How to Make a Lot of Money by the Age of
Choose a business focus appropriate for your circumstances., Write a business plan., Recruit people to work with you., Build a prototype or working model., Expand your prototype or service to a larger market., Raise start-up money., Operate your...
Step-by-Step Guide
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Step 1: Choose a business focus appropriate for your circumstances.
If you are 14 and still in school, dog walking is more appropriate, for example, than if you are married with a child and 18 years old.
Focus your initial energy on figuring out who your business will serve and how.
Identify a problem or inconvenience that many people have and create a business idea based on solving this problem.Think about what product or service you could offer.
The fastest and most reliable of making a lot of money is to start your own business.
Consider the following fast-growing business fields:
Technology Social media App development Organic beauty products Healthy fast food -
Step 2: Write a business plan.
Include information on what you plan to do and what differentiates you from competitors.
Incorporate market research that shows your understanding of the business sector you wish to enter.
Detail what you will sell and how.
Consider including a marketing plan and realistic financial projections, if you are 13-15, get some help from an adult if you need to.This will give you structure as you go about starting your business. , Talk to friends and family about your business idea.
Ask them if they know people who might be a good business fit for your company.
Recruit online via social media.
Find people who are as excited about your idea as you are.
It’s important to find partners who can complement your abilities and experience., Determine whether you will offer customers a product or a service.
Focus on a quality or feature that makes your product or service stand apart from competitors.
Put together a prototype of your product or a working model of your business that focuses on this quality.
If you intend to open a sweet shop, your working model might be tricky.
Test your business with a small number of people to determine customer reaction.
Modify your prototype or model based on positive and negative reactions., Introduce your product or service to a larger market than when you first tested it.
Encourage customer feedback to determine if further changes are necessary.
The goal is to put together a modest but functioning business model.
This will help you entice investors so that you can properly develop your business.
Don’t be afraid to take risks as you expand your market. , Create a detailed proposal for potential investors.
This should include basic information on your product or service.
It should also include ideas for expansion and development.
Talk to as many people as you can about your business both in-person and using online networking tools.
Attend trade shows and fairs, don't skip such though. , Obtain the necessary business licenses and insurance.
You may need to have an adult co-sign your public liability insurance documents or other documentation if you are under
18.
Make sure to hire someone to manage your accounting.
It’s important to know how your business is doing financially in order to make smart investments and stay in business.
Advertise your business as necessary and ask clients for referrals.
Network with other business owners to leverage your market share.
Ensure you keep accurate business records and file and pay your business taxes., Determine how much your business is worth.
Look for a buyer or group of buyers.
Talk to people you know and ask them if they are interested or might know people who are.
Senior employees may be interested in buying the business.
Negotiate a fair price and create an exit strategy for your departure.
Selling a successful business is one of the best ways to make a lot of money as a teen. -
Step 3: Recruit people to work with you.
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Step 4: Build a prototype or working model.
-
Step 5: Expand your prototype or service to a larger market.
-
Step 6: Raise start-up money.
-
Step 7: Operate your business.
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Step 8: Sell your business.
Detailed Guide
If you are 14 and still in school, dog walking is more appropriate, for example, than if you are married with a child and 18 years old.
Focus your initial energy on figuring out who your business will serve and how.
Identify a problem or inconvenience that many people have and create a business idea based on solving this problem.Think about what product or service you could offer.
The fastest and most reliable of making a lot of money is to start your own business.
Consider the following fast-growing business fields:
Technology Social media App development Organic beauty products Healthy fast food
Include information on what you plan to do and what differentiates you from competitors.
Incorporate market research that shows your understanding of the business sector you wish to enter.
Detail what you will sell and how.
Consider including a marketing plan and realistic financial projections, if you are 13-15, get some help from an adult if you need to.This will give you structure as you go about starting your business. , Talk to friends and family about your business idea.
Ask them if they know people who might be a good business fit for your company.
Recruit online via social media.
Find people who are as excited about your idea as you are.
It’s important to find partners who can complement your abilities and experience., Determine whether you will offer customers a product or a service.
Focus on a quality or feature that makes your product or service stand apart from competitors.
Put together a prototype of your product or a working model of your business that focuses on this quality.
If you intend to open a sweet shop, your working model might be tricky.
Test your business with a small number of people to determine customer reaction.
Modify your prototype or model based on positive and negative reactions., Introduce your product or service to a larger market than when you first tested it.
Encourage customer feedback to determine if further changes are necessary.
The goal is to put together a modest but functioning business model.
This will help you entice investors so that you can properly develop your business.
Don’t be afraid to take risks as you expand your market. , Create a detailed proposal for potential investors.
This should include basic information on your product or service.
It should also include ideas for expansion and development.
Talk to as many people as you can about your business both in-person and using online networking tools.
Attend trade shows and fairs, don't skip such though. , Obtain the necessary business licenses and insurance.
You may need to have an adult co-sign your public liability insurance documents or other documentation if you are under
18.
Make sure to hire someone to manage your accounting.
It’s important to know how your business is doing financially in order to make smart investments and stay in business.
Advertise your business as necessary and ask clients for referrals.
Network with other business owners to leverage your market share.
Ensure you keep accurate business records and file and pay your business taxes., Determine how much your business is worth.
Look for a buyer or group of buyers.
Talk to people you know and ask them if they are interested or might know people who are.
Senior employees may be interested in buying the business.
Negotiate a fair price and create an exit strategy for your departure.
Selling a successful business is one of the best ways to make a lot of money as a teen.
About the Author
Helen Ross
Enthusiastic about teaching practical skills techniques through clear, step-by-step guides.
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