If your teen is interested in starting their own business, you can help guide them in the right direction by encouraging them to embrace the entrepreneurial pathway. It can be tricky to figure out just how to go about this process. Luckily, there are a few strategies you can use to help support them.
Encourage Them to Get an Education
No matter the area your child wants to start a business in, they can benefit from getting the right kind of education. After high school, encourage them to start taking classes at a local community college or a traditional four-year school. They can take classes in an area like accounting, business, or entrepreneurship. You can support your child in college by helping them get approved on a student loan. You can apply as a cosigner, which can help your child get lower rates. Plus, someone with a cosigner is more likely to get approved for a loan.
Help Them Select One Idea
The first step in business ownership is to come up with an idea. It’s common to come up with several ideas and to pick the best one. However, it’s easy to pick too many ideas. Many times, projects or ideas have lots of potential and can go in many directions. It’s hard to know where to start. You can let your child know each of their ideas is valid but they should pick only one idea to focus on. Brick and mortar retail will differ greatly from business models for ecommerce. This allows them to really develop this idea and do their best with it. They will be able to dive deeper into the necessary research, and this can help them figure out what type of business they should start.
Ask them to research the potential opportunities for their business idea and how they can market to their target audience. Help them consider the different phases and let them take it from there. This gives your child some control over their idea but also provides some necessary guidance, where they can start thinking of ways to get their ideas to start producing income.
Help Them Find a Mentor
One of the best ways to encourage your child to become an entrepreneur is to help them find a job in an area they are already interested in. If your child wants to own a bakery, you could help them find a job in the food service industry. They will learn skills like teamwork and leadership, and they may find a mentor by getting a job. Help your teen find a mentor who can help them learn about areas they are interested in and inspire your teen.
It’s hard to own a business, and there are plenty of less glamorous aspects, so it’s best for your teen to learn this as early as possible. The right mentor can teach your child that it is okay to fail. That allows your teen to learn from their mistakes and grow as a business owner. When searching for a mentor, research local organizations in the area designed to support small business owners. They may have programs for teens.
