As a student, you realise how important it is to start making and saving money. Unfortunately, you may not have much time to work full-time, but there are plenty of side hustles for teenagers that can help you start your own business and make money while you’re still in school.
To start a business as a student with no money, you should find a business idea and write a business plan outlining what you need to do and how to do it. Try to invest whatever you can afford in your business and find ways of promoting it. To expand, source funding from potential investors.
If you want to know more, stick around! I will explain all the steps you need to take to start a business for teenagers and answer more questions about business and making money as a student.
Starting a business with no money as a student
1. Consider What You Already Have
Even though you may not have money, you have plenty of other important skills and contacts to help you start a business. Consider what you do best or what you have more knowledge or experience about.
Contacts are also essential in business and life in general.
It’s true that teens don’t have as many contacts as adults with experience would, but I can guarantee that you already know someone who would be able to help you start your business, be it friends, teachers, or acquaintances.
2. Choose a Business Idea
Once you realize your strong suits, choose a business idea to take advantage of them. Depending on what you can do best and who you know, you can choose among many simple business ideas that don’t require you to invest much:
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Tutoring
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Social media marketing
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Pet sitting
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Car washing
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Selling handmade objects
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YouTuber/influencer
3. Write a Business Plan
Before you get intimidated, I should clarify that a business plan doesn’t have to be a multiple-page detailed plan you show to investors. Instead, it can be just a couple of pages explaining your idea.
Putting everything you want and need to do in writing can help you immensely.
A business plan should include a description of your business, what you will do, and how you plan to do it. It should also include all the tools you will need and a timeline of your milestones. By writing everything down instead of having it all in your head, you will get an idea of what’s feasible and what’s not.
4. Invest What You Can Afford To Lose
If you have any money at your disposal, consider using it for your business, but be careful to only include what you can afford to lose. The good thing about starting a business with little to no money is that you are not limited by the fear of losing your investment. If you have a great idea, you can act on it without stressing about it because you have nothing to lose.
5. Advertise Your Business On Social Media
Once you have a plan and enough money to open and operate your business, you should get the word out there. Thankfully, this is easy now that you have many different social media platforms at your disposal.
Consider TikTok if your target audience is your peers or Facebook if it’s older adults.
Additional Questions
Here are some answers to certain questions you may have as a student who wants to own a business.
Do I Need To Go to University?
You don’t need to go to university to open your new business. As long as you have the courage, creativity, and willpower, you can be very successful even if you don’t continue your education. However, business school can help you with skills and contacts that may be very useful in the future.
How Can I Grow My Business?
If your business takes off, you may think about expanding your business by offering more services or products. Depending on your business, you can do it without any extra expenses. However, if you realize you need extra money, you can seek funding from someone you know, potential investors, or crowdfunding.
Final Thoughts
As a student, the world is your oyster when it comes to starting a new business, even on a shoestring budget. With the right idea, a well-thought-out plan, and strategic advertising, you can turn your entrepreneurial dreams into reality.
The key is to choose a business that aligns with your strengths and experience, so you can navigate the challenges with confidence and expertise.
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