For example, you might already know that you want to make bracelets and sell them at a neighborhood market. Or you may just write down that you enjoy dogs, playing the piano, or drawing.
Once you’ve decided on a product or service, consider if you’re mainly interested in making money with the business or whether you’d be happier treating it like a hobby.
You may be able to buy some simpler materials on your own if you have a little money to work with. For example, if you want to make bracelets, you can start by buying some beads and jewelry wire at a craft store. If you need larger equipment, such as a lawn mower, talk with an adult about borrowing or renting the machine.
For example, sell homemade candles at your town’s weekly market. To advertise your landscaping business, you might leave door-hanging flyers in your neighborhood.
For example, sell homemade candles at your town’s weekly market. To advertise your landscaping business, you might leave door-hanging flyers in your neighborhood.
Depending on how old you are, you might need your parents’ help to set up and run your online accounts. For example, if you baked a cake for someone’s birthday party, ask the customer if you can share a photo of the cake at the party. Think about incentives you can offer customers. For example, offer a slight discount if they sign up for a regular service instead of a one-time service. You can also reach customers all over the world by running at least part of your business online!
For example, take an itemized list of your business costs to your parents and tell them exactly how much money you need to start up. Offer to use some of your own money or give them control over certain business aspects, such as marketing. For example, if you’re running a craft booth, list the fee for renting the space, the cost of tables or a tent, and the costs for your materials.
Building a customer base Selling your product or service in a new venue or area Getting new investors Getting good reviews from customers
Run an online search for the business name so you can see if someone already has that business name in your area. If someone already has that name, then you can create a new name that fits your business. If you want, make an eye-catching logo with your business name. Include a slogan or motto to make it even more memorable.
If you’re unsure of what’s required to set up a legal business, contact a local small business association and ask for guidance. Check local community centers or do an online search for small business associations in your city.
For example, if you made $825 and spent $200, you’d have to pay taxes because you earned $625. You may want to set aside 10 to 15% of your income so you’re prepared to pay any taxes you might owe. Tax laws vary from one place to another. If you live outside the U. S. , check your local laws to find out if you need to pay taxes on your business.
For example, if you made $825 and spent $200, you’d have to pay taxes because you earned $625. You may want to set aside 10 to 15% of your income so you’re prepared to pay any taxes you might owe. Tax laws vary from one place to another. If you live outside the U. S. , check your local laws to find out if you need to pay taxes on your business.
Ask your customers to leave reviews online to help spread the word about your business.
For example, if you haven’t been able to turn a profit after 2 weeks, give yourself more time or set a goal of getting 2 new customers instead. If you came close to meeting a financial goal, try setting a few smaller goals that will help you achieve it.
