Top 10 Business Ideas For Young Entrepreneurs
There are lots of business ideas for young entrepreneurs but you have got to identify the one that will be suitable for you. As a young entrepreneur who doesn’t want to be part of the 9-to-5 rat race, you need to start thinking out of the box. It is important you find a business idea that will allow you to launch your own business and determine your work time. Funny enough, the irony of the matter is that entrepreneurs often find themselves working more hours than they would as employees.
Also related: How to grow your business from scratch
You have to understand that there are certain businesses that are geared towards the young crowd. What this means is that there are businesses you will easily thrive in as a young entrepreneur. So, what this article has done is to help you outline those business ideas for young entrepreneurs. We came up with a list of industries that young people will most likely thrive in considering the current market space.
Two major reasons why the selected businesses ideas here are for the youths are:
- You as a youth does not have much experience
- The youths don’t have the money to start “big” businesses
These innovative business ideas that you see here have the capability to stabilize you financially if you follow the guidelines. Businesses for young entrepreneurs will expose them to things that will help shape their mentality as they go up the ladder in entrepreneurship. You think of it this way…Warren Buffet couldn’t have started Berkshire Hathaway when he was 18-21 years of age. The mad had to start from somewhere and then build his fortunes from there.
10 Business Ideas for Young Entrepreneurs
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Copywriting and editing services
It doesn’t require that you have a formal education to become a copywriter or editor. All you need to have a computer with internet access. You will certainly need to have the motivation, perseverance, and the right support system. If it will be possible, get your clients to write testimonials highlighting your expertise and skills. It will most likely bring in new customers for you.
Once you already have a customer base, you will notice that they always need more content from you.
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Blogging
If you are good at a particular skillset, why not teach others to learn about it? Blogging is a great means of sharing information with people and getting paid in the process. When you must have increased your visitor numbers, there are many opportunities for you to make money. First, you can sell advertising space to companies and even apply for Google AdSense.
Also, you can create e-books and sell on your blog page as well as through platforms like Amazon. You can decide to do your teaching through video if writing is not your thing.
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Graphic designer
This is also another one of the great business ideas for young entrepreneurs. If you are good with the use of design software, freelance graphic design can be a great means of making money. With the rise of digital business, there has been a rise in the demand for logos, website design, and other marketing materials.
Also read: How to source funds for your business
If you are someone with a creative flair, you can enroll in an online short course or better still teach yourself. There are many great graphic designers today who are self-taught. All you need is patience and the time to get started.
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Social media marketing agency
As a young entrepreneur, you can make good money from teaching local businesses how to use social media platforms like Facebook, SnapChat, Instagram, etc. You can choose to get paid on a percentage basis based on sales or other metrics. This is a great business idea that you can leverage as a young entrepreneur.
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Software expert business
Innovate business ideas also include this software business and young entrepreneurs can make a fortune from it. You can make out time to learn how to make use of difficult software tools like iMovie, Infusion Soft, Garageband, QuickBooks, SalesForce, etc. After learning them, you can offer to take over all of the workflows for a business that uses that that software.
It is for such reasons that Shopify and WordPress experts exist in the first place. You can also be an expert in podcast editing.
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Buying and selling online assets
As a young entrepreneur, you can make good money by buying and selling online assets. One good way to make quick cash is to build up an online asset. You can identify someone that owns a larger business and would benefit from owning your asset as well. For example, if you are generating like $500 every month from the asset, you can sell it for $6,000.
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Service-based businesses
This is also another great and wonderful business idea for young entrepreneurs. It could be a cleaning service, laundering service, or any form of service business. In this type of business, you are exchanging your time for money. In this business, you are performing a task that your client doesn’t want to perform in exchange for money at the end.
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Drop shopping business
Dropshipping is an e-commerce business that does not need much of monetary investment. In this type of business, you don’t need to hold a large chunk of inventory. Whenever someone buys your product, you will have to ship the product to them directly from the manufacturer. You can decide to sell those things within your environment or online.
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Tutoring
This is a great job as a young entrepreneur and the good part is that you can do it completely online. In this type of business, all you need is a computer and a website to market yourself and the skill set you provide. For instance, as a math guru who knows another language or even have a college degree, you can teach students through Skype.
Aside from the fact that this business is almost free to get started, you could charge as high as $100 per hour.
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Labor Arbitrage
In this type of business, you make money by finding people who are willing to work for $15 per hour and clients willing to pay $25 per hour. You make your commission in the process while both parties are satisfied as well. The transcription business is a great example to start with. You can hire workers to transcribe a podcast at an agreed fee and you make a profit from them.
Conclusion
You can see that there are quite a number business ideas for young entrepreneurs. What you need to do is identify the business that you can perfectly handle and thrive in as a young entrepreneur.
You can also share your thoughts through the comment section provided below.
