The Teen Entrepreneur Toolbox is a step-by-step guide to creating a successful business from scratch, with full guidance from experts. It will teach your teens the skills they need for success, including responsibility and self-confidence
Starting your own business is an exciting, but also a big step. As a teen entrepreneur, you have to be aware that not all businesses are successful. In fact, only about 30% of small businesses last more than 2 years. This doesn’t mean you shouldn’t start a business.
It just means you need to plan ahead so that your business has the best chance of success. For example, before starting a business, you need to research whether there is a market for the product or service you want to offer.
Here is some helpful Teen Entrepreneur Toolbox to help get started with researching markets and preparing for your future as a teen entrepreneur.
Section 1: What Is A Business Plan?
In an era where more than 50% of small businesses fail in the first year. A clear, defined, and well-thought-out business plan is a critical first step in starting a business for long-term success.
The business plan is undeniably a critical component to getting a business off the ground. It is key to securing funding, documenting your business model. Outlining your financial projections, and turning your business idea into a reality. Read More.
Business plans are an essential tool for all entrepreneurs, business owners, business acquirers, and even business school students. But what exactly is a business plan?
In this post, we will explain what a business plan is, why you need one, the different types of business plans and teen entrepreneur toolbox, and what you should include in your plan.
Section 2: Understand Why You Should Start Your Own Business
Deciding to start your own business is jumping in at the deep end. It requires you to step out of your comfort zone and try something new. If this idea excites you, why wait? You are ready to take the plunge and be the CEO of your OWN COMPANY.
It’s a lot of work and there are some risks, but the potential for rewards is huge. If you are not convinced yet, here are 10 of the best reasons to start your own business.
- 1. Every day at the office will be motivating.
- 2. You’ll be able to follow your passions.
- 3. Support non-profit organizations or work towards social justice.
- 4. Financial independence is possible.
- 5. It is possible to control your lifestyle and your schedule.
- 6. It is possible to start from scratch.
- 7. You’ll be able to claim tax benefits.
- 8. You’ll have true job security.
- 9. A wide range of skills will become second nature to you.
- 10. You have the ability to be creative.
Section 3: The Market Research For Your Business
Market research is the process of determining the profitability of a new service or product by directly interviewing potential customers. Market research allows a company to discover its target market and obtain opinions and other feedback from consumers about their interest in the product or service. Read More.
This type of research can be conducted internally, by the company itself, or by a company that specializes in market research. It can be conducted through surveys, product testing, and focus groups. The test subjects are usually compensated with product samples or receive a small expense allowance for their time. Market research is an important part of the research and development (R&D) of a new product or service.
Section 4: 20 Best Teen Entrepreneur Toolbox To Help Teen Entrepreneurs
Sub Section 1: Guide Resources
1. How to Start a Business
All the steps you need to know are in our guide to starting a business. From creating a business plan to raising funds to marketing your business, every aspect is broken down into simple, actionable steps for new entrepreneurs of all ages.
Plus, by looking at the guide for the state you are in, you’ll gain better insight into your state’s requirements and get closer to legally starting a business.
2. How to Form an LLC
In general, we recommend forming an LLC over any other business structure. Not only are LLCs the easiest to form, but they are also easy to maintain and offer benefits such as personal liability protection and tax benefits that other business structures do not. In our guide to forming an LLC, we take you step-by-step through the process of forming an LLC in each state.
Remember that in most states, you must be at least 18 years old to form an LLC. Check with your local Secretary of State or appropriate state agency for your state’s specific requirements for forming a business. Read More.
3. SBA Business Guide
The Small Business Association (SBA) provides entrepreneurs with resources for starting and maintaining their businesses. The SBA Business Guide is a comprehensive resource with tools to help you navigate every stage of starting a business.
From creating a business plan to calculating costs and finding appropriate financing, the SBA Business Guide is a one-stop resource for all your business planning needs. Read More.
Sub Section 2: Tools
4. Business Name Generator
Choosing the right business name is one of the most important, and sometimes most difficult, aspects of planning a business. Your business name should represent your brand, be clear enough to convey what your business is all about, and at the same time be memorable and creative.
If you are not sure what your business name should be, you can use our free business name generator to choose appropriate names that fit your business type. This is the best Teen Entrepreneur Toolbox for new business start-ups.
5. Logo Maker
Once you have determined your business name, you’ll need a logo to effectively market your business and increase recognition. The good news is that you do not have to be a graphic designer to create a great logo for free. With our easy-to-use logo maker, you can create a logo for your business. That you can use on everything from business cards to marketing materials and more.
6. Business Plan Generator
Regardless of the size or type of your business, a business plan is an essential part of a successful business. A business plan is essentially a roadmap for the first 3 to 5 years of your business, outlining milestones and how you plan to achieve them. If you plan to apply for external funding, this document is absolutely essential. Raed More.
With our free business plan generator, you can easily create a business plan that will help you secure funding and get your business off the ground. This will make planning your business a breeze.
