Wed, February 20, 2019

Teens already doing business

I did a basic search and wanted to share a few articles. There are teen who are already doing business and some of them are millionaires! Don’t expect things to be easy, but if you stick to it you can be a success.

I will share snippets of what the article is about, share a link to the article and end with some insights from a USA today article helping teens start their own business.

1. Two guys graduated high school where they had an idea for a business. They put it off and went to school. Finally they came back to their idea and it was successful. I bet they wish they had not waited. Their story showed up in Entrepreneur Magazine in July 2010 (story link)

2. This guy started a business when he was 12 and built up a two office 10 employee business. He also started a radio program and a few other businesses. Now at 19 he is working with Boston School of Managment for his next venture. This article has some great thoughts about Marketing. (story link)

3. Here is an article about five different teens who made a million dollars before they were twenty. It is from Forbes magazine. (story link)

As you can see, it CAN be done! Here are some parting thoughts from an article in (USA Today:

• Don’t let shortcomings thwart you. Everyone — from those with learning disabilities to those earning national scholastic honors — has the ability to become an entrepreneur, says Mark Victor Hansen, author of the soon-to-be-released book The Richest Kids In America: How They Earn It, How They Spend It, How You Can, Too.

• Expand upon your interests. “Find a task (or) work you like and that is in demand,” says Lucas Rice, 18, who runs a successful landscaping business in Loveland, Ohio. “With my business, I like to be outdoors and to work with my hands, which was one of the reasons I chose landscaping.”

• Create a formal business plan. “Put it all on paper in an organized and accurate fashion,” says NFTE’s Rosen.

• Scour for savings. Leanna Archer of Leanna’s Inc. surfs the Web to find the best prices on everything from ingredients to product containers. Kids who buy supplies should also negotiate for discounts, Rosen says.

• Price wisely. “Feel around and see what other companies are charging,” then price competitively, Rice says. “When you’re starting out, go a little lower on price in order to start capturing some customers.”

• Make taxes less taxing. Save every work-related receipt. Those expenses could become tax write-offs. IRS.gov has details on dependents, such as children, filing tax returns.

• Create a sound financial plan. Archer has a formula for allocating the money she makes. She socks away half her earnings in a college fund, 25% is reinvested in the business, and the last 25% goes to a charitable cause to help kids in Haiti, where her family is from.

• Don’t overinvest in supplies/equipment. “Allow your business to grow, and then grow your equipment into your business,” says Rice, echoing advice he was given by others. He invested in his first riding mower at age 12 (bought at a yard sale with savings from a newspaper route) and as his customer base grew, he conservatively bought more equipment.

• Promote your business and yourself. “Seek business; do not wait for it to come to you,” says Rice. “I go and welcome new people in the neighborhood and offer my services and give out business cards.” Archer promotes herself and her products on the Web, as well as through fliers she places into shipments to customers.

• Know the rules. Entrepreneurs who want to hire other young folks for help should check the YouthRules section at the Department of Labor’s website at youthrules.dol.gov. It provides federal and state labor regulations for younger workers.

• Carve out personal time. “For a while, I was working so much that I didn’t have time to do things that I wanted to do,” Rice says. He didn’t want to miss out on leisure actives such as golfing with friends, so he made some changes to his landscaping business, such as hiring others to help him with the work. He now has three employees.

• Stick with your dream. When Archer first brought up the idea of selling hair pomade, her parents didn’t take her seriously. “It took a lot of convincing” to get the business going, she says.

Share your advice or business story in our comments.

(BTW: If you want any of these magazines we have found a place to get magzine subscription really cheap. (Click here for a business and finance magazines.

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3 Comments to “Teens already doing business”

  1. lylizm says:

    I found a teens with a honey business. Their average age is 15 and they have already given $170,000 to charity. Here is their link: http://www.entrepreneur.com/article/217189?utm_source=Youth+Specialties&utm_campaign=2ecb5ad158-YSU_8_31_2010&utm_medium=email&mc_cid=2ecb5ad158&mc_eid=19216c08bf

  2. Naticus says:

    Teens that want to go above and beyond average start businesses. More and more teens nowadays are thinking about starting their own business instead of working in a corporate job. However just because you are successful does not mean that you have more rights or are better than anyone else (I know it is kinda off topic but true).

  3. TBC says:

    Thanks for adding to our conversation. It is OK to get off topic if you have something important to say.

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