young business

25 Business Ideas and Tips for Young Entrepreneurs

How do you start a business at a young age?

You can start a business at a young age. If you dream about owning a business, you can bring your passion to the world.

Starting a business at a young age is one of the most exciting things you can do. But, don’t believe that you have to be a certain age to start a business. Even teenagers can build successful businesses, and many have. Actually, being young is an advantage when it comes to entrepreneurship. You have more energy, learn fast, and are not yet settled into a routine. And even if you don’t succeed at first, you will learn more about business than anyone could teach you in a classroom.

So, what do you need to start a business at a young age?

Start a business doing what you like to do

Even when you are young, you know what you like and hate. Make a list of your passions. Do you have any hobbies? What are the activities that you enjoy the most? Whether you have a love for video games, playing an instrument, coding, working out, fixing things, building, cooking, or being outdoors, the things you like to do can help you find business ideas.

Learn about the market before you start a business

If you don’t want your business to fail, you should make time to understand the market. Talk to people about your business. Find potential customers for your service or product. Share your business ideas to get their honest feedback. Do they like it? Yes, what do they like about it? Is there anything they don’t like or want to be different? What would they change about it and why?

Ask them if they would pay for it. Let’s face it; it’s not enough if they tell you, “Wow, what a great idea!” You need to know if they would actually pay for it.

Your parents aren’t your customers. They like you too much to give you the feedback you need; you need real customers. So it’s important to get out there and talk to at least 50 different people who might be interested in doing business with you.

Start a business that doesn’t require money

The good news about business is that you don’t need a lot of money to get started. It’s also less risky to start a business with no money. Here is an article that tells you how to start a business with no money.

What business can a young person start?

You can start a fun business at any age. If you are willing to really get into it with an entrepreneurial spirit, you can make some extra cash with your business.

What is a good business for teens?

Before we get into the specific types of businesses you can start as a teenager, let’s look at the best businesses in general for young people:

  • Start a business that doesn’t require money. But, if money is required, it shouldn’t be more than a couple of hundred dollars.
  • Don’t start a business that requires special permits and licensing, except for a driver’s license. A business can get pretty complicated when special permits and licenses are required. Stick with something simple.
  • Look for a business with flexible hours. You are still in school and that’s priority #1, so your business should have flexible hours.
  • A location-independent business would be great because you could run your business from home or anywhere.

Business ideas for young people

Here is a list of business ideas you could build a business on even as a teen:

  • Car washing and detailing
  • Writer
  • Translator
  • Child care
  • Set up phones, computers, and TVs
  • Graphic designer
  • Blogger
  • Office or house cleaning
  • Tutor
  • Create an app
  • Transcription
  • Coder
  • Photographer
  • Musician
  • Podcaster
  • Data entry
  • Seasonal work
  • Courier business
  • Food delivery
  • Live-streaming gamer
  • Videographer
  • Social media marketer
  • Dog walker
  • Create a game
  • Web designer
  • Buy items on garage sales and resell online
  • Lawn care
  • Pet sitting
  • Farmers market vendor
  • Errand running
  • Selling baked goods
  • Selling hand made items

Should you start a business when you’re young?

Many things are more fun when you are young, so is starting a business. You should start a business when you are young for many reasons. First, when you are young, you have more energy. Having more energy is a big advantage in business. Another reason to start a business young is your ability to learn fast. Entrepreneurship is about learning from your mistakes and making improvements in your business.

Start a business young, so you have more time to succeed

Imagine you are 18-years old and start your first business. Even if you fail for the first five years, you are still young. You are full of energy, ready to make your business a success.

When you start a business young, you can fail and try again. This is important, especially since it often takes multiple tries before people succeed in business. The bottom line is, the more time you can spend building your enterprise, the greater the chance of success.

Young entrepreneurs can take more risks

You can never completely eliminate risk from a business. But, when you are young, you can afford to take more risks. For example, the younger you are, the fewer expenses you have. You probably live at home with your parents. And with fewer financial commitments, you can take more risks. If you lose money, you have more time to make up for your loss. Therefore, starting a business young reduces your potential losses.

When you are young, you have more energy to start a business

It takes a lot of work to start a business. When you are young, you can work longer hours. If you pull an all-nighter once or twice a week, your body will recover faster than it would when you are older.

Young entrepreneurs are more adaptable

Younger entrepreneurs are more adaptable because of their lack of experience. Yes, in this case, having less experience in the corporate world is a benefit. Because you haven’t been conditioned to the rules and expectations of the business world, you are more open to new ideas.

In your teens, 20s and even 30s, you’ll stand a better chance of building a business on new ideas. This is because you are not intimidated by the changing world around you. And you recognize the opportunities in new trends and technologies quickly. So, start a business while you’re young before the time changes scare you or make you less sure of yourself.

Do young people need experience to start a business?

While some people think that they have to gain a certain amount of life experience before they start a company, the truth is that there are a lot of advantages when you start a business young.

If you are considering starting a business, no matter what age you are, and have gotten stuck in the mindset that you’re not fully prepared, consider these advantages to starting a business young:

Starting a business is a great way to learn

Getting personal experience in a hands-on fashion is one of the best ways that you can learn how business works. Not only can you learn about the business world, but you also have an opportunity to discover who you are and what makes you unique. When you start a business young, you will make mistakes along the way, but you’ll have a chance to figure out how to solve them in your own way.

