What can teenagers do to start their entrepreneurial journey?

Recently we had a post on our blog that was asking all about how teens who already know they wanna be their own boss can get started. The blog query was:

“I am a 40 year old trade educated entrepreneur employing 13 people. I started my business at 30 so fit your figures perfectly. My 15 year old wants to be an entrepreneur but I find it hard to put him on the right track. I have my trade and sales background and contacts gained in my 20's. How does a 15 year old get the experience and contacts required to make it? Where does he start? School pushes the kids to trades or uni and he doesn’t want that.

Anon on our BLOG 2008”

Awesome question, and we know there is a heap of things they can be doing. So for all of you teenpreneurs out there, get started with these ideas......

Use The Frank Team

- The Frank Team has a heap of resources and opportunities for young entrepreneurs of all ages including teenagers.

o Our Young Entrepreneurs Membership program is perfect for teenagers just starting out. Regular newsletters, events & workshops to attend are all part of the program. Join our Young Entrepreneur Network today.

o The Break it Down cards are Frank Team’s business planning tools specific for young entrepreneurs. We have been using them for years in our workshops with young people around Australia and you can have your own set. Get your set of Business Planning cards today.

o Our library of business start-up Articles is a great starting point to start building your knowledge. We also have a great article full of tips for starting up that we have just added - you will love it.

o Sign up to our Events list to be kept up to date with our events for young entrepreneurs that we run regularly. This will give you a chance to meet other young people just like yourself. You will learn from others and get inspired.

o Sign up for IGNITE, our monthly newsletter, that is packed with up to date information about programs and opportunities for young entrepreneurs. Everything from award programs, to training & volunteering opportunities.

Entrepreneurial Work experience & Internships

- Identify some awesome entrepreneurs that you would love to learn from (young and old) near you through some online searching, or by contacting us here at The Frank Team .

- Contact these entrepreneurs directly and ask to do some work experience with them. Offer yourself for free for 1 – 4 weeks, or for a few days a week over 6 months. Get the opportunity to hang around the entrepreneurs and learn from them. They will be impressed with your initiative and will love having you.

Young Achievers Australia Programs

- Find out if your school, college or university is running the Young Achievers program. This is a course that puts young people together in teams who have to set up & run a business. It gives you amazing experience and exposure to entrepreneurial issues that are real!

- www.yaa.org.au

Networking

- Start going to networking events that are close to you. Networking will mean that you start meeting people and creating contacts, you will learn heaps from how professional people conduct themselves at these events, and get to hear from some great speakers.

- Age doesn’t matter at these events! Yea you may stand out as the youngest person there, but that is great as you will have people naturally coming up to you!

- The Frank Team has ongoing networking events for young entrepreneurs in NSW.

- Check out your local Business Enterprise Centre and also through your state government’s business portal for upcoming events. For NSW it is www.business.nsw.gov.au

Read biographies/autobiographies of entrepreneurs

- There are many highly successful entrepreneurs who have been there and done that and then written all about it! Get your hands on some biographies and autobiographies of entrepreneurs and soak up the learning. You will learn all about the highs and lows of making it on an entrepreneurial journey.

- And if you are not a book reader then just start searching online. There are a heap of stories about successful entrepreneurs online, some of them even have interviews with them. This will provide knowledge and inspiration. Just think of a company that you admire, then look for the story of the peeps who started that company – you will be amazed and surprised. The google story, ebay, Apple, Harvey Norman, The Body Shop, Sass & Bide.......the list goes on and on!

- A personal favourite of mine is “Loosing My Virginity” by Richard Branson.

Formal Learning

- Doing some formal learning is advisable, but not necessarily university. A business start up course, a marketing & sales program, online learning in search engine optimisation or a TAFE course in financial management are all a great start and heaps quicker than uni! Plus you can do them at the same time as starting and running your own business. Uni courses may be required if technical skills are needed for the business you want to be in.

- Go with topics you are interested in and you enjoy.

Volunteering

- Experience working in any type of team environment and for all sorts of organisations is highly valuable. And you can get this experience for free, while working on real stuff; you do this through volunteering. You can do anything from project management, to marketing to finance & treasury for organisations that need the help and do some awesome stuff in the world. I learnt heaps as a volunteer on my local councils youth committee where we organised all sorts of events with budgets of $20,000, it was awesome.

- Some great places to start to find great volunteering experiences:

o IGNITE

o Oaktree Foundation

o Volunteering Australia

o Conservation Volunteers

o Australia & International opportunities

Just Start a Business!

- There is no better way to learn about being entrepreneurial and starting a business than starting a business. Even if it is just small and in your local area, you will learn heaps! Anything from dog walking, tutoring, fixing computer problems, helping with clean ups around houses are all good and easy businesses to start.

- To learn more about Starting Up your own business see our series of business articles. And particularly our TIPS for starting up your own business.

Any other things you think teens could be doing?

