Starting your own business does not have to take a whole lot of time and money. But before you start, you may want to do a little thinking, ask a few questions and perhaps do a little research. Depending on what answers you come up with, you may decide to start a less complicated business — or at least you’ll know how much work your business idea will require.
Of course, the younger entrepreneurs will want to get help from an adult or older sibling with these questions. Let’s get started!
Seven questions to ask yourself:
— Do you need a logo or a slogan?
A logo and slogan can be very helpful to a new business. Find out more on our “Do you need a logo or slogan?” page.
— Do you need a written contract with partners?
You may not need a partner. (Take a look at our “Business ideas” page for specific advice on this topic.) But if you do take on partners, it is a good idea to have a clear idea of, at a minimum, who is responsible for what tasks and how the profits will be divided up.
— Do you need contracts with customers?
In some cases, that might be a good idea. See our “Do you need contracts with customers” page for more information.
— Will you need a loan to get started?
For some businesses, start-up costs are so small that you can probably get started with material and equipment you already have. For others businesses, you may need a littler money from your parents (or others). Take a look at our “Business ideas” page for specific advice on this topic.
— How will you manage your money?
Your parents may have to open a bank account for you. Find out more in “Managing money” page.
— Do I need a business plan?
Businesses don’t succeed by accident so, yes, you probably do. Check out our “Step-by-step guide for writing a business plan” for help.