The world’s most successful entrepreneurs often began their journeys at a remarkably young age. People like Mark Zuckerberg, Steve Jobs, and Elon Musk all started on their paths to success during their youth. This displays the incredible potential of young minds to shape the business landscape.
In this blog, we’ll delve into a spectrum of innovative business ideas that are tailor-made for the youthful ambition within you. From leveraging technology to addressing sustainability, these concepts can spark your imagination and pave the way for your entrepreneurial journey.
20 Best Young Entrepreneur Ideas
Without hesitation, let’s go through 20 of the best young entrepreneur ideas to spark your interest and determine which industry best suits your ambitions.
1. Mobile App Development
Mobile app development is an ideal avenue for young entrepreneurs due to the prevalent use of smartphones and the ever-expanding app ecosystem. Tech-savvy individuals can harness their coding skills to create applications that cater to specific needs — be it in education, healthcare, or entertainment.
With the potential to reach a global audience and generate revenue through in-app purchases or advertisements — app development offers a creative outlet that aligns perfectly with the digital age.
2. E-Commerce Store
For those who have an eye for trends and an understanding of online platforms, starting an e-commerce store can be immensely rewarding. This avenue provides a low-cost entry point into retail, allowing you to curate and sell products that resonate with your generation.
By leveraging social media and digital marketing, you can showcase your offerings to a wide audience, thus driving sales and establishing your brand in the digital marketplace.
3. Social Media Management
Growing up in the era of social media gives young entrepreneurs a distinct advantage in understanding the dynamics of various platforms. By offering social media management services, you can help businesses and individuals enhance their online presence, engage with audiences, and implement effective marketing strategies.
Your innate familiarity with trending content and your ability to cultivate online communities can set you apart in this competitive arena.
4. Online Clothing Boutique
Translate your fashion-conscious sensibilities into an online clothing boutique. With dropshipping and print-on-demand services, you can minimize inventory costs while offering trendy apparel that resonates with your target demographic.
Your unique perspective on emerging fashion trends and your ability to curate a visually appealing brand can attract like-minded customers seeking distinctive attire.
5. Influencer Marketing Agency
As a young entrepreneur deeply rooted in the world of social media, you can establish an influencer marketing agency. By connecting brands with relevant influencers, you can bridge the gap between authentic promotion and a digitally engaged audience.
Your understanding of the influencer landscape positions you to negotiate partnerships that yield mutual benefits, all while capitalizing on the power of peer-to-peer marketing.
6. Personal Fitness Training
With an increasing focus on health and fitness, young entrepreneurs with a passion for wellness can venture into personal fitness training. Whether it’s creating workout plans, offering virtual coaching sessions, or even developing fitness apps — your enthusiasm for a healthy lifestyle can resonate with individuals seeking guidance on their wellness journeys.
7. Graphic Design Services
If you’re visually inclined, you can turn your creative prowess into a graphic design business. From logo design to branding materials, your ability to communicate messages through visuals can cater to businesses in need of compelling aesthetics.
For this in-demand skill set, your eye-catching designs can help clients leave a lasting impression on their target audience.
8. Content Creation and Blogging
In an age where content is king, this equips young entrepreneurs with the skills to become influential content creators. Whether it’s through blogging, vlogging, or podcasting, you can share your expertise, experiences, and insights with a global audience.
By monetizing your content through ads, sponsorships, or even exclusive memberships, you can transform your passion into a lucrative venture.
9. Virtual Assistant Services
If you’re proficient in multitasking and remote communication, you can excel in providing virtual assistant services. As businesses and individuals seek flexible support, your organizational skills can shine in tasks such as scheduling, email management, and research. Your ability to handle diverse responsibilities from a distance makes you an indispensable asset in the modern working landscape.
10. Online Tutoring
Capitalizing on your academic strengths and digital fluency, online tutoring can be a fulfilling entrepreneurial pursuit. Whether it’s academic subjects, language learning, or skill development, your ability to connect with students globally can drive positive educational outcomes. Your relatable approach and tech-savvy teaching methods can make learning engaging, effective, and highly accessible.
