Most teenagers like to spend their time binge-watching a show on Netflix, going shopping, or making TikTok videos. A few of them want to make their own money by starting a business. Are you thinking of going to college in Los Angeles, CA? Running a business of your own can help you save for a college fund. It can also teach you about hard work and how to become a better problem-solver. Most importantly, you’ll learn about money management, a skill that can help you become financially independent. If you’re a business-minded teen, read on for the best business ideas to explore and practices to help you succeed.
Business Ideas for Teenagers
If you’re still in school, choose a business that allows you to work flexible hours. If you have limited savings, go for a business that doesn’t require big capital to get started. Below are some business ideas to consider:
- Service-type businesses. Try babysitting if you have experience with child care. If you excel in some subjects, consider becoming a tutor. You can work in data entry if you have experience with spreadsheets.
- Drop-shipping or affiliate marketing. You’ll want to choose a niche — preferably something you enjoy selling, so you don’t lose interest. You can try selling bags, crafts, or clothes.
- Blogger. Write about an interest and monetize your blog to earn money. Working with affiliate marketing websites can help you earn commissions; just remember that the key to success with blogging is consistency.
Best Practices for Running a Business
Do you want to be successful in running your own business? This requires more than skill — you need to have the right entrepreneurial attitude to retain clients/customers and make more money. To begin, you’ll want to register your business as a company. A single-member limited liability company or LLC is considered a sole proprietorship by the IRS, which means you don’t pay taxes nor file tax returns. You only have to take care of Form 568. Since each state has its own rules for forming an LLC, check the LLC regulations in Los Angeles when you’re ready to register your business name. Don’t hire a lawyer if you want to save money; either file the paperwork yourself or contact a formation service.
Then, you’ll need to advertise your product or service. Are you aware that Facebook ads may reach over 2.18 billion users? You can increase your chances of making more money with Facebook if you create attractive ads showcasing the benefits of your product or service. To design a Facebook ad, use Facebook ads maker. Customize templates using your own branding, logo, colors, and fonts. Instagram and YouTube are also good platforms to market your product or service. You need to post high-quality pictures and videos to attract and retain followers to your page. Don’t forget to add a call to action to encourage a potential customer to buy your products.
Start Earning Your Own Money
You need to register your LLC business name in Los Angeles, CA, if you want to start running a business. Don’t forget to advertise your products or services to attract more potential customers. If you need mentorship, contact Elijah Medge.