You’ve come across one or more small business ideas that could change the world (or at least your school). Now what? If you’re under 18, you can pursue that idea and start your own small business. But there’s a catch. Young entrepreneurs often need the support or approval of their parents to get through many of the steps to launching a business.
The good news is that with the blessing of a parent or guardian, children and teens can manage most of the day-to-day operations of a thriving business on their own. Becoming an entrepreneur can open doors later in life, teach skills outside the classroom, and generate extra money for leisure activities or college.
Hear from several former young entrepreneurs who share their advice on how to start a business under 18 – and why it’s worth starting now.
Making mistakes is easier when you are young
Starting a business at any age involves risks. When you’re young and living with your parents, the consequences of failure are much lower. Early mistakes mean you have much more time to get it right.
“When you start any kind of business, there’s a lot you don’t know, and the only way to accelerate your learning curve is to try a lot of things, qatar email list ” says Nick Mares, who started a bone broth company with his brother Justin when he was a teenager. “Trying and failing is not something to avoid. Fail fast and learn faster.”
You will never have so much free time again
Between school, sports, activities, crafting content that resonates and an active social life, it may already feel like your time is tight. But once you’re an adult, your schedule may get even busier. With fewer responsibilities and bills to pay, now is the time to put your idea into action.
“I was 16 when I started. In school, b2c phone list it was pretty easy to master everything,” says LeiLei Secor , who turned her jewelry hobby into a small business. “When I got to college, I treated it like another part-time job or internship. I reserved a few hours each week to fulfill orders.”
You have a built-in audience for your idea
Classmates are the best springboard to test a product idea, and schools’ built-in network of potential customers makes word-of-mouth marketing easy. Use your experiences as a child or teenager to solve a problem or create a product for your peers.
Carson Kropfl was 11 when he came up with the idea for his product, the Locker Board, a short skateboard that fit in his locker. “I started selling them at my school for $20 a piece,” he says. “I made an Instagram account and posted a video of me riding it to school and putting it in my locker. The next morning I woke up and went from zero to over 300 followers. My mom and I quickly made a website and started selling them.”
You have access to a wealth of free resources and support
After school, your education will be expensive—and so will everything else. You’ll likely have to pay more for almost everything, from bus fares to recreational activities. Many schools are starting to address the need for practical business skills for young entrepreneurs by offering electives in the curriculum.
Also consider using these school resources:
- laboratories and technical equipment
- Computers and Software
- art studio and workshop tools
- Knowledge and feedback from teachers, guidance counselors and classmates
The skills you learn now will help you later
Small business owners learn a lot in their first year of business. That’s because they tend to wear many hats, from sales management to product development to customer service. This is true for entrepreneurs of all ages. Starting a business will teach you skills that can help you make successful college applications.
“Being able to demonstrate that you’ve been through the ups and downs of building a business and making money on your own is incredibly valuable and, in some cases, more important than a piece of paper from college saying you went to four years of school,” says serial entrepreneur and Combo CEO Tucker Schreiber, who started his first company as a child.