How to Start a Business as a Teenager
Starting a business in your teens can seem like a daunting endeavor. Luckily, there are many resources available that can help you on your journey. As you take your first steps into entrepreneurship, keep some of these tips from Idea Fountain in mind to help make things easier.
How to Start a Business as a Teen
Trying to start a business in Dallas as a teenager can be confusing. Not having access to the same resources adults have can be limiting, but there are still ways to get started today. Here are some great business ideas for teenagers that can propel your career in no time.
- Start a blog
- Sell products on websites such as Amazon or eBay
- Create and sell products on creative websites like Etsy
- Provide dog walking or babysitting services
- Offer garden/yard work services
Some teenagers have started businesses that have gone on to be huge success stories. At 16 years old, Benjamin Kapelushnik created a sneaker reselling website as a hobby. Given his passion and tenacity for the venture, he now earns over $1 million a year in sales and even has celebrity clients. Pursuing something you’re passionate about will keep you motivated and help you stay committed to your business.
Depending on the type of business you’re interested in starting, it’s important to have all of your basic tools ready before launch. If you’re starting a photography business, you’ll need a camera and a website to showcase your content. If you’re starting a car washing service, you’ll need to have the appropriate cleaning tools. Sit down and write out all the basics required before jumping head first into your company. Don’t worry about buying expensive extras just yet. Those can be purchased as and when your company starts making money.
Benefits of Starting a Company
While starting a company can result in tremendous financial rewards, it can also provide great life skills that will benefit you for years to come:
- Time management
- Financial management
- Enhanced problem-solving abilities
- Creative expression
- Increased confidence
LLC or Corporation?
If you’re thinking about starting a business, you may be wondering whether you should form a corporation or a limited liability company.
- Reduced personal liability.An LLC limits the amount of personal liability involved with a company. If a company is dealing with debts, personal assets such as personal bank accounts can’t be used to collect on business debts. This provides protection for the business owner.
- Tax advantages. LLCs give businesses much more flexibility when it comes to federal income tax. An LLC can also help companies avoid double taxation.
- Freedom from paperwork overload. When starting a business, people are often surprised by the mountains of paperwork involved. The good news about an LLC is that there is much less paperwork involved than a corporation. LLCs don’t have to hold yearly meetings and are not required to maintain extensive records.
The rules for forming an LLC vary from state to state, so it’s important to do your homework to understand how an LLC in Texas is filed. Dallas businesses must register with the Texas Secretary of State.
Find Out More
If you want to learn more about starting a business as a teenager, get in touch with Idea Fountain today. This could be the start of the rest of your life.
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