Service Business Plans

Teen entrepreneurs can have some of the most innovative ideas in business today. Having great ideas doens’t mean they don’t need a business plan. In fact, a teen business plan may help them have a great chance at success.

It can be tempting to think that a teen business is simple and doesn’t really need a business plan. However, a business plan helps you think through some of the details that trip up the best entrepreneurs of any age. In some cases, those can be the very details that are the difference between a success and just a good try.

What’s in a teen business plan? It doesn’t need to be complicated or complex. Get these key elements and you’ll be on your way to being one of the teen entrepreneurs with a solid plan and a solid chance at success.

• What is your business? A simple but complete description of the business is important so others can understand what your business is doing. Is it providing a service or a product? You should be able to describe and explain your business in one minute or less to others.
• Who will buy what you are offering? This is also called a target market, but really this is just who is going to buy what you are selling. Within this group are the people who will become your customers. A target market should not be too broad because you cannot serve everyone’s needs. It should also not be so narrow that you will run out of potential customers in the first month.
• What is your marketing plan? Every business needs some type of marketing. The type of business can help you determine what type of marketing you will be doing. For instance, advertising for a lawn service might rely on lots of flyers throughout several neighborhoods while a babysitting service should have more targeted information at local churches or day cares.
• Do you need help? In a larger business, this would be employees. In a smaller one, it could be parents or friends. It is highly likely that you will not need help immediately. In fact, if you design your business to rely on others from the outset, you should consider rethinking your plan. Starting smaller is much easier to manage for most teen entrepreneurs. You can focus on the business and customers without having to worry about managing others.
• How much money will it take to get started? This doesn’t need to be precise but it shouldn’t be a big guess, either. Do you need money to buy supplies to make crafts that you will sell? Will you be printing flyers from a home computer for a service business? Make a quick list and then put dollars by each item. These costs should be considered when figuring out how much you are going to charge for your services or products to help ensure that you make a profit.

If you have a good business idea, it should only take you thirty minutes or so to get this teen business plan mapped out. It may take you longer if you haven’t thought about some of these areas. However, if you find yourself struggling with these concepts in general, it may be a sign to rethink your teen business idea.

Jennifer Peek is the editor of http://www.money-and-kids.com - the comprehensive guide to teaching children about money. More information on teen business ideas can be found at http://www.money-and-kids.com/teen-business-ideas.html

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Author: Jennifer Peek

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