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How can a 17-year-old start a business?

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October 02, 2008 8:30PM

How to Start a Small Business For Teens Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Small business sucess starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage. To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well thought out business plan that will help you reach these goals. Ideas for business can come from:

* Personal experiences -- hobbies, interests * Work-related experiences * Friends, family, teachers, coaches * The Internet * Library research Think about:

* What do I like to do with my time? * What technical skills have I learned or developed? * What do others say I am good at? * How much time do I have to run a successful business? * Do I have any hobbies or interests that are marketable? Pre-business check list The final step before developing your plan is the pre-business checklist. You should answer these questions: What services or products will I sell? Where will I be located? What skills and experience do I bring to the business? What will I name my business? What equipment or supplies will I need? What insurance coverage will be needed? How much money, if any, will it cost to start my business? Will I need financing? What are my resources? How will I compensate myself? Your answers will help you create a focused, well-researched business plan that will serve as a blueprint. The plan will detail how the business will be operated, managed and financed. Starting a business:

* Set personal goals * Create a business plan * Set up a home office * Create a professional image for your business * Funding your business, establish bank accounts * Business Laws - get a business license, Employer identification number , state licensing requirements, business preparation Small Business Administration - Teen Business Link

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