R Smith
Data Scientist
5
Answers
Cumming, Georgia
Updated
Charles R’s Answer
Yes you can start a business at any age. Just pursue your life's passion and you will be successful both financially and emotionally.