11. Event Planning and Organization
For budding entrepreneurs gifted with organizational and imaginative skills, event coordination can be an exciting pursuit. Tackling various events, from weddings and corporate functions to online gatherings, their meticulous nature and fresh perspectives can morph simple gatherings into standout memories.
This generation’s ability to stay in tune with shifting trends makes them apt to design events that echo the preferences of their peers.
12. Customized Gift and Merchandise Creation
Young business minds who excel in personalizing can explore the gift market. Offering tailor-made products — ranging from custom artworks to intricately engraved items — they address the demand for distinct and heartfelt presents. Through careful crafting and imaginative designs, they enable individuals to convey feelings and make occasions extra special.
13. Digital Marketing Consultancy
Being digital natives, young entrepreneurs possess a deep comprehension of online patterns and behaviors. By launching a digital marketing consultancy, they can aid companies in navigating the intricate terrains of online promotions, SEO, and social media blueprints. Their knack for interpreting data and proposing analytics-backed solutions can boost a company’s online prominence.
14. Web Design and Development
With a generation that practically lives online, young entrepreneurs can thrive on web design and development. Your proficiency in coding languages and user experience design can shape captivating websites for businesses across industries.
By creating visually appealing and user-friendly platforms, you help brands establish their online presence and engage with their audiences effectively.
15. Food Delivery Service
As food delivery services continue to gain popularity, young entrepreneurs can capitalize on this trend. By partnering with local eateries or launching your virtual kitchen, you can offer a convenient and diverse food delivery experience. Your understanding of mobile apps and online ordering systems positions you to cater to the cravings of your peers.
16. Subscription Box Service
Crafting subscription boxes that cater to niche interests is a creative way for young entrepreneurs to connect with their target audience. Whether it’s curated books, beauty products, or hobby-related items, your ability to source and package unique offerings can create anticipation and excitement among subscribers, establishing a loyal customer base.
17. Home Organizing and Decluttering
For those who possess organizational prowess, venturing into residential decluttering can be a lucrative choice. Amidst the rising tide of minimalistic living and organized households, they can transform disordered spaces into efficient, calming sanctuaries. Their methodical approaches can offer practical solutions and mental tranquility to homeowners.
18. Podcast Production and Management
The ever-growing domain of podcasting presents myriad opportunities for youth with an inclination for narratives. Spanning content ideation, sound editing, and marketing, their capabilities can produce quality podcasts that spotlight varied narratives and captivate audiences. Their tech-savviness also ensures these auditory tales find resonance with contemporary listeners.
19. Photography Services
With smartphones enabling everyone to become amateur photographers, young entrepreneurs can stand out by offering professional photography services. Catering to portraits, occasions, or brand shoots, their keen sense of framing and post-processing can produce captivating images that encapsulate significant moments or uplift a brand’s aesthetics.
20. Sustainable and Eco-Friendly Products Manufacturing and Sales
Being environmentally conscious is becoming a cultural staple. The youth can now channel their passion for sustainability into a business that focuses on eco-friendly products. By sourcing or creating items that prioritize environmental responsibility, you contribute to a greener future.
The commitment to sustainability can resonate with consumers seeking ethical and planet-friendly alternatives, setting the stage for a business that makes a positive impact.
Looking for more inspiration for your small business idea? Check out this blog to learn more about how to start a small business.
8 Steps to Start Your Business as a Young Entrepreneur
Have you found YOUR thing? If you have, let’s go over the eight essential steps for starting a business as a young entrepreneur.
1. Develop a Business Plan
A business plan is a blueprint for your business. Think of it as the map that charts out the trajectory of your enterprise, providing direction, helping you navigate challenges, and acting as a reference for growth.
Importance of a Business Plan:
- Vision and Direction: A well-structured business plan clarifies your business goals and the strategies to achieve them, ensuring that all your efforts align with your overall vision.
