Nurturing The Gifted And Talented Future Leaders: 5 Business Ideas For Teens

Nurturing The Gifted And Talented Future Leaders: 5 Business Ideas For Teens

Does your teen have a drive to succeed? Do you have a dream for your child to have financial independence? If you would at least like them to understand the world of entrepreneurship, you’re on the right track. The world has become more dynamic today, teens are increasingly recognising their potential to start and run successful businesses. In this blog post, we explore five exciting tailor-made business ideas for teens eager to embark on their entrepreneurial journey.

From creative ventures to service-oriented businesses, these ideas offer a perfect mix of profitability and personal fulfilment. This is quite necessary for a teen as they build a business. Your teen could be a budding artist or a tech-savvy future innovator. They could also be someone with a passion for helping others. What is key is for your child’s business to be fueled by passion. Your teen should exercise their creativity and a desire to make a difference with what they offer in the business.

One great thing about these business ideas is that adults do them as well. They have proved to be profitable businesses. We always see baked goods and beverages on grocery shelves. Nanny services, car wash businesses, gardening and landscaping companies bring profit for business owners. This means a motivated teen can make additional money by starting any of these businesses.

These different opportunities also include tips and insights on running the businesses. Understanding more about them can also give inspiration to help your teen turn their entrepreneurial aspirations into reality. Let’s look into these five opportunities and discover easy ways your teen can start making an income. Who knows? Your child could end up choosing one of these business ideas and unleash a new passion and skill. Let’s jump right into it!

1. The Lemonade Stand

The idea is for teens to learn how to set up their stand, name and market it. Other valuable skills teens can learn are the basics of business creation and ownership. As much as a lemonade stand may seem like a business idea for younger children, don’t rule out your teen from this opportunity. Your teen can sell this at a market, where they would also see other young entrepreneurs selling products as well.

Let your teen come up with a creative brand for their business, including a business logo, or a slogan. They can even sing a jingle about it to get them inspired to think innovatively. Allow your child to be creative and give them room to get excited about their business ideas. It will help them run the business with ownership and passion.

Sit down and help them work out the cost and the price of the product. Show them how they need to consider the main expenses such as water, lemon and sugar. They should also think about small business costs like the cups, the time or the electricity usage in their preparation. Help them realise that the cost of running a business goes beyond the cost of the materials or supplies.

2. Bake Sales

Encourage your teen to create all the marketing for their business: the brand and the name. They can also work out the cost of starting the business and price of their baked products. For this idea though, ask them to get some partners involved. This idea requires more adult supervision and partnership so before you suggest it, make sure you will have the time to invest in the project.

Help your teen in getting them organised with the different roles and tasks required to be completed. Make sure they delegate tasks amongst every member of the group. After all, all the profits will be split equally within the group. A bake sale can be a great way for a group to fund a trip. They can also have a short-term goal like making money to buy pizzas after a sports match. Whatever their business goals are, this needs to be clearly communicated within the team so they all work towards it.

3. Babysitting

This business idea comes with a lot more responsibility. That is why your child should be mature enough to handle working with little children and understand the responsibility involved. Your teen will need to consider the expenses babysitting will bring. They will need to consider costs like transport when deciding on their price. Encourage them to keep clear track of all earnings and expenses.

This can be a fantastic business if they create a good solid reputation. The key is to be trustworthy and work in a reputable manner at all times. They need to be organised and good at planning. They should also be great at managing their time to be on time for their babysitting appointments. This will help them build a good reputation when they do not inconvenience their clients, who are the parents or carers.

If your child is younger, then a great alternative for them can be pet-sitting. This is also a great opportunity for your child to learn, but the responsibility is manageable for younger people. If your teen is a pet lover, then watching over someone’s furry friend can be a great and easy-to-manage business for them. The joys of this business is that they can interact with the animals, take them for walks or play with them. This can work for a child that does not have any fear of animals or allergies towards those pets.

4. Yard Work

This is a great way to create an income through the skills they learn from their normal chores at home. The initial stages of starting this business are important because a yard-working business has the potential for much growth. One way of motivating your teen about the business is to have them think of a business name. Your child can set an hourly rate that will be acceptable and also help them earn more. This will help them avoid working more for less pay. It also is a good way to prevent feeling exhausted and deflated from their business. 

It will be helpful to have your child track their expenses so they can easily see the profit they’re making from their business. Not only will they slowly learn about the financial side of the business, but they will also learn to value the profit they make. This can cultivate wise money habits and good financial knowledge.

5. Car Washing

Washing cars is another great business idea for teens. This business will require money to start their business as they will need supplies. They will also need to take into account all the expenses of the business and which market to target. Choosing to work in a closer range from their home or choosing a further but potentially more profitable neighbourhood will affect the expenses of the business. One option may bring in more profit, but potentially increase expenses like travel costs and supplies. This will also affect your teen’s time and the amount of cars they can wash because of the travel. Another option could be closer to home, but not bring in more profit.

Sometimes parents tend to let their children run this kind of business at their expense. Teens will usually use the items that their parents have at home. This means they don’t invest in their business and this does not help them grow.

Work with your child and support them in their business. You can do this by giving them the price of the items they need, or you can take them to the store for their initial shopping trip. Better still, you could also loan them the initial amount to help get them started. You can then arrange a payment plan your child can honour. Encourage an agreement that your child can pay once they start getting customers or when they make a profit of a certain amount. You can both agree on the terms. When you take their business seriously, they will do so as well.

These five ideas will inspire your teen to think of where their passion lies. This should be the starting point for them to think about a business they would enjoy running. No matter what your child’s interests are, there’s something for everyone. Whatever business your child chooses, it is helpful for them to realise that they can achieve whatever they put their minds to. In this case, they have the capability to launch their business. The fear of failure should not hinder them because business is something that can grow their resilience. 

Sometimes what a young person needs is additional support and training to help nurture the skills they possess. At GT Scholars, we believe that gifts and talents can and should be nurtured by parents, tutors and mentors. Among its different programmes, GT Scholars runs a programme for young people, empowering them with leadership and personal development skills. This programme is called Inspiring Future Leaders which runs workshops including entrepreneurship and financial empowerment for young people aged 12 to 14. If you would like to know more about this programme, you can find out more here.

GT Scholars
What's new?