Starting a Home-Based Business As a Teen
Teen entrepreneurs may choose to start home-based businesses as they recognize the benefits, opportunities and resources available for business owners. Home-based businesses give teens the chance to build a company from the ground up, while working in the comfort and privacy of their own homes. As a teen, you may run your business part time, after school or during summer and winter breaks, so consider your availability as you plan your enterprise. Forming a home-based business may seem like a challenging feat, but with proper planning and preparation, you can run a successful and profitable company.
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Instructions
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Think about your hobbies, interests and skills as you come up with ideas on the type of business that you would like to start. Select an idea that you'll have fun doing and that also will be profitable.
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Discuss the idea of your running your own home-based business with your parents. It's important to include them in your plan from the start, so that they can help you work through areas of concern.
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Contact your local Chamber of Commerce to find out the rules and regulations for registering a home-based business as a teen. Determine if there are licenses and permits that you need to run the business that you have in mind.
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Create a mini business plan which outlines your product or service, how you plan to run operations, your financing and marketing strategies. Include a list of the products or services that you plan to offer, along with your pricing and payment terms.
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Create a schedule for yourself which outlines your school responsibilities, any after school programs and activities that you participate in, your home obligations, such as chores, and your new business schedule. You may opt to work on your business after school or only during the weekends.
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Find an area of your home that you can use to set up your home-based business. If you have a desk in your room or study already, talk to your parents about using that space as your office. Purchase that supplies and equipment that you need to run your business.
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Promote your home-based business using marketing tools, such as business cards, brochures, a website, social networks and word-of-mouth. Ask a friend who is skilled in graphic design to help you create the marketing materials that you need to advertise your business. Hang flyers in local stores, on bulletin boards and at community and business centers in your area.
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Save receipts for all of the money that you spend (expenses) and receive (income). When it's time to file taxes, you'll need that information to complete your forms. As a teen, your parents may include you on their tax return, so they should work with a certified public accountant when it's time to file taxes.
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