- Securing Funding: For entrepreneurs seeking external financing, a business plan is essential. Investors and lenders need a clear idea of your business’s feasibility, profitability, and growth prospects before committing to their funds.
- Operational Strategy: A business plan breaks down the operational aspects of your business, from supply chain management to marketing and sales strategies. This ensures smooth daily operations and efficient resource allocation.
- Risk Management: By laying out potential challenges and threats, a business plan helps you preemptively address risks. This proactive approach can mean the difference between business success and failure.
- Growth and Expansion: As your business evolves, your business plan acts as a guiding document for expansion strategies, helping ensure scalability and sustainability.
Process of Developing a Business Plan:
- Executive Summary: Begin with a concise overview of your business, encapsulating your vision, mission, and the main objectives you hope to achieve.
- Business Description: Offer details about the nature of your business, the problem it addresses, and the solution it provides.
- Market Analysis: Dive deep into your target market. Identify your audience, as well as their needs and purchasing behaviors. Analyze market trends, size, and potential competitors.
- Organizational Structure: Detail the hierarchy of your business. Who are the key players? What are their roles and responsibilities?
- Product or Service Line: Describe what you’re offering. How does it benefit the customer? How does it stand out from competitors?
- Marketing and Sales Strategy: Outline how you plan to attract and retain customers. What channels will you use? How will you price your product or service?
- Financial Projections: Based on your market analysis and sales strategy, project your revenues, expenses, and profits for the next three to five years. This section is crucial for securing investors.
- Funding Request (if applicable): If you’re seeking external funding, detail the amount required and how it will be utilized.
- Appendix: Attach any additional information or documents that can support your plan, such as resumes of key team members, patents, or licenses.
2. Choose Your Business Structure
The structure of your business determines crucial aspects like your tax obligations, legal liabilities, paperwork, and the ability to raise capital.
Importance of Choosing a Business Structure:
- Legal Liability: Protecting personal assets is vital. Some structures, like corporations, shield owners from personal liability for business debts.
- Tax Implications: Different structures are taxed differently. While sole proprietorships involve personal tax returns, corporations may be subject to double taxation.
- Investment Needs: Attracting investors might be easier for certain structures, like corporations.
- Operational Needs: Some structures require more operational processes, annual meetings, and reports.
Process of Choosing a Business Structure:
- Assess Needs and Goals: Consider the nature of your business, the risk of litigation, and desired tax flexibility.
- Consult Professionals: Engage with attorneys or accountants familiar with your industry and local regulations.
- Select a Structure: Common choices include Sole Proprietorship, Partnership, Corporation, and Limited Liability Company (LLC).
- Register: Once decided, register your business structure, ensuring adherence to local, state, and federal requirements.
3. Register Your Business
To register your business, start by choosing a unique business name and checking its availability in your jurisdiction. Depending on your business structure, you may need to register with local, state, or federal agencies.
Acquire necessary permits and licenses specific to your industry. If operating in multiple states, ensure registration in each. For businesses with an online presence, domain name registration is advisable.
Lastly, obtain an Employer Identification Number (EIN) from the IRS for tax purposes. This is a legal requirement if you wish to hire employees, open a business bank account, or establish credit with vendors.
4. Obtain Licenses and Permits
Obtaining appropriate licenses and permits is vital to operate your business legally and avoid potential legal repercussions.
Process of Securing Licenses and Permits:
- Identify Requirements: Understand which licenses and permits your specific business type and location necessitate. Local government websites or business advisory services can guide you.
- Fill Out Applications: Complete the relevant forms, ensuring accurate information. Application complexity can vary based on permit or license type.
- Submit Fees: Licenses and permits typically have associated costs. Ensure prompt payment to expedite the process.
- Review Regularly: Many licenses and permits need renewal. Keep track of expiration dates and renew as needed.
- Stay Informed: Regulatory changes can introduce new requirements. Stay updated to maintain compliance.
