How to Help Teens Open Their Own Business
More and more teens are growing up with an understanding about money that was rare just a few years ago. Because of this, many will get the urge, at an early age, to try their own luck at starting a business. As a parent, there are lots of things you can do to support your teen, no matter what the outcome. Read on to learn how to help teens open their own business.
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Instructions
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Encourage teens to follow their passions. Those with an artistic trait can open a small photography or calligraphy business, while teenagers who prefer sports can teach classes or sell sport equipment on eBay. The more passionate teens are about what they’re doing, the more likely they are to follow through with it.
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Make sure they understand the basics of financial management. No matter how small the business, they will still be handling money in and out. If you’re not able to teach them yourself, find an apprenticeship for them so they can learn from an expert.
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Suggest that they learn the ropes by working under the wing of somebody more experienced. This can be short-term, such as taking a summer job, or as a part-time situation, at the same time they’re planning on opening their own business.
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Step out. As tempting as it may be to want to give advice, this is a time when teens need to learn how to manage for themselves. You can let them know you’ll be there if they have questions, but don’t act as a business partner or even as a parent.
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Help them set up the basics. This includes anything from a computer to paper invoices, depending on the type of business they’re planning on opening. Since teens are unlikely to have a lot of money, you can offer to cover the start-up costs as a sign of confidence in them.
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Let them know about YoungBiz, a website dedicated to teens opening a business. While teenagers are likely to know more about the internet than you, this website in particular may elude them. The site offers information on business start-ups, financial education and how to connect with others in the same situation.
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Tips & Warnings
A business can be anything from regular babysitting to buying and selling collectibles. Just because your teen is starting small, you shouldn’t take him less seriously.
