As a 15-year-old with $1,050 in savings, there are several ways you can start a successful business. One option is to consider a service-based business, such as freelance photography or a tutoring service. Photography, in particular, can be a lucrative business for a young entrepreneur, as the average annual revenue for photography businesses is around $50,000, with profit margins of around 73%. The startup costs for a photography business can range from $1,000 to $10,000, making it an accessible option with your current savings. Additionally, the photography industry has an annual market growth rate of around 3%, indicating a stable and growing market.
Another possibility is to explore e-commerce or online retail. With your savings, you could invest in a website, inventory, and marketing to start an online business selling products or services. This type of business can be particularly well-suited for a young entrepreneur, as it allows you to leverage the power of the internet and reach a wider customer base without the need for a physical storefront. The key is to identify a niche or unique offering that sets your business apart from the competition.