Are you currently busy with school or is it summertime? Think about when the work for your business will be done. [2] X Research source Consider business ideas that are seasonal. For example, if it’s near Christmas, consider ideas that cater to that, like a gift wrapping service or making gift baskets. Are you in the middle of a very hot summer? This might be a perfect time to launch a neighborhood lemonade stand.
Examples of product-driven businesses: baking cookies, building birdhouses, making gift baskets, creating greeting cards, selling candy, making doggie treats. Examples of service-driven businesses: lawn care, car washing, computer repair, pet sitting, babysitting, cleaning houses, dog walking, and teaching computer skills to older people. [4] X Research source
Are you an animal lover? Consider offering pet sitting services. Maybe you’re crafty and enjoy making handmade jewelry or gift baskets. These are great products to sell. [5] X Research source
Make sure your business name is easy to pronounce, as well. Clever and unique business names work well, just remember that the name needs to relate to what your business entails.
List any specific objectives and goals for your business, as well. Write out what you think makes your product/service unique. [7] X Research source
If you have a sibling that wants to help out, that would be a good place to start. You will be splitting your profits, so you will need to decide how much and when your employees will be paid.
You could also ask your parents if they’d consider donating some of your future allowance as seed money for your business. If you bring them a solid business plan, they will be more likely to help you.
By adding up your ongoing expenses, you will have a pretty good idea of what it will cost to keep your business running. [9] X Research source Another example – if you’re making cookies to sell, you will need to total up how much the ingredients cost and how often you’ll need to buy them.
Let’s say that when you add up the cost of the ingredients, it costs you $3. 50 to make a dozen chocolate chip cookies. You will want to charge more than that for each dozen in order to make a profit. You should also factor in how much time it takes you to make your product/perform your service. [10] X Research source You can then work out prices based upon how much you want to make. You should also factor in time that you aren’t being paid (such as advertising your business or walking to a customer’s home). For example, if it takes you a half hour to make the chocolate chip cookies mentioned above and another half hour to sell them, you will need to charge an amount that represents the amount of time you spent preparing them. This additional time is your “wage” for preparing them. You can work out your hourly wage by dividing your pay for a project or product (minus your expenses) by the amount of time spent working. In this case, if you charged $9. 50 for the dozen cookies, you would be making $6 for the hour that you spent making and selling them. Subtract your expenses from your revenue to get your profit amount. [11] X Research source
You should also consider your market area. Unless you have a car (or your parents’ help), market area is relatively small. This may include only areas that you can safely walk or bike to. These customer types are called customer profiles. Once you have your customer profiles, you will have a better idea of how to market your business to them. Different customer profiles sometimes require entirely different marketing strategies.
You can market most effectively once you know these specific details about your competitors. Offering lower prices or providing higher quality products/services are two ways you can compete with them. For example, if you start a lawn care business, you will be competing with established lawn care businesses. You can build a customer base by offering better service and encouraging customer recommendations.
Remember to keep your customer profiles in mind when choosing your marketing strategies. For instance, if you’re starting a pet sitting business, you could post flyers at veterinary offices and pet stores, and also hand deliver flyers to people in your neighborhood with pets.
Write the business name in large letters, or use a large font, and make it bold. It’s the most important thing on the page. The description paragraph can be in a normal size or standard 12 point font.
Owner/Management example: “Kelly’s Doggy Daycare is owned by Kelly Klein. She has several years of experience pet-sitting and truly loves working with and caring for dogs of all kinds. ” Business History example: “Kelly noticed that most of her neighbors were dog owners who worked long hours every day. Occasionally, they took vacations and/or experienced family emergencies, which could take them away from their pets for days at a time. " “With her love for dogs, Kelly knew she could provide a pet care service that her neighbors would benefit from, and that’s how Kelly’s Doggy Daycare was born. "
You don’t need to get incredibly detailed – summarize and highlight the most important information for each. Example for product/service: “Kelly’s Doggy Daycare will provide hands-on pet care for today’s busy pet owner. The business will offer day rates along with in-house extended stay pet sitting. Walking services are included at no charge with every appointment. "
“It’s her mission to put your mind at ease when you have to be away from your pets. Kelly will make sure your pets are loved and cared for in your absence. " “An email summary of every pet sitting appointment will always be sent to you via email during your absence or upon your return. "
Example: “Kelly’s Doggy Daycare caters to today’s busy adults. These are business people who work long hours every day and/or travel regularly for work, family vacationers, and anyone who finds themselves in need of last minute pet care. " “The business has one competitor, Sam’s Sitting Service, but Kelly offers lower pricing and in-house extended stay care. " “She plans to post flyers about the new business in her neighborhood to promote it. She will also be going door-to-door to introduce herself and inform neighbors of her services. ”
Example: “Kelly will need very few supplies to launch the business – a bag of doggie treats, 1 dog leash for a small dog and 1 dog leash for a large dog. " “Ongoing expenses will be the replenishment of doggie treats and occasionally dog toys and/or dog blankets. The rate is $5. 00 for each hour of pet care provided. The rate for in-house extended care is $25 per day. " “Customers will need to provide their own pet food or reimburse Kelly for any food she has to purchase during pet care. Profit for each hour is approximately $3. 50 after expenses. " “Profit for each day of extended care is approximately $18. 50 after expenses. "
