How Youngsters Can Succeed in Business by Really Trying

During the summer months, kids across the country stop taking orders from their teachers and become their own bosses of sorts as they try to earn extra money in their own businesses.

A few tips for older children and teens to help get them started:

* Choose a business that interests you. Nearly all entrepreneurs start with an idea, and the most successful ones develop a business that lets them do the work they enjoy or in which they possess certain skills. Kids who like being outdoors might consider mowing lawns, gardening or cleaning pools. Animal lovers might raise tropical fish, walk dogs or give flea baths.

“Be sure you choose something you really love, so your heart will be in it and you’ll be dedicated enough not to give up,” Tara Roebke, 15, of Clinton Corners, N.Y., advises in a recent edition of the Young Entrepreneur newsletter. Tara, a horse lover, started an Internet site called HORSE that markets riding gear from catalogs.

* Consider the profit potential.

After selecting a business idea, the next step is to see if it can be carried out and whether it can make money. Among the key questions to ask: Is there a demand for what you have to offer? Do you need special equipment or supplies? Where will you get the start-up money? Do you have enough time to devote to your enterprise?

Bonnie Drew, co-author of the book “Fast Cash for Kids” (Career Pr Inc, 1991), suggests kids talk to successful local entrepreneurs to get a feel for running a business, consumer demand and competitive pricing.

* Create a business plan. A good written plan will become the foundation for how a business is run. While there are many books and views on the subject, Drew believes a business plan should cover three essentials: organization, marketing and finances.

The organization part will include basics--the name of the company, its location, key people, products, services and goals. The marketing side looks at ways to sell the product and make it known to the target consumers. The financial side deals with money, where to get start-up funds, whether earnings should be spent on future supplies or saved.

* Take advantage of the many (too many to list) organizations and publications geared to helping young entrepreneurs. There are numerous clubs that teach kids about business.