Lately, there has been a rise in millennial entrepreneurs, especially since the COVID-19 pandemic. More people than ever are looking for ways to earn money, and many are trying to tackle the issue of financial insecurity head on. A large percentage of these entrepreneurs will be teenagers who have grown up with the internet and social media. With so much competition, how can these teens stand out from the crowd? How can they prove themselves and create a successful business? We spoke with five experts about young entrepreneurs and the methods they are using to earn an income stream.
Find Your Niche
The first and probably the most important step to take as a young entrepreneur is to hone in on your niche. While you might have entrepreneurial aspirations, you also need to consider your age and the amount of time you have to dedicate to your business. According to Elle MacLeman, founder of the teen business incubator, Future Founder, this is where you start “by doing some research around the most relevant problems that you can solve, or the unique needs of people you can provide services to.”
If your business is in a niche that hasn’t been overly saturated yet, you have the opportunity to stand out. However, if your niche is already saturated, then you will need to find a way to differentiate yourself from competitors who are also in your niche. Once you have determined your niche, you can move on to the next step.
Create A Business Plan
After you have your niche, you can develop a business plan. This plan will guide you in the design and execution of your business. According to the experts we spoke with, a business plan is essential, even if you are just starting out. However, while business plans may not be required, they certainly can’t hurt. A business plan will set you apart from other businesses in your niche. It will also be a road map for presenting your business to investors and potential employees.
A lot of guidance and support can be found in the Small Business Administration (SBA), which is a government organization that provides resources and support to entrepreneurs, especially young ones. One of the best things about the SBA is that they have a section dedicated to outlining business plans for entrepreneurs. You can find the business plan template here.
Start A Website
If you are looking to make money online as a teenager, you have a number of options. The first and probably the most obvious option is to make money selling and promoting affiliate products. You can create a website around affiliate marketing, or you can even just use affiliate products to build a basic website. The important thing is to get started.
One of the things that will help you stand out from the crowd is by creating a website that is not just about selling affiliate products. You can create an actual business website where you provide value to your visitors and establish yourself as an expert in your niche. You can make money online with an authority website in any niche you choose. You can use your website to educate your visitors about your products, build a community, or just sell and promote your products. The important thing is to get started.
Build A Brand
You can also use your website to establish yourself as an expert in your niche. One way to do this is by building a brand. The experts we spoke with advised against focusing on a short-term income stream, which is often the case with products sold on affiliate websites. Instead, you should be looking to create a brand that will allow you to sell your products or services in the long-term. A brand can be anything that makes your product or service unique and memorable. Experts also advise setting up a brand for each product or service you promote; if you only have one, then you are limiting your potential earnings.
Once you have a brand for each product you promote, establish yourself as an authority in your niche. Over time, these brands will become more valuable, which will, in turn, make you more money. Establishing yourself as an expert doesn’t mean that you have to become a professional in your niche. However, it does mean that you have to have knowledge of, and be able to communicate about, your niche.
Monetize Savings
There are a number of ways you can make money online, and one of the easier and more traditional ways is to set up a savings account and start earning interest. If you have a bit of extra savings, you can invest in a high-yielding savings account which will, over time, allow you to accumulate a large sum of money. You don’t have to put in all of your money at once; you can, in fact, save in smaller amounts and eventually add up to a much larger sum. Interest paid on a savings account is normally modest, but it’s still worthwhile to look into this route if you want to make extra cash.
Consider The Options
Now that you’re equipped with an idea of how to make money online as a teenager, you need to consider all of your options. There are a variety of ways to make money online, and while many of them will suit you perfectly, you will have to decide which one is the best for you. If you are looking for a one-stop-shop for information and guidance on how to make money online, check out this resource guide from the Entrepreneurial Center at the George Washington University. Don’t forget to stay informed of the latest trends and techniques in online entrepreneurship; you can get news and updates on future articles from this source by signing up for our weekly newsletter.