Teen Entrepreneur 103: Five Resources for Building a Business Plan with your Teen

Teenagers all over the world are coming up with newer ideas to start up their own businesses. If your teenage son or daughter wishes to do the same you would do everything you can to help him/her in this Endeavour. This article will help you in identifying the 5 resources for building a business plan with your teen and to ensure that the business is a success. In short, we will give you five tips to help your teens’ business flourish.

1.      Identify areas of interest – The first most important thing to note when building a business plan with your teen is to identify his/her areas of interest. You need to find out through discussion with your teen, what it is that he/she would like to do. If his business is in his area of interest there will be more chances that he succeeds in future.

2.      Develop a business plan – Once you have the area of interest, the next thing for building a business plan with your teen is to spend time on a business plan. You will need a well-thought business plan and set a mission statement, which would require sitting with your teen and evaluating all aspects of the business before finalizing the business plan.

3.      Business feasibility – Once you have the business plan ready, you need to also start measuring how feasible it is going to be for you financially. You wouldn’t want to end up losing all you invested in the business. Assessing the pros and cons carefully to measure the viability of the business plan thus becomes an important part of building a business plan with your teen.

4.      Build relationships and start a routine – The next important step in building a business plan with your teen is to encourage your teen to build strong relationships with customers. Your teen should know the value trust between an entrepreneur and his customers. The way in which the business is conducted should also follow a routine so that there is more transparency and efficiency.

5.      Be patient and consistent – Finally educating your teen to be consistent with his business practice and patient with customers is an important lesson to teach for building a business plan with your teen.

To conclude, these five resources for building a business plan with your teen mentioned above will definitely help your teen triumph in any business opportunity that he takes.