Can a 16-year-old successfully start a business, and what are some essential tips and resources for an entrepreneurial teen?

Sixteen-year-olds can start a business, and many small businesses are owned by individuals under the age of 35.

Identifying passions and skills can help in determining valuable services to offer.

Minors cannot sign contracts, but a parent or guardian can do so on their behalf.

Minors can form a business entity, claim copyright, and pay taxes, but there may be restrictions on access to credit.

It is crucial to understand legal considerations such as state laws on child and teen labor and laws for entering into legal agreements with minors.

When starting a business, teens may need to open a business bank account with a parent or guardian as the authorized signer.

Online platforms such as eBay, Etsy, or Shopify can be used to sell products at the beginning stages.

Identifying passions and skills can help in determining the type of business and potential business ideas.

Teens can start a simple business by turning assigned tasks into services for others, such as a pet walking service.

Developing a business plan is essential in outlining the business’s goals and strategies.

Creating a list of passions and interests can be helpful in brainstorming business ideas.

Turning chores into a service is an easy way for teens to start a business.