Recently, the number of students who want to start a business has increased, and the number of successful cases of starting a company while still in school has grown considerably. It seems that many students are aiming to start a business, partly because young business owners have succeeded. But what should you think about when you want to start a business? This can be pretty tricky for many. Thus, we have highlighted the steps on how to start a business in high school below.
How to Start a Business in High School
If you have decided to start a business in high school, the next step is to start preparing for its take-off. If you train with the following steps, you can get off to a good start.
Set goals and deadlines for starting a business
The first thing to do is to set goals and deadlines for starting a business. By deciding the goal you should aim for, the path you should take will become clear. To continue your business, you need an unbreakable axis too. Once you decide on the axis, you can succeed even if you encounter difficulties.
Identify business ideas
The next thing to think about is “what to do.” Identify the business ideas in your head and pick out the best. At this time, it must be a realistic business idea. A realistic business idea is also “whether it is a profitable business plan” considering profitability.
Let’s come up with business ideas with these in mind.
- If you already have an image of your business idea, please write it down in detail.
- Also, if you don’t have a business idea, you should think about whether you can imagine a new one from the next angle.
- Think of new things by combining multiple existing services
- Think of a business that solves the problems of others
- Think about whether you can make use of your hobbies and special skills
Decide whether to become a corporation or start a business as a sole proprietor.
There are two ways to start a business in high school. One is to set up a corporation, and the other is to act as a sole proprietor. The recommended method is to start a business as a sole proprietor and then establish a corporation when you can get a certain amount of funds.
- Due to the tax system, sole proprietors are more profitable when profits do not increase so much.
- On the other hand, if you can get a large amount of money stably, it will be more profitable for corporations.
To start a business as a sole proprietor, submit a “Notification Form for Opening / Closing a Private Business” to the tax office within one month of starting the business.
Expansion of scale through financing and recruitment
Once your business is stable, hire people and raise funds to expand your scale, regardless of whether you are a corporation or an individual. You can try out the business ideas you have verified with the money raised and gradually expand them.
Starting a Business in High School: Ideas for Student Entrepreneurs
It’s no secret that you need a lot of money to have fun in high school and elsewhere. But with a full schedule of classes, how can you add a job to it?
This is one of the big reasons that students choose to start a business that can accommodate their limited time and skills. To this end, below are some inexpensive business ideas that you can start in high school.
If you are looking for a business that can fit into your busy schedule, this may be the ideal one.
Cleaning houses gives you the flexibility to balance school hours while maintaining this part-time business. Little by little, you can recruit other students and friends.
To prevent the initial cost of your startup from going high, make natural mixtures to clean instead of buying cleaners. For services in high school dormitories, you can start by charging $200 per hour. This will depend on what you have to do and the size of the space you have to clean.
Regardless of the season, those involved in movers can be of great help to students. Think about it. You can earn up to $1000 for a single movement.
Child Care services
Are you good at babysitting? This is a perfect business opportunity for a high school student who is looking to be financially independent. Whether taking care of them at night or picking them up from school, someone will always be looking for this service.
Of course, this business represents a great responsibility, so you must have much confidence in yourself before getting started.
Whether it’s applying for an internship or preparing for post-college, most students need a good resume. Jobs are becoming more competitive, so the way you present yourself can mean the difference between staying in your dream business or not.
It’s been shown that those who read more than six books yearly are 122% more likely to be millionaires than those who read five or less.
Many masters of Business Administration (MBA) programs have acceptance rates as low as 6%. MBA programs are designed to be affordable for small businesses. The Food and Agriculture Organization of the United States of America defines a “seasonal position” as a job or activity that lasts more than six months. Seasonal employment can be found among farmers, inducers, and anniversaries who work with plants in the field.
The most important thing is that those resumes are impeccable. Only then can you guarantee your services. Please find out about how to do them well; the internet is your primary tool. As a high school student, you can offer your services for as low as $200.