Let us know if you are a teen running your own business already & tell us what your advice would be to other teenpreneurs. Email us at info@frankteam.com.au

If you want to learn more about the steps to starting up your own business then The Frank Team has the prefect tools for you. Our Break it Down cards make starting up your business easy, fun and totally practical.

Starting up in business as a young person can be lonely and tough at times. Come and meet other young entrepreneurs just like you and share ideas and stories with the Frank Team’s Young entrepreneurs membership program.

Teen-Entrepreneur Jemma Tells Frank How She Started Her Dance Empire at 16!

Jemma Nicoll, from NSW

Age: 17

How do you describe your business to people who ask what you do?

My business ‘Inspire’ is a local community dance school, however with a slight twist! Inspire’s motto “dance to a different beat” sums it up perfectly. My aim is to provide an uplifting, encouraging and fun atmosphere where kids of all ages can come and just be…kids of all ages. No stress of competition, and certainly no worry from parents about what sort of music, movements and costumes my students will be exposed to. I want to inspire, motivate, and empower my students to grow to love the art of dance as a means of expression and creativity.

What inspired you to take action when you were just getting started?

I attended a dance conference run by Project Dance, a New York Company who shares similar visions and values as I do. I found it so different to the stress and competition I’d felt in dancing over the years, and discovered how my community was lacking in places where dancers could just come openly and dance without intimidation and competition. My desire to see a break in traditional dance culture, and my passion to fuel a change in my community turned my passion into an action…and Inspire was started!

How long have you been working on it?

I began Inspire in February 2008; so we have nearly seen an entire year through! However it required a couple of months of planning beforehand in regards to certification and legal requirements, so it was from around December 07 that I began to seriously work on commencing this business.

What is the biggest challenge you’ve had to overcome?

Combining a business with the completion of my HSC was a massive challenge! The HSC is strenuous in itself, so balancing this with the maintenance of a dance school provided mixed responses when I told people. However I knew I was organised and had good time management skills and it was time to put them to the test. I had a great support network of family and friends too. Of course there were times I wished for more than 24 hours in a day! But when it’s something you’re really passionate about, the obstacles become somewhat exciting to overcome because you know it’s something you really want to accomplish....a little challenge can’t get in your way!

What do you like most about being in business?

I love people- I love working with people, getting to know and understand people. The great thing about being in business is that there are so many opportunities to develop a wide variety of relationships.

I also love the fact that through being in business, I can bring impact to those around me and pass down my knowledge and passion for the creative arts. Starting a business is allowing me to inspire many young dancers, and setting an example and providing a role model figure for my students is just such a rewarding experience.

What do you like least about being in business?

This past year, the thing I liked least and continually became frustrated with was that I could not spend all my time and energy into growing Inspire because of my HSC! However I guess this takes a positive turn- I have graduated now and can now focus everything I have into planning the year ahead. But business itself…there is nothing to dislike!

How do you market your services?

Inspire has printed out flyers, posters and business cards. I’m currently in the process of sending out an official letter to all the local churches in the area with plans for 2009, as well as printing a small ad in school newsletters.

Inspire had its first concert recently which drew quite a surprisingly large crowd. It is these sorts of events that incites the masses and brings about the power of word of mouth (a very handy promotional tactic!). One of my younger students who is in kindergarten, took her dance music in for show and tell and ended up performing to her entire grade, which got me thinking how powerful that would have been in inspiring more people to come!

How do you keep your creativity flowing?

It’s important to continue drawing inspiration from everything around you. I try and grab hold of every possible opportunity- whether it is attending dance workshops and business seminars/forums, or talking to people already in the industry who may give a fresh spin on ideas and new ways of thinking. With dance, you can keep your creativity flowing just in your every day life. As things happen and events unfold around you, you can learn to adapt these things to dance. For example, my latest dance work was a piece inspired from the 2004 Boxing Day Tsunamis. I like to draw my inspiration from real things that happen and try to interpret them.

How have The FRANK Team helped you to make your ideas a reality?

The FRANK Team is certainly a wonderful source of inspiration, motivation and encouragement! They are the reason why many of these young entrepreneurs we hear of have begun their pioneering pilgrimages, and successful ones at that! Ignite provides the exact support all entrepreneurs are looking for, and also provides golden opportunities of all sorts. For example they featured the 30 Under 30 Entrepreneurial Business Awards, so I took the chance to apply and Inspire ended up as a top finalist. So I can undoubtedly say thank you to FRANK for that!

What advice do you have for young people out there trying to start a business or community project?

Embrace every opportunity, and don’t allow yourself to be discouraged by difficulty. View the obstacles as learning curves and a chance to grow, not a chance to shy away. True confidence is living and acting boldly in the presence of fear, so if you can do this you can do anything! Be very clear on what your aim and purpose is in starting the business or project, and make sure you can effectively communicate this to those you come into contact with.

CONGRATS JEMMA!

To learn how to start your own business, use The Frank Team's Business Break it Down cards. http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html

Young Entreprenuers - Ignite Your Business Idea

Wanna start up your own business over summer? Wanna Be The Boss?

