So your entrepreneurial teen doesn’t want to go to college? Here’s how to set them up for success.
Is your teenage child saying no to college? They’re not the only one as there seems to be a growing number of teens who are disinterested in pursuing higher education. According to a new study, 55 percent of new high school graduates either have no plans to attend college or are uncertain that they will ever attend. Instead of taking college courses, 56 percent are prioritizing financial stability as their top goal, and some are planning to accomplish this by starting a business fresh out of high school.
If your teen wants to start a business at an early age instead of going to college, try to see things from their perspective and don’t discourage them from pursuing their dream. After all, the best time to take risks like this is when you’re young, and your child will still have the chance to go to college in case they change their mind down the line. That being said, your teen may need a bit of help and guidance before launching their venture– here are some tips to set them up for business success.
Find Out How to Maximize Business Success
Your teenager may have lots of ideas for a startup, but before they start making a logo or telling their friends about it on social media, you need to find out if the business is feasible. Sit down with your teen and talk about their business idea.
For instance, is there a need or demand for it? Who is their target customer– do they know who’s likely to avail their service or buy their product? If they’re selling a product, will your teen be able to produce it on their own, or will they need a team or a manufacturer to help with production? To increase your teen’s chances of having a successful business, encourage them to go with a business idea that they can realistically follow through from sourcing materials, production, and all the way to marketing and promotions.
Help Them Complete Legal Requirements
Nowadays, most businesses– even those run by minors– need permits and other legal requirements in order to operate. In fact, kids in the US need to secure a permit to open a lemonade stand, and depending on the state where their business is located, they’ll also need to collect sales tax and obtain a sales tax ID. Navigating this process can be daunting even for the most competent teenager, so you may need to assist your teenage child if they need help with their business documents.
For starters, they’ll need to secure a business license, create a written business plan, and apply for an Employer Identification Number (EIN) for tax reporting purposes. If they’re planning to have a physical location for their business, they need to get insurance to cover personal injury or property damage. Talk to your child, or have an expert help them learn about small business insurance since all businesses face some type of risk everyday, and they’ll want to be properly covered for their own financial protection.
Consider Different Ways to Market the Business
Your teenager will most likely turn to social media or platforms like LinkedIn, Pinterest, or TikTok to market or promote their business. However, old school marketing tactics can still be effective to create local awareness, so encourage your child to consider tried and tested marketing methods. Direct email campaigns, newspaper ads, radio ads, calling cards, and flyers can result in increased engagement, especially with older potential customers since they feel more meaningful, sincere, and real.
Your child can have an amazing future as an entrepreneur, so don’t fret if they happen to choose entrepreneurship over getting a college degree. Support their dreams while they’re young, and help them to get their business off the ground to increase their chances of having a successful venture.
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