Teens, Start Your Own Business

If you have an idea and what to turn it into money, know this: teenage entrepreneurs have some major advantages over many adults when it comes to launching a new business. Check out what you have going for yourself:

Confidence: Teenagers often are more willing to take risks adults shy away from because you tend to focus on benefits instead of possible problems.

Financial Support: Most teenagers have low overhead because they don't have to pay their own living expenses, so more of your money can go toward starting your own business.

Emotional Support: Family members and friends are more likely to help find customers, refer you to other people, and give ideas for improvements.

Publicity: Teenagers often are recognized more than adults for the same accomplishments. Remember, publicity is free advertising!

Here are some action steps you should consider:

• Make a list of your hobbies, talents, and skills.
• Decide which ones would be of value to someone else. 
• Make a list of start-up tools and supplies, and their costs.
• Consider all start-up costs including legal fees and taxes.
• Determine a price for your goods or services by researching what other people charge.
• Get the word out: Post fliers around your town, then start networking, ask family and friends to tell people about your new business.
• Budget your time to meet the demands of the customers and still get your homework done. Time management is a key to success in your personal life, business and relationships.

When you run your own business you get better pay, choose your hours, and you never have to take orders from other people. And don't forget to see your Credit Union for help as you grow.

You have what it takes to be an entrepreneur, so get started!

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.