Were you ever told that only adults can have their own business? Adults may have discouraged you from putting up your own lemonade stand or selling old toys online. They tell you that you are too young and that you should wait for a few more years. Well, that might have been the case a few decades ago—times have changed now!

In the present, there are hundreds of kids and teens who have succeeded in running their own businesses. With that, we can tell you that your age will not be a hindrance to your venture! However, there are a few things you need to prepare before you can actually open your business to the public. One of the things you need to create beforehand is a solid business plan.

Writing a business plan may seem complicated and intimidating at first. However, this first step is fundamental in ensuring that your business will thrive! If you want to start your very own business at a young age, this article is for you. Take a look at the steps to writing your own business plan to guide you in kickstarting your venture!

What are the parts of a basic business plan?

For starters, here is a business plan outline to guide you through the process. There are plenty of business plan examples available online, but we formulated one especially for young business owners! These are the main parts of your business plan, and you should not forget to include these in your draft. The next sections will explain these parts in detail!

Business Idea
Business Name
Target Customer Market and Demographics
Marketing Strategy
Business Expenses
Pricing and Profit

Steps in Writing a Business Plan

Come up with a creative and unique business idea

The first step to writing a business plan is to come up with your very own business idea. Evaluate your special interests and skills that have profit potential! You may also look around your village and check for services that your neighbors might need. For example, do your neighbors need someone to mow their lawn? Are your neighborhood friends fond of friendship bracelets? The possibilities in the business idea step are endless!

To guide you in this part, here are some questions that your business idea must answer. Make sure to take these points into consideration so that you will have a solid foundation for your business plan.

In your business, will you be selling a product, or will you be offering your services? If you are confused between the two, examples of products are drinks, snacks, and trinkets. On the other hand, examples of services are lawn mowing, babysitting, and tutoring.
What makes your business idea from the rest that is already available? What will make your business idea stand out from the rest?
Why will people want to avail of your product or service?

Create a fun and catchy name for your business!

This step is one of the most fun parts of writing a business plan! In selecting a name for your business, make sure that it reflects your personality as a business owner. After all, it’s your very own business!

Moreover, ensure that your business name is unique to avoid confusing your potential customers. Your business name must also be memorable so that your clients will always remember your brand! Finally, your business name must be easy to pronounce to reduce the risk of others mispronouncing your business name.

Set the target customer market and demographic for your business

Now, it is time to know who your potential customers will be. It will help to create a profile for your target customers so that you will have an idea of who to contact for marketing! Here are some questions to ask yourself to determine the specifics of your target customer market.

Who will buy your products?
What is their average age?
Are they male or female?
What is their occupation?
Where do they live?
What are their passions and interests?

By answering these questions, you can then create a customer profile. The customer profile will guide you in selecting the most effective marketing strategy to reach them!

List down your potential marketing strategies

Of course, a market plan is crucial in establishing your own business! During this stage, you need to keep your customer profile in mind. Make sure that you are catering to the preferences of your potential customers. That way, they are more likely to buy your product or avail of your services! Here are some questions to ask yourself to help you through this stage.

How will you spread the word about your business?
Will you hand out flyers? If yes, where?
Will you conduct a door-to-door advertisement in your neighborhood?
Will you be sending out emails?
Will you post an advertisement in the local newspaper?
Will you create your own website?

Take note of your possible expenses for the business

List down everything you need to buy to create the product that you will be selling. You may ask your parents if they could lend you some supplies in your home! For example, if you will provide lawn mowing services, you have to buy your own gas and bring your own lawnmower. If you are going to bake cookies, you have to buy baking materials and supplies! Make sure to list down all of your possible expenses and not forget a single thing.

Finalize your pricing and profit

Lastly, you will have to set the price of your product or service. Take note of your expenses and set a price accordingly! Make sure to price higher than your expenses, or else you may go bankrupt. Also, remember to put a price on your effort and labor!

Final words

Establishing a business is not exclusive to adults—kids and teens can do it too! To succeed in this venture, the first step is to create your very own bulletproof business plan. With proper planning, you can achieve anything—even at a very young age.

We hope this article informed and inspired you to follow your dreams! Follow the steps indicated above to ensure the prosperity of your business. Good luck on your business adventure—we know you can do it!