Updated: Dec 16, 2019
Age in business has little impact on your chances of success, and it will impact you in ways you never expected.
If your thinking about starting a business when your a teenager then congrats or not really 50% of all teenagers want to start their own business but there's a catch only 10% ever do so. but if you do decide to take the leap now that's something.
But how do you go about starting your own business? What many people get wrong is that they jump straight in and then they fail and wonder why. Jumping straight in is bound for failure and later discouragement from ever trying again. If you want to succeed you should do it differently, all good things take time business is not a sprint its a marathon and you should give yourself time to prepare. when you decide that you want to start a business give yourself at least 3 months to prepare, 3 months is the bare minimum if you want to have a chance of success.
It's all nice and easy to say prepare but what should you actually do to get prepared?
Firstly find yourself a part-time job. What? Why? There are two reasons: One you need to have at least a bit of money to start your business and when you're just starting you should only use your own money because that will help you avoid problems and a lot of stress in the future and make you much more careful because money is scarce. The second reason why you should get a part-time job is so that you know what you're running away from, you need to know what awaits you if you fail otherwise you just won't put in the work.
no, no, no having a job for a while is not enough just because you have a part-time job doesn't make you an entrepreneur. Now its time to get educated, without proper education you will not get anywhere, No I don't mean that you have to get a degree or something like that, no business degrees are mostly useless instead you should seek the guidance of people who are already achieving success. As a start, you should read Rich Dad Poor Dad by Robert Kiyosaki and The Richest Man In Babylon these two books should give you a solid base in personal finance. These two should be all you need to manage the finances of your business. Ha but if that was all, now you will need to learn your craft, study the thing that you want to be doing diligently if you ever want to sell your product or services you have to become a master of the trade otherwise there's no point in buying your services.
So know that you know how to run your business you have to get in the right mindset and understand what having a successful business really takes. Probably the best thing you can do in this regard is watching the youtube channel Alux they will show you what it takes to have a successful business without the law of attraction bullshit.
So now you're ready
You've reached the race track, you're ready to start running but! What is that? You can't see anything. That's your future that the goal your running to hazy and unclear but its the only way. Do you let this fog stop you, or do you keep going when you don't know what obstacles await you? You dummy you forgot to light the beacon where's your plan? Write down your goals, plan out your business to avoid the main obstacles or you're going to hit your head and you'll have to start again. what am I trying to get at? Don't just rush into a business you have to know where you are going first.
So obstacles - check
knowledge - check
preparation - check
And now you are ready, let us now go to the actual running of the business we can brake it up into three core parts: providing your products, selling & marketing your products and the actual running of the business. So how will your early age impact what you can do generally all it will do is two things: limit your access to capital (because who will give a loan to a teenager) and reduce your credibility when selling and providing your services (adults don't like to ask for advice from teenagers.)
Whilst to avoid the problem of gaining capital you will have to get creative and possibly enter a partnership or something but the other problem can be easily solved by providing evidence to prove your abilities and that you can do what you claim.
So that's it starting a business as a teenager is very similar to starting a business as an adult. The only thing you need to do is a boatload of planning and provide evidence for your skills.
If you want to learn more in-depth about how to start your own business whatever your age then read our guides in the blog and subscribe to our Youtube channel.
More content on this topic will be coming out in the future.