Ever thought of starting your own business?

The concept

First, try to list  various needs that people seem to be having. This list will help you come up with your business concept. Here are some examples:

Need: Families in your flat would appreciate having pretty plants near their houses but don’t have the time to work on it.

Business concept: You could offer to get suitable potted plants and maintain them for a monthly fee.
Need: Many of your neighbours have small children and would appreciate having babysitting help.

Business concept: If you are old enough for your neighbours to entrust you with babysitting (either in their presence or absence), you could offer to babysit during after-school hours.

Your business concept needs to be something that you are passionate about because it is important to enjoy what you are doing.

Your business plan
Make sure you include the following in your business plan:

1. Nature of business: Selling your crafts, running a library, offering babysitting services, etc.

2. Budget: How much money would you need to begin and sustain your business? List out your likely expenses and incomes. Check out how much money you can spare from your pocket money, or if someone will give or lend you some money to begin. Try to keep your investment minimal.

3. People: Will you be working on your business alone or with a group of friends? If you are working with friends, be careful to keep detailed rules and records, and plans for sharing the profits. It’s fun to work with friends, but make sure all of them share a passion for what you are doing and are serious about it.

4. Place:  Is there a spare room or garage you can use? Where would you sell your products from? You could have a table set up every Saturday evening near the gate of your flat. If you are selling lemon juice to the kids of your flat every evening, when they have finished playing, you could set up a small table on the terrace.

For safety reasons, avoid going to houses to supply/sell anything unless you can get an adult to accompany you. If you need to go to any one’s house, make sure your parents are aware about it.

5.  You can make leaflets and drop them in the postboxes of all the neighbouring homes. Or you could list it in the classifieds of a local area newspaper.

6. Do you have a computer and printer you can use? Are there friends who can pitch in to help when you need them?

7. Once you have your business plan in place, share it with your parents. Make sure you have their permission before giving any phone number or address to outsiders.

8. Be professional: Make sure that the products or services you offer are of the highest quality – as good as anything an adult could offer.

 If you have promised to do something, make sure you follow through. In case you are unable to, make sure you get in touch with the relevant person to inform them and make an apology.

You can help people trust in you by being honest always and by your communications. If you are selling lemon juice, you may need to ensure that you are using safe drinking water, and put up a board to state the same.

9. Networking: Word-of-mouth is a great way to get your business going. Tell all your friends and neighbours to tell people they know about your business.

10.  Your business may not succeed immediately but don’t get disheartened. You will learn from everything you do. 

If you are doing roaring business, you may need to work on a plan for expanding. If your business is not doing too well, you could either work on new strategies to promote it or change your business altogether. But whatever happens, you will definitely have had enjoyable and learning experiences. So if you have always had the urge to do something new or enterprising, start thinking and get going!