Benefits of Starting a Business in High School
There are many benefits of starting a business in high school. Even those who are thinking, “I want to start a business someday, but it’s still a long way off …” may change direction to start a business while still in school if they know the merits. Also, by correctly understanding the values, you can make the most of your position as a university student and start a business. These include:
You can create a business when you are young and physically fit
The strength of high school students is that they are young and have physical strength.
Many entrepreneurs do hard work when they start. At the establishment time, you must work with higher quality and speed to grow without losing to other companies. Then, the work becomes hard inevitably, and physical strength is indispensable. Being young and physically fit as a high school student is a great advantage for starting a business.
See this post – How to Start a Shoe Business with No Money
More free time than working people
The greatest strength of high school students is that they have a lot of free time. You can spend much more time on entrepreneurship than working people. If you are a member of society, you will work from 9:00 to 18:00 on weekdays.
This will limit the time you can spend starting a business to 3 to 4 hours on weekdays and holidays. However, students often have no classes, even on weekdays, and have a lot of time on long vacations such as summer vacations.
In addition, some high school students take a leave of absence to start a business. If you take a leave of absence, you can spend most of your time on a profitable business every day. If you have enough time, you can make a business plan and repeat trial and error too. Freedom of time for high school students is a great weapon to focus more on entrepreneurship.
Many chances remain even if you fail.
When you start in high school, you have the chance to start over even if you make a mistake. When you are young, you have the energy and physical strength to challenge yourself as long as you don’t give up.
Failures are an integral part of entrepreneurial challenges, and many entrepreneurs have repeatedly failed to succeed. It is essential to appreciate the people around you and connect to the next without fear of failure.
Twenty percent of businesses fail in their first year. And Fifty-seven percent of Fortune 500 companies have been founded in a recession or declining market.
Easy to incorporate new knowledge and experience
High school students also have the advantage of being able to incorporate new knowledge and experience quickly. Only young high school students can think flexibly and absorb knowledge and experience more.
In addition, because you are a high school student who wants to start a business, people around you can encourage you. They can also help, advise, and support you because you are doing your best.
Adults desire to raise younger generations, so many people will be happy to teach you if you rely on them.
Frequently Asked Questions
What kind of business can a teenager start?
A teenager can start the following businesses:
- Reselling unwanted items online
- Graphic design
- Social Media Assistant
- Website development
Can you be 14 and start a business?
You can create a business at the age of 14. The US is also the best country for entrepreneurs, with a Global Entrepreneurship Index of 78 percent of entrepreneurs Audience votes will account for 25 percent of the competitors’ overall scores. An estimate also states that it would probably take around $20,000 in startup funds to get a business off the ground.
On the other hand, Benedetti estimated that it would cost around $3,000 to launch the service officially.
Read this post about How to Start an Airline Business.
What business is suitable for beginners?
The following businesses are business is suitable for beginners:
- Home Cleaning
- Errand Services
- Tuition Classes
- Child Care services
What businesses can a 16-year-old start?
A 16-year-old can start the following businesses:
- Pet sitting or dog walker
- Lawn care business
- Car washing
- Child care
Which business is best for high school students?
The following businesses are best for high school students:
- Lawn Care
- Graphic Design
- Computer /Tech Support
What can a teenager do to start a business?
To start a business, a teenager must plan adequately.
What is the best business to start for students?
The best business to start for students includes:
- GPS tracking business
- Laundry service
- Trading on eBay
Can you create your own business at 17?
At 17, you can create your own business. Research also shows that Sixty-one percent of teen girls have thought about starting a business, compared to 54 percent of boys. Sixty-nine percent of teens also say they have a business idea but need help to start the process.
How can a high schooler start a small business?
A high schooler can start a small business through the following steps:
- Set goals and deadlines for starting a business
- Identify business ideas
- Decide whether to become a corporation or start a business as a sole proprietor
- Expansion of scale through financing and recruitment
In conclusion, starting a business as a student comes with various merits. And if you desire to learn how to start a business in high school, the steps above would be indispensable for you.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.