Sub Section 2: Financial Resources
7. Kid Everest
Created by kids for kids, Kid Everest is a crowdfunding platform for young entrepreneurs that makes raising the startup capital you need safe and easy. You’ve found the best Teen Entrepreneur Toolbox. Kid Everest is free to sign up for, and at only 4% of donations, it’s one of the lowest crowdfunding rates around. Simply sign up, link your bank account, promote your page on social media or via email, and fundraise to start your business. Read More.
8. Indiegogo Entrepreneur Services
Another helpful crowdfunding resource, Indiegogo is a platform that makes raising startup capital online very easy. Not only can you crowdfund your new business, but Indiegogo also allows its users to renew their campaigns to continue raising money even after their business has launched.
Use this platform to generate funding, talk to experts in your field, and grow your brand.
Fundable is a crowdfunding platform that offers its users two methods for crowdfunding their businesses: Equity or Donations. This means that you can offer investors the opportunity to earn a return through equity or receive funding on a donation basis, with no repayment required.
Instead of collecting a percentage of your revenue, Fundable charges $179 per month to use its platform. However, signing up is free and no immediate payment is required. Congratulations! You have found the best Teen Entrepreneur Toolbox!
Sub Section 3: Networking & Mentoring
Organizers looking to launch events and grow their brand can benefit from the Hack+ platform to plan and manage events for free. This free platform offers event insurance, liability waiver management, equipment and software, and free domain hosting. You have found the best Teen Entrepreneur Toolbox!
BUILD was founded to help underprivileged high school students start their own businesses while providing services to help them become successful, independent adults.
The focus of this organization is on six core skills called “Spark Skills” which include communication, collaboration, problem-solving, innovation, perseverance, and self-management.
These skills are developed through programs offered by BUILD, such as the Entrepreneur 101 course or the four-year program BUILD.
Laurie Stach, the founder of LaunchX, launched the company to give young entrepreneurs the tools they need to launch successful startups. LaunchX offers an in-person and virtual summer program and online courses that provide teens with the education and support they need to start their own businesses.
If you do not have the opportunity to attend one of the events online or in person, the company also offers a LaunchX Workbook, which, like the programs, provides insights on developing business ideas, launching a startup, and more. Your search for the best Teen Entrepreneur Toolbox has ended!
13. Youth Business International
Youth Business International works with underserved, aspiring entrepreneurs ages 18-35 to start, grow, and sustain small businesses. Participants can learn how to start their business, develop products, and reach out to a global network of experienced entrepreneurs and experts to achieve their goals.
Starting a business is difficult at any age. Guidance from experienced mentors can help you start and sustain your business successfully. SCORE offers entrepreneurs of all ages an easy way to find a business mentor in their area. In addition, you can sign up for workshops and search SCORE’s extensive database of business resources.
15. SBA Mentor-Protégé Program
SBA’s Mentor-Protégé Program matches aspiring entrepreneurs with mentors who help them win government contracts and run successful businesses through relationships with established companies.
In addition, participants in the program receive training in marketing, manufacturing, and accounting, as well as financial assistance, strategic planning, and more. In order to participate in the program, your small business must meet the small business standards and additional requirements.
Sub Section 4: Educational Resources
16. Young Entrepreneur Institute
The Young Entrepreneur Institute offers programs and services to educate children and teens about entrepreneurship. Whether you are looking for a one-day crash course or a semester-long entrepreneurial education, budding entrepreneurs in kindergarten through eighth grade can learn the basics of entrepreneurship to advance their goals.
E-Seedling hosts an annual youth entrepreneurship camp where young entrepreneurs learn all. The business basics like writing a business plan, marketing strategies, presenting business ideas, and more. Even better, E-Seedling makes it a point to make entrepreneurial education accessible and fun for all ages.
A resource for teen entrepreneurs and educators alike. BizWorld.org offers educational programs and curricula geared toward students of all ages. When you sign up for one of BizWorld.org’s programs.
You’ll gain access to 21st-century entrepreneurship basics, such as business planning using a design thinking method that helps students think outside the box.
Based on the popular show TV, BizKids is an online resource that provides young entrepreneurs with tools to achieve their goals. On the site, you’ll find educational materials on financial planning, business planning, and marketing, as well as interactive games that let you try running a business through play.
Whether you sign up for one of the many courses this platform offers or simply visit one of the educational pages, there is a wealth of business knowledge available to you.
20. Generation E
The Generation E Institute has resources for young entrepreneurs at the elementary, middle school, or high school level. The goal of these programs is to give kids and teens the educational resources they need to explore different career paths and dream big.
At the high school level, these programs can even be used for college credit, credit recovery, and more.
Section 5: Conclusion
The Teen Entrepreneur Toolbox will help teens turn their money-making idea into a real business. Teens will learn things like hard work, leadership, responsibility, and self-confidence.
We believe that you are never too young to start working towards your goal of starting your own business. Given that 77% of teens want to be their own boss, resources for teen entrepreneurs are not just important. They are necessary! This guide will help you find the most important resources for teen entrepreneurs to acquire the skills and information you need to start a business.