Starting a business at 12 years old (or at any age ) is not easy! In fact – choosing to become an entrepreneur also means that you have chosen to endure long working hours and take financial risks. All this can be too much for a kid especially at 12 years old. Dont let that discourage you though. For the special few that can fight through and make it work, there are huge benefits in both money and success to be gained. For a start, we do know that there are so many kids already doing this and have established a million-dollar business. Therefore, if they can do it – you too can start a business at 12 years old.
Starting a business not only helps you earn money but also provides invaluable life lessons for a kid such as money management, people relations, communication as well as problem-solving. If you are interested in starting a business, here are a few pointers to help you know how to start a business at 12 years old.
Pursue your Passion
Managing a business is not an easy task, therefore, you need to ensure that whatever you are pursuing is something you are passionate about. This helps you to keep pushing even when times are hard.
There are so many business ideas that you can start as a 12-year-old (or even younger – how to make money when you are 11). However, if you do not have a specific business idea in mind, you can start by making a list of your favorite things to do. It could be baking, art and craft, writing among many others. With this in mind, then you can be able to narrow down to something specific. Remember, all ideas are valid. Therefore, do not be afraid to venture into untapped business territories.
Make Plans for your Business Venture
The phrase ‘Failing to plan is planning to fail’ can never be more true. If you want to start a successful business, you need to think about everything that goes into starting a business. This includes aspect such as;
Branding: this includes determining the name of your business as well as coming up with an outstanding logo. These two factors are important for identifying your business to your clients.
Tools or equipment: every business, regardless of how small, will need some tools or equipment to enable the manufacturing of a product or delivery of a service. As a 12-year-old starting a business, you might want to consider using what you already have. If it is necessary to purchase equipment, do your research to make sure you buy the required and best quality equipment or tools.
Financing: while there are some businesses that you can set up without initial capital, the majority of the others are those that need at least a few dollars to get you started. If your savings are not enough, you can ask for support from friends or family, start a fundraising campaign or you can do some tasks to help you earn money fast.
Licensing: several rules govern the operation of a business. Therefore, depending on the type of business you intend to run, find out which licenses are necessary and what are the fees of obtaining them. Failure to obtain a license for your business can lead to your business being shut down.
Insurance: this helps to protect your business in case of theft or when facing lawsuits from clients. These two occasions can easily bankrupt your business in a matter of hours. Therefore, why an insurance policy is necessary.
Finally, make sure to write down your goals for your business. Goals help to keep you in check
Learn Basic Money Management Skills
Starting and managing a business at a young age is a great way for kids to learn about basic management skills which are vital for the success of any business. Misappropriation of funds can easily cause a business to collapse.
To be able to manage funds, you should seek to learn how to balance your books, calculate profits as well as manage overhead costs. Money management starts right from the onset since you need to determine how much you need to start up your business. To know how much you need you will need to itemize everything you are going to need for your business.
Maintaining books of accounting is not only important to help you keep track of your finances but will also come in handy in the future if you need to bring in investors into your business. You know investors only understand the language of numbers; numbers never lie.
Learn Communication and Customer Relation Skills
When starting a business, you will need to do a lot of pitching to several potential clients. Therefore, you need to learn how to properly communicate what you intend to say.
Once your business is up and running, you will now need to practice good customer relation skills. People are different in the way they handle situations, therefore, you need to know how best to handle each type of client.
Remember, the Customer is King and is always right even when they are wrong. You need to learn how to apologize even for matters that are not your fault. The last thing you want is negative publicity on your brand. Therefore, you need to do all you can to ensure clients are satisfied.
Good Business Ideas for Kids
When it comes to business ideas for kids aged 12 years, there are so many profitable ventures (ways for a 13-year-old to make money) they can start besides the old fashioned lemonade stand. Depending on what the kid enjoys doing they can choose between making and selling handmade items, photography, lawn mowing, running errands, writing, creating content among many other ideas.
These days, thanks to modern technology it has become easier for kids to start and manage successful businesses regardless of whether they are online or offline. Online businesses are on the rise and are becoming more acceptable and less hectic. Therefore, if you love being online and know the ropes around websites and social media then by all means start an online business. With this, you will be able to be operational 24/7 which is good for business as it offers convenience.
Do not let age be a limitation, there is nothing like being too young to start a business. Therefore, if you are ready to make a change in your life, then now is a good time to start by setting up your business.