This may mean that your first company doesn’t work out as planned. Is that really the worst thing that can happen? Not at all. Many entrepreneurs aren’t successful their first time out, but they use their momentum to launch into the next project. If your first project does end up working out well, you’ll be ahead of the game!

The trade-offs for starting now are fairly low.

One of the key things to learn about business is that there are trade-offs for every decision you make. If you choose option A, you miss out on choosing option B. Unlike many other times in your life, the trade-offs for wanting to start a business now are much lower than they are likely to be in a year or two. Most students who graduate from college end up in a low-level position. If you miss out on that kind of job by choosing to start your own company instead, chances are that similar opportunities will be available in the future. If instead, you wait to try to start a company until you are in a decent position with great pay and full health benefits, you may have a lot more to lose.

When you’re young, you don’t have as many obligations to others.

Years down the road, you may have a family to feed, aging parents to think about or other obligations. If you start a business young, you give yourself room to succeed or fail before you have commitments to other people.

When you are young, you have more time to network with others.

A big part of business success is networking. Because you have fewer personal commitments, it means that you may have more time to give to being mentored by others who have taken steps to grow businesses. By building relationships with others, you increase the likelihood that you can partner with others in the future to add value to your product and you as a business owner.

You can use your experience in a future résumé.

If the very worst-case scenario happens and your business fails, you still gain valuable experience that employers are happy to see on a résumé. Employers know how much it takes to own and run a business, so if you can articulate those things during an interview, you may come out ahead of other candidates.

People are more forgiving with young people.

If you make mistakes, and you will make many, people will give you more slack because of your age. When you are young people, expect you to make more mistakes, and they forgive you more easily too.

Even though it can be scary to start a business when you’re young, there really is no better time to take the leap and get started!

Is starting a business at 18 possible?

Yes, starting a business at 18 is possible. Actually, it’s a great age to start a business.

Why do you want to start a business?

If you are going to start a business at 18, you should think about why you want to be a business owner. If you know your purpose, you are more likely to succeed.

Write down your ideas for a business. Even at 18-years of age, you should be able to write a one-page business plan. The business plan is nothing fancy, but it will get you thinking about your target market and your sales strategy.

Start a business that complements your skills

If you like to code, start a business in software development. But, you are not limited to that. You could teach others how to learn to code. Or, you could become a freelancer, working on various programming projects.

Build a business that turns your skills into a business regardless of your skills. The beauty of this approach is that you can turn any skill, hobby, or passion into a successful business.

Build your business on sweet marketing

You have to take sales and marketing seriously to build a successful business at 18. Some people might question your skills at a young age. But, that’s OK. Don’t worry about that. Make a case for yourself. Show people why you are qualified. List your skills. Sell yourself. Let the facts about your experience speak for themselves.

Practice with a friend. Pretend your friend is the customer, and explain why you are the right person for the project. Don’t laugh. You are an entrepreneur now.

Even at 18, you need patience to start a business

It takes time to start a business, but that’s OK because you are young. You have time. The longer it takes to build your business, the more you learn. Right now, the goal isn’t speed. You are learning to become an entrepreneur.

Can you start a business in your 20s?

Yes, you can start a business in your 20s. But, don’t just jump in without doing your research. Running a business requires skills you need to learn. But, everyone has to learn those skills if they want to own a business one day. Fortunately, all the skills you need are learnable.

Start small. Take your time.

Here are some tips to help you start a business in your 20s:

  • Never get involved in MLM offers. MLMs aren’t businesses. They are a waste of your time and money. Entrepreneurs don’t mess with MLMs.
  • Don’t start a business that requires thousands of dollars of investment. In fact, there are businesses you can start with no money or very little money. Some of the most successful companies were started with very little money.
  • Think of your business as a learning opportunity. But, a business isn’t like a school. This is real. You will take real money from real people for a service or a product.
  • Your reputation is more important than how much money you make. Even if you only have one paying customer, make sure that your customer is happy with your service. It’s the only way to grow a successful business. Focus more on making your current customers happy more than trying to get more and more customers fast. If you provide excellent service, the customers will follow.
  • Takes risks, but understand that too much risk can destroy your business. Calculated risk is acceptable, but don’t overdo it.

What are the best business ideas for 20-year-olds?

A 20-year old can run a business; many do, and so can you if your goal is to become an entrepreneur. You just need to develop skills and habits to help you start and succeed in business.

Business is simple. People need a service or a product, and you provide them with what they want. If you do a good job at a price customers are willing to pay, you are in business. It’s really that simple. You can do this in your 20s if you are willing to invest the time and effort.

Here are a few business ideas for people in their 20s:

  • In-home or remote technical support
  • Dog walking
  • Photography
  • Buy used and resell online
  • Tutoring
  • Virtual assistant
  • App development
  • Catering
  • Article writing
  • Cleaning – home cleaning and office cleaning
  • Phone setup
  • Videography
  • Voiceover actor
  • Handmade crafts
  • Yard cleanup – Dog owners are willing to pay for a service that cleans up their backyard.
  • Closet organizing
  • Moving
  • Social media marketing
  • Pet sitting
  • Web design
  • Jewelry design
  • Trash removal
  • Graphic design
  • Painting
  • Gardening
  • Carwash and car detailing service
  • Copywriting
  • Landscaping
  • Software development
  • Daycare
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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.

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