Think you're too young to start a business? Think again!

June 19, 2017 - Tags: Startup Entrepreneurship

It's never a bad idea to think about starting your own business. You might think you're too young; however, if you're an independent, driven, and responsible person, entrepreneurship might be for you.

Starting your business could be a great way to make money on the side, or over the summer. There are more opportunities for you to consider than ever before. Your choices range from things like babysitting and mowing lawns, to the new opportunities, like selling crafts online. Entrepreneurship rewards a good imagination, but no matter what your idea may be, your first step in starting a business is writing a business plan.

A business plan is how you will explain what your business will do, how it will be different, how it will make money, and how you'll deal with the challenges of running a business. A business plan helps you as much as the people you might show it to. Think of it as a chance to determine the details of your business. How much money will you need? Will you need help? Answering questions like these before your start your business can help it later on.

A business plan can also get you the help you need. If you're under 18 you won't be able to sign binding contracts, or other legal documents. Your parents or guardian could sign on your behalf. They would be legally responsible so you'll have to talk with them. A business plan could help convince them. If you talk to an investor or a loan officer you'll need a business plan.

Depending on how successful your business becomes, you may have to pay taxes. A side or summer business run by students may not have many tax obligations but you should check with the Canada Revenue Agency to be sure.

Running a business can be a fun way to make your own money, and can be a chance to grow as a person. Your age shouldn't discourage you.

You may already have the life experience for a good business idea. You can find out more about choosing business ideas here.

Date modified: