Updated: Jul 15, 2020
Have you been thinking about starting a business but you don't know what to do? Here are some ways to think through this question.
Do you have a goal? It helps to know if you want to make an extra $20 a week or $200 a week. Maybe your allowance is just not enough to cover the things and activities you want to do. Or maybe you're hungry to be on Shark Tank one of these days! So you need a great idea.
1. Start by thinking about people in your neighborhood. What services or things do they need and would be willing to pay for? Talk to people and just ask them- what product or business do they think you could provide? Keep a list of all of the ideas that come up- you might like the ideas or hate them, but some ideas lead to the right ideas.
2. Consider whether you want to sell products or provide a service. Walking dogs and helping take out trash cans are examples of services that kids can help with in your neighborhood. Selling products would include selling either something you make or something you buy and then resell. Examples of these are baked goods, jewelry or reusable straws.
3. What is the timing right now? If it's fall or spring and you want to help neighbors with their gardening- that's perfect. If its summer and you're offering to knit scarves, that's not so great. If you want to make money, think about what people need now. You can also start thinking a few months ahead- what's coming up in the next few months? (Holidays, school events)
4. Check out the competition. When you have a few ideas find out who else is selling this product or service. You can always do the same business, but it is far better to improve on the idea. If someone in your school is already selling reusable straws, think about how you can package or deliver it better. Can you provide better customer service? Can you bundle your product with something else to make it different?
5. What are you passionate about? If you think about things you love to do, you might find a way to share that passion and turn it into a business. Do you love to make videos? Do you bake? Love dogs? Can you teach someone something? Talk to your parents and ask their advice on turning something you love into a business.
If you keep thinking about it and observing your neighborhood and friends, thinking about their needs, you will probably find that business idea! The business you create should be something you want to do so you have fun with it and are passionate about it. Be confident that the idea is inside you. Don't be afraid to try a few things and see if they work. Give it some time to find the idea that's going to be right for you.
Good luck Squaddie!