Kids Kreative Korner
The Best Way to Increase Your Chances at Success is to Use Proven Strategies. Here's What a Few Successful Teens Have to Say.
By Bonnie Drew
When you work at running your own business, you're trading time for money. You want to make a reasonable profit for your labors. So how can you increase your chances for success in business? Here are three top strategies recommended by other teen entrepreneurs.
1. Do What You Love--When Tara Roebke was 15, she has a deep love of horses. She finally got a horse for Christmas, but there was only one problem. She had to pay the boarding expenses. Using her knowledge of horses, Tara started an Internet site called H.O.R.S.E. where she marketed tack and other net riding gear from catalogs. Her advice?It can be frustrating to start a business," she says. "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."
2. Keep Good Records--Arthur Bochner is a great believer in this.
"Seventy-five percent of your plans for business will work," he says, "if you don't quit too soon and you keep good records."
He tells all in his book, THE TOTALLY AWESOME BUSINESS BOOK FOR KIDS, which was published when he was 13. Arthur recommends doing a test run on your business. During the test period, use a notebook to keep track of every penny that comes in and every penny that goes out. At the end of the test, add up the results. If your income is higher than your expenses, you're on the right track.
Arthur, who also ran a trading-card business, says, "The key to success is knowing where you are with profits at all times." He keeps records and runs the numbers on his businesses at least once a month.
3. Make Changes to Keep Growing--Don't be afraid to grow and change.
"If your records show you aren't making enough money," says Arthur, "It's time to make changes. There are basically three reasons profits are too low."
But, he admits, all three issues are fixable. Let's look at them.
* Expenses are Too High---To fix this, get tough and find ways to cut costs.* Price is Too Low--Try a higher price. As a result, customers may feel your product is of higher quality.
* You Don't Have Enough Sales--Address this by improving your marketing approach. Get more customers by using additional ways to advertise.
Do what these smart entrepreneurs do. Use the above points to improve your success in business. Best of luck with your efforts.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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