business information

One of the first steps to business planning is determining your target market and why they would want to buy from you.
For example, is the market you serve the best one for your product or service? Are the benefits of dealing with your business clear and are they aligned with customer needs? If you're unsure about the answers to any of these questions, take a step back and revisit the foundation of your business plan.
The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.

Investing time and focus in creating a business plan is one of the most valuable activities you can undertake.
Creating a well-structured business plan will give you direction and help your business become a success. A business plan provides a roadmap for your business’s future and is essential to attracting funding.

A business plan is vital for securing finance

If you’re seeking finance for your business, a business plan is an essential document to help you convince lenders and investors that you should be taken seriously. Whether you’re new to business or have been operating for years, lenders and investors will only risk their time and money if they are convinced your business will be successful and profitable.
Your marketing plan is also a crucial part of helping you to attract funds.

A business plan provides a roadmap for success

A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.

A business plan gives you control of your business

Business planning can seem overwhelming and time-consuming, but many successful businesses look at it as an opportunity.
The planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
Writing and researching for your business plan gives you the chance to:

• learn about your industry, market and competitors
• write down exactly where you are in the market and where you're headed
• identify challenges you may come across and work out strategies to avoid or overcome them
• understand your business finances, including managing cash-flow and determining your break-even point
• set specific goals, timeframes for achieving them and how you’ll measure performance
• make sound business decisions that focus your activities, maximise your resources and give you a competitive edge.

Don’t Become a Jack of All Trades-Learn to Strategize
It’s important to clearly define what you’re selling. You do not want to become a jack-of-all trades and master of none because this can have a negative impact on business growth. As a smaller business, it's often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a specific group of prospective buyers.

Thanks to the Internet, the resources to learn a brand new skill are at your fingertips. Just be sure, regardless of what business or skill you wish to study, that you find a qualified online source to learn from. The Internet, though invaluable, has a vast amount of misinformation to be wary of.

Here are a few business ideas to consider:

1. Social Media Consultant

As a teen growing up in the Internet age, you have a serious advantage over many adults. Your familiarity with the World Wide Web will make learning and understanding social networking, search engines, and blogging much simpler. Companies pay good money for those with expertise in these areas, and there are plenty of teens and young adults who make a great living as social media consultants.

How to Get Started: There are books and websites that will teach you the ins and outs of how to effectively use social networking as a promotional tool. Learn how to apply these skills to small businesses in your area, and offer your services creating, managing, and maintaining a blog, a Facebook page, and a Twitter account for a monthly fee.
 

2. Etsy Retailer

Do you know how to make awesome necklaces? Do you paint, knit scarves, take photographs, or make your own soap? Do you have a great eye when it comes to picking out vintage clothing?
Selling your artwork, jewelry, and other clothing and crafts on Etsy is a great way to earn money, and you can do it right from your home. There are plenty of artists who make enough on Etsy to ply their craft full-time, so if you’re “crafty,” selling on Etsy is worth considering.

How to Get Started: Take a look at the art, jewelry, clothing, or vintage items you have. Is it good enough to sell? If it’s something you like, then chances are that someone else will like it too. Keep in mind that you can also sell gourmet cookies, cupcakes, sauces, and candy and chocolate on Etsy.
If you do not currently create arts or crafts – but you would like to start – scour the web to search for easy DIY projects. For instance, fashion blog Honestly, WTF has an awesome DIY section, as well as BLDG 25.

3. Homemade food produce

This doesn't have to be bake-stall stuff but can include more gourmet foods, such as jams and preserves, flavoured vinegars and olive oils and even packets of homemade muesli.

4. Babysitter

Babysitting is a great way to earn money because there are almost no start-up costs. All you need is a great reputation or great references, and the ability to find local parents.
How to Get Started: Post fliers in your neighborhood advertising your services. Join sites like Sittercity and Care.com to put up a profile and find jobs. Keep in mind that if you have special skills, such as CPR training or any certified childcare training, you’ll stand out from the pack.

5. Be a little crafty

The list is endless here – candles, jewellery, soft toys, cool badges, photo frames, greeting cards.

6. Grow stuff

If you have the space, maybe they can propagate or grow from seed small pots of herbs or flowers.

7. Errand Runner

The more people are pressed for time, the more they hate running errands. Therefore, you can start a business to run errands for them. For instance, you can pick up groceries, take the dog to the vet, pick up kids from daycare, and chauffeur older kids to the mall or to a friend’s house. You need to be a jack-of-all-trades, but it’s actually rather easy work.
How to Get Started: Seniors, upper-middle class families, and busy parents are all part of this target market. You’ll need a reliable car and good references, as some of your duties may involve handling other people’s money. You might also want to consider offering a “senior discount” to get your foot in the door, or even working for free for the first few jobs in order to get some great testimonials. Use TaskRabbit and Craigslist to search for opportunities.

8. Moving Assistant

Moving is stressful, especially when you have a lot of possessions or a large house to organize. My first business was professional organizing, and moving assistance was one of the services I offered. This was a popular service, especially for seniors who find packing and moving to be physically and emotionally difficult.
How to Get Started: Start by helping someone move for free. Take pictures of everything you do, and put up a simple website advertising your services. Be sure to also obtain a testimonial from the people you help.
Next, start networking with senior centers and neighborhoods. When seniors move in, they always have to dramatically pare down their possessions. By partnering with senior living facilities, you can help incoming residents pack up their old home and move to the community.

9. Kids’ Taxi Service

Parents are always stretched for time, so why not start shuttling their kids to ballet, violin, karate, or soccer practice? Parents can stay at work longer or spend more time relaxing and cooking dinner while you drive their kids to after-school activities.
How to Get Started: There are a few things you’ll need for this business idea. First, teens are often seen as untrustworthy drivers. Therefore, you will need a reliable car and the ability to prove that you’ve never been in an accident or received a driving violation. You’ll also need a good car insurance policy, ideally with high medical coverage amounts for your passengers. And you’ll likely want to invest in two quality car seats if you’ll be transporting children who require them.
Keep in mind that in some states you need to be 18 years of age or older to transport people younger than 20. Be sure to check your own state laws to see if you’re eligible.