Don’t let all of the recession talk being pumped out by the media get you down. Sure times are a little tighter, but the whole world hasn’t stopped revolving or spending money altogether. And if you are anything like us and the other young entrepreneurs and business peeps we work with, these “new economic conditions” just mean you have to be that little bit smarter and entrepreneurial , easy right! We also believe that these “new economic conditions” bring with them a heap of opportunity as consumers look for better deals and alternatives to the big corporate guys, and you may have just the business that can do that.

So over summer, in between the parties, hanging at the beach and doing the road trip (cos yep you can still do all of that and start your biz!), get started on planning and starting your own business. Be your own boss and create your own job.

To help you out we have put together a Ten Step Summer Start Up Plan for you. Take that idea that has been floating around in your head, and combine it with that rumble and fire in your belly you have been feeling for a while, whack it together with our TEN STEPS and in no time you will be looking after customers like the other 50,000 15 – 24 year old young Aussies out there currently running their own business.

Plus we are very excited to announce that our Business Break it Down cards that many of you have used in our workshops are now available for you to purchase and use yourself. They outline the steps to starting up a business in a really fun and interactive format, a set of cards. Get your copy here http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html These cards are REALLY popular with young entrepreneurs.

1. 1. Grab a piece of paper or open up a word doc and describe your idea (so far!). Describe what makes it unique, who will most benefit from your idea, how your idea will help people & what you will do for them, and where your idea came from. For some summer biz ideas see our list below.

2. 2. Create a list of 10 questions to ask your potential customers so you can learn more about their needs, wants, budgets & interest in a business like yours. Then get out there and find at least 20 people who fit your target market and ask them your 10 questions.

If you are super worried about people “ripping” of your idea then check out www.ipaustralia.gov.au to see how you can protect your idea. But in the initial research phases you can usually still ask people questions that will help you learn more without telling em exactly what your business idea is.

3. 3. Now you know more about your idea and target customers, re-define your business idea to match up with customer wants & budget. You should now be able to capture your business idea on one page.

4. 4. It’s time now to think about how you will tell your target customers about your business, so working out your start up marketing. This is where you get to be creative and think of easy and cheap but fun ways of getting the attention of your target market so they wanna use you! Outline in a word doc what strategies you will use in the first 2 weeks of start up, then what you will do every 2 weeks after then to tell people about your business.

5. 5. You now need to think about your start up & ongoing costs. What equipment will you need & what costs are involved in running those (eg: petrol for the car, tools), will you need to pay anyone else for their time, what will your start up and ongoing marketing cost you (paper, printing, letter box dropping etc), and of course the cost of registering your business name. Open up an excel spreadsheet and create a budget. Note down what expenses there are (OUTs), how much and when you will need to pay them, and then when you would expect to start earning income (INs). You now have a budget and cashflow tracking all in one. Keep it updated! Work out where you will get the dollars to start up; savings, parents, other jobs or even credit card (if you are sure you can pay it back).

6. 6. Now you know how much it will cost you to start up and run & you know roughly your target customers budget, you need to now set your price for your product or service.

7. 7. For some fun stuff now, come up with a business name. Make sure your business name is easy to remember. Have a few options. Then go to your state governments Fair Trading Department and check to see if anyone else is using that name – cos then you can’t! When you find one that is unique to you, register it (this may cost you anything from $0 to $150 depending on which state you are in). You are now very very close to really starting your business – get excited?!

8. 8. Next is to choose the best business structure for you; sole trader, partnership, company, or not for profit. We have a really easy to read and use guide for you on this one, so go to http://www.frankteam.com.au/bizarticles/choose-a-business-structure.aspx to learn more.

9. 9. Head over to the ATO (Australian Taxation Office) website and register for an ABN if you don’t already have one. This costs nothing, and you can register it under your own name if you are a sole trader. It can take a few weeks to get your ABN so make sure you leave enough time for it. For any other tax questions you may have, we have done the research for you so go to http://www.frankteam.com.au/bizarticles/getting-started-tax-basics.aspx

10. 10. Guess what, now it is time to LAUNCH! Get that marketing happening and go out and get your first customers.

From here just learn, learn & learn more about your business idea from your customers to improve it even further. And enjoy the ride. Believe me when I say it is ok to be unsure & a little scared, but just go for it.

These TEN STEPS are the really basics of start up. If you want help that is a little more in depth but still totally practical and fun, then please check out our Frank Team Business Break It Down Cards. They make start-up easy & fun and summer is the perfect time for business planning. Plus these cards are super affordable at only $25 (plus postage & handling). Get them in time for Xmas for yourself or someone you know!!! More info in IGNITE and here http://www.frankteam.com.au/entrepreneur/start-up-business-cards.html

Some great summer businesses to start

- Collecting mail while people are on holidays

- Dog walking

- Party planner

- House sitting

- Painted t-shirts

- Sport lessons

- Mowing & gardening while people are on holidays

- PC repair