This article was co-authored by Madison Boehm. Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.
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Many teens dream of money, and they always wonder what the best way is; to make your own business of course! However, you might wonder how to start a business when you're young, as in middle school, but is struggling when to get started? Well, you're in the right place! In this guide, you'll receive details on how to start a business as a middle schooler.
Steps
Come up with an idea! Think about what it is you love to do, and what you are good at! Something is guaranteed to come up. No one wants to get stuck running a business they aren't happy about. This process may take an hour up to a week, it just depends how quickly the spark comes upon you. Be patient, and don't fool yourself about what you want to do just because you can't think of something.[1]- Start with a simple, small idea when you're first getting started.
Look at the market. Study who your customers and competition are. Is your target your classmates, your teachers, adults, etc.? And what are other businesses competing with you or sharing the same product? The idea of this step is to see if your business can succeed and if it has a niche in the market.[2]
Once you've studied your target customers, find out how you can lure them into your product/service. How will you advertise? Also, now that you know your competition, find out what will set you apart from them. What will make customers want to go to you rather than to go to your competition? This step will help you understand your market and will help with your business plan.
Find out the basics. Pricing is something you need, along with your calculation of profit and how you will get your product (buying from manufacturer, making it by hand, etc.) Also make charts for your products to calculate anything you need to. Don't forget things like shipping in your costs.
Write your business plan. This will be 15+ pages so be ready to write. Your business plan should include who you are, your experience, what you do/sell, what your market it, pricing, profit, gross income, goals for the future, where your business is headed, etc. Hint: When stating goals, don't say "We hope to...", say "We will...", it makes you sound confident and not hopeful. You need to believe in what you're doing.[3]
Advertise. Get the word around. Just like gossip, your business could spread throughout the entire school. Let your friends and other adults you know about what you're selling. Set up fliers (but be sure to get the schools permission).[4]
Have fun! Do things with your profit and enjoy yourself, reward yourself! Good luck![5]Advertisement
Community Q&A
- QuestionDoes it matters if you price of your product is too high?
Community AnswerYes -- even though you may sell a few at higher prices, you're better off selling a lot of things at a slightly lower price. It will, in the end, make for a stronger business.
Tips
- Bring a notepad with you wherever you go to spark a business idea, you never know when something will come up.Thanks
- When you write your business plan, be sure you don't sound too confident. Being cocky and confident are two different worlds.Thanks
- Take your time while writing your plan; it will pay when you encounter problems!Thanks
Warnings
- Never base price on something like percentage, but think to yourself, "How much are people willing to pay for this?". Hint: Power bands are $2 from the manufacturer, yet people buy them for $30!Thanks
- Be sure your school allows selling stuff on school grounds.Thanks
Things You'll Need
- Pencil or pen
- Notepad
- Money to start up
- Investors (parents and siblings are a great starter)
- Computer (to track graphs and charts)
- Printer (to print flyers)
Expert Interview
Thanks for reading our article! If you'd like to learn more about starting a business in middle school, check out our in-depth interview with Madison Boehm.
References
- ↑ https://www.entrepreneur.com/article/297899
- ↑ https://www.entrepreneur.com/article/297899
- ↑ https://www.businessnewsdaily.com/4686-how-to-start-a-business.html
- ↑ https://www.businessnewsdaily.com/4686-how-to-start-a-business.html
- ↑ https://www.inc.com/jeff-haden/the-side-hustle-how-to-guide-10-rules-for-side-hustle-success.html
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