Teenpreneur 101: A Guide on How Can Teenagers Start a Small Business in Singapore
Age is no barrier to the business, and this is the gospel truth of our digital era. Anyone with an idea can do business, and teenpreneurs have been mushrooming all over the world. With this in mind, our guide looks at helping teenagers start a small business in Singapore.
All successful entrepreneurs have a few things in common, which applies to the budding teen entrepreneur. An exciting idea, along with the commitment and passion for seeing it through, are shared characteristics. Entrepreneurs are also focused, organized, and driven to achieve their goals. If this is a description of you, then you already have the hallmarks of a teenpreneur.
We’ve done our research and written up a smashing guide for any business-minded teen out there. Bite-sized sections deal with compliance, company registrations, etc. We even offer up some awesome ideas if you’re keen but don’t know where to start.
Who Can Be a Teenpreneur in Singapore
Singapore is a fantastic place to start any business, and there are loads of opportunities for savvy entrepreneurs. Singapore’s start-up ecosystem, as far as youths are concerned, is bustling and vibrant. Venture capitalists, incubators, accelerator programs, etc., are on the rise to support youth entrepreneurship all over Singapore.
Organizations such as Enterprise Singapore are also an excellent resource for empowering and helping young entrepreneurs. Teenpreneurs will find that it’s actually relatively straightforward to set up a business in Singapore.
Aside from being a resident teenager, a teenpreneur can be anyone with a business idea. Of course, if you’re under 18, you may need parental help for the legal side of your business. This entails incorporating a company, signing legal documents, or opening a bank account.
Why You Should be a Teenpreneur
While educational institutions provide a foundation for the future, there’s nothing stopping young people from contemporaneously upskilling. Enterprising teenagers have an incredible opportunity to supplement their academic education with real-life skills and experience. It’s a great way to experiment and find out what type of business works for you.
Most adults work long hours for a living and may have numerous time-consuming obligations. Teenpreneurs aren’t usually subject to responsibilities such as debts, round-the-clock family commitments, etc. Starting your own business also allows you to diverge from a structured and rigid corporate path. You get to be your own boss and decide early on whether this is the way forward for you.
While teenagers may not have great access to funding, starting small doesn’t really require all that much. Teenpreneurs can try a variety of ideas and build up a network that is wide and far-reaching. Risk factors are usually small, and a business portfolio looks great on a college application form.
Small Business Ideas for Teenpreneurs in Singapore
Being a teenager is no walk in the park, especially nowadays. Society is becoming even more dynamic than ever, which means people would expect you to grow up and adapt fast in this ever-changing world. The whole new world opens up around you, and things may not be very clear sometimes. Engaging in business (or at least learning how finance works) could be challenging and risky. Fortunately, there are plenty of resources online that make such an endeavor totally doable for the resourceful teen.
Most enterprising teenagers start a small business in Singapore by niching, innovating, and ideating. If you’re dry on ideas, fret not as we’ve got your back. Here are a few trending business ideas to explore:
- Baked goods, crafted goods, used book resellers.
- Blogs and podcasts.
- Dropshipping or affiliate marketing.
- Self-publish a story or start an online magazine for teens.
- Babysitting, pet sitting, or walking.
- Personal shoppers.
If you have mad skills, you can leverage those too. Online tuition is ideal for math or science whizzes or website or app design for tech geniuses. If you have a flair for events and organization, then party planning may be right up your alley.
How to Start Your Teenpreneurship in Singapore
With a buzzing business idea in mind, it’s time to get into action. First off, write up that business plan – there are plenty of templates online to choose from. A business plan will reveal important demographics, including the target market, competition, cash flow, goals, and milestones, etc.
Next, consider your company structure, i.e., a sole proprietorship, a partnership, or a limited liability company. Each has its pros and cons, different start-up procedures and costs, as well as compliance issues. Do some research, speak to people, and decide which one works for you.
Generally, the most popular option is to operate from home. The Singapore Home Office Scheme has clear guidelines on this. Licenses are usually not required but do check with the relevant authorities just in case.
Finally, open up a bank account, get a website, and double up on your social media activities. Get the word out about your business, market your brand, and always ask for referrals. Remember, everyone is a potential client, and it’s up to you to close that sale.
Tips & Tricks: The Benefits and Challenges of Teenpreneurship
Being a teenager is challenging; being a teenpreneur on top of that can be monumentally tricky. People may not take you seriously, the going can get tough, and your age may hamper some activities. However, help is always at hand, and with a little bit of perseverance, you can win through.
Stay focused, work out efficient operational procedures and have fun doing what you love to do. Bear in mind that every great idea has the potential to succeed. Here are a few handy tips and tricks to know:
- Innovate and niche.
- Don’t give up but pivot and adapt.
- Be original as much as possible.
- Invest in people and technology.
- Prioritize customer loyalty.
- Find investors; cash flow is essential.
- Don’t be shy; ask the grownups for help.
It’s great to see teenagers start a small business in Singapore or anywhere else, for that matter. Any teenager willing to step out of their comfort zones and do business is already a success story. With a little due diligence, the savvy teenpreneur is all set to shake up the start-up ecosystem.