What is the best way to start your own business and what are good business ideas for a teenager?

I walked around and washed cars and mowed lawns. It was actually a sweet gig if you do a really good job. I set my schedule and for the most part used the equipment people already had.

Think about what you like to do, and sketch out a plan of what you think you can do differently than other people. A great way to start out is to offer some free service on Craigslist, and then give a short survey to your clients telling them what they liked and didn’t like about your service. You can then start to refine your business, and begin to start offering your services for profit.

I just learned about something called an Individual Development Account (IDA). They will provide matching funds if you qualify for it. So it helps you save up to start a small business or for homeownership. So say you put in 40 then they put in a matching 40. I would say that is a good way to start out.

@johnpowell I would do that but I live in the country and I have to drive to get to people’s houses. @buckyboy28 Would care to give an example? @RedPowerLady So you’re saying if I put in $40 in my business account they’ll double it? Does that apply to every dollar I put in each time?

I also would benefit from additional info pertaining to IDA accounts, I d/led the 4 page pdf info sheet but its terribly dry lol

@Ailia As far as I understand this the answer to both your questions is Yes.

To be honest my boss just told us about these in a staff meeting last week. I am no expert. What I do know is that you have to income-qualify but from what I understand that isn’t too difficult.

Here is a quick simple explanation: http://www.managingmymoney.com/idawhatis.html

@RedPowerLady It looks great but I don’t qualify. Any other suggestions perhaps?

@Ailia Sorry I’m not an expert in small business, just thought I’d put in the note about the IDA since I just learned of it.

@RedPowerLady No no its fine I was just wondering if you had any other suggestions. Even though I can’t use the IDAs right now that might be a possibility for me in the future and that could be very helpful to me, so thanks. :)

@Ailia Just a note that teens can use certain IDAs but I think it is the income qualification, not the age one, that you have to qualify for. So I assume that is why you don’t qualify. Hopefully you will figure something else out.

@Ailia say for example you are starting a web design business. You could start by offering a free basic website on craigslist for a client. After you design the site, you would go ahead in asking the client what they thought of your service in the form of a survey, using this information to refine your business.

Do you have any talents or skills?

if you own a car how about getting some friends together and starting a “safe ride” program on the weekends for a small fee? that way you involve your community in that you help keep inebriated people off the roads and you help your schoolmates/peers get home safely. It requires a minimal investment (some flyers and gas) and you can charge like 5 bucks per ride or something along those lines. Think of it as a designated driver service.

If your home town is anything like mine kids will party and get into trouble.. a safe trasnportation alternative is always welcome. And the parents will love it too.

This surely won’t be what you want to hear.

The secrets to successful entrepreneurship don’t change: “Find a need and fill it” is the sensible one, while “catch lightning in a bottle” is the one that requires luck and/or timing (for instance, starting a fad that catches on, or starting an enterprise after others have failed at the same thing but at the wrong time).

Until you discover the business plan, do what you love doing, and the theory is that the money will follow.

Make something and sell it on Etsy. I’m trying to do that with things I crochet, but frankly, I am lazy.

@PandoraBoxx Well not really. Maybe I do but I just haven’t found it yet or I don’t consider it a talent. @Dr_C That is a wonderful idea but I don’t have a car and I can’t drive. Despite that obstacle I think when I get older, just two more years, I might consider doing that. Thanks :) @frdelrosario No actually that is good advice and I think that is really helpful to know. My only question is if you have a businesss idea, and others have similar versions of the same thing, is it worth putting the time and effort into making it a reality? I would love to start my business idea but I wonder if it will take up too much of my time especially if I have to always compete against other more experienced businesses.

My only question is if you have a businesss idea, and others have similar versions of the same thing, is it worth putting the time and effort into making it a reality?

That’s what the venture capitalist is going to ask.

And if you think it’s worth the time and effort, what makes you think so? What makes you different from the others? When you can answer that question, you’re suddenly in business.

@frdelrosario That is really good advice, especially the questions. Have you been in business before?

When you’re self-employed, you’re “in business”.

Have we talked about the book I just finished writing? It’s filling a hole in chess literature — my first job was to write it; that was the easy part. The second job is to convince publishers that it was a hole worth filling, which will make it sellable, and then they’ll put their time and effort into putting it on paper, and distributing it to bookstores.

“Business” is much easier if you provide a service than if you have to manage an inventory. If supply outstrips demand for your service, you just look for something else to do, but if your inventory is too much greater than its demand, then you’re stuck with stuff and having to store stuff and having to account for depreciating stuff. Ugh.

@frdelrosario No, but I am curious about it. Do you like how it turned out? Did the publishers like it? And about “business” does the same principles apply to an online businesses or are they the same for every business? I have this web business idea but I don’t know if it is technically a “business”. Is there a way you make money from people coming to your site or do you have to charge them a specific fee to make a profit? I am a bit confused on that point.

Getting people to visit the page is the first trick, then getting them to buy goods or services while they are there is the second.

If you generate traffic, you can make a few bucks by putting ads on your pages, which opens another can of worms.

Business online is just like “bricks and mortar” business: You make something that people need or want, and sell it to ‘em at more than it costs to make it. No matter what you’re thinking about doing, it’s probably not a bad idea to do it. Successful entrepreneurs mostly have in common that their first one or 10 ventures were failures, but they got the failures out of the way quickly, and learned from the mistakes.

I knew a guy once who had a friend who had a brother that started a gardening company while he was still in high school. Pulled down 80k a year until he sold it. Last I heard, he’s starting another one now that he has a business degree.

@poofandmook , I do the same.
Great Idea for students!
and am also lazy.