Examples of Licenses and Permits:
- General business license
- Food and beverage license
- Retail sales permit
- Home occupation permit
- Occupational licenses
- Environmental permits
- Special event permit
5. Open a Business Bank Account
A business bank account establishes financial separation between personal and business finances, ensuring clear accounting and tax compliance. To open one, research banks offering business services and their requirements.
You’ll need your business registration documents, EIN, and personal identification. Some banks might require additional paperwork or minimum deposits.
The benefit of opening an account ensures organized financial management, professional transactions with clients, and streamlined bookkeeping. Which are essential for growth and auditing purposes.
6. Look for Funding
Adequate capital is imperative to cover expenses such as inventory, marketing endeavors, day-to-day operations, and the potential scope of growth. To secure the necessary funds, begin by assessing your financial requirements in detail.
Subsequently, delve into funding alternatives, which may encompass personal savings, bank loans, venture capital investment, support from angel investors, or leveraging crowdfunding platforms.
Keep in mind that it’s crucial to construct a comprehensive and compelling business plan that highlights the viability and profitability of your venture. This will showcase your commitment, dedication, and overall viability of investment to your lenders.
7. Get Business Insurance
A lot can go wrong when running a business, especially one that involves potential liabilities. For example, if you want to sell nutritional supplements, you need to have your product regulated by the FDA (not all cases) to sell them.
And say if someone has an unknown allergy, the business will be scrutinized and potentially sued. Therefore, you should always take out appropriate business insurance to ensure that any concerns are covered and you do not suffer any major financial loss.
8. Market Your Business
Although this is the last step on the list, it’s an important one. Promoting your product or service is essential to increase awareness of your brand and get it in front of as many people as possible. This way, you can position yourself as an expert in your field and leverage the authority that people know and trust.
Here are some marketing tactics for you to consider:
Content Marketing: This includes creating content on different platforms and in different formats, such as e-books, blogs, podcasts, or videos. In today’s age of digital marketing, content is king.
Paid Ads: Performance marketing is also a great way to get the word out about your product or service. With advanced tools like Google Ads or Facebook Ads and PPC, businesses can target their advertising efforts directly to their audience.
Email Marketing: This method of sending personalized messages to your customers’ inboxes is an effective way to attract new customers and retain existing ones. Companies can monitor the actions of their leads based on a number of metrics and adjust their efforts accordingly.
There are many other marketing strategies you can and should implement to get a tangible metric for organic reach. However, this is a good baseline for you to start.
To learn more, check out this blog on 6 steps to branding your business.
You Said Tomorrow But You Should Start Today
The digital landscape is evolving faster than ever before, and young entrepreneurs have a distinct advantage of being exposed to this world of sophisticated technology. It is a golden time to start a side hustle and take advantage of all the useful tools and resources that are available at your fingertips.
That said, managing finances is always a challenge, and it can be a major setback if you don’t do it well. That’s where Doola steps in. Our bookkeeping software is changing the way people manage their money. It’s intuitive and easy to navigate, so you can focus on your real business at hand.
Are there any low-budget business ideas suitable for young entrepreneurs?
Yes, there are several low-budget business ideas for young entrepreneurs, such as a t-shirt business, cleaning, food delivery, and more.
Is it necessary to have a formal education to succeed as a young entrepreneur?
Although having a background in some formal education can be useful, it is not necessary to have a degree to become a successful businessperson.
How can I fund my entrepreneurial endeavor as a young entrepreneur?
To fund your business as a young entrepreneur, seek the help of those closest to you. Whether it’s family members, friends, or local businesses that are willing to help you pursue your goals. You can also take out a personal loan or find a trusted investor to do business with.
Are there any specific industries that are more conducive to young entrepreneurs?
Young entrepreneurs have an advantage when it comes to technology. They were born into a generation where everything revolves around using technology to run a successful business. Therefore, running a business based on platforms like social media and technology is a good option.
What are some important skills young entrepreneurs should develop?
Some important skills a young entrepreneur should develop are those relevant to their market of choice. Whether it’s graphic design, content management, or social media marketing, — young entrepreneurs should understand the importance of having a growth mindset and being patient in their efforts.