Business has never been limited to age. Why not explore these business opportunities if you are still in secondary school. And, you are in search of what to engage in to yield finances. This is paramount due to financial needs and its increase.
There are a lot of risks in running a business, but starting early could help build your business skills. You have time to experiment without being submerged by the aftershock of business risk, unlike most adults who are terrified of taking the risks of starting a business.
There are so many ways to discover and receive income at your high school as a young person. You can engage in business activity as long as there is no embargo by your school authority on participating in business activities, regardless of whether you attend a day high school or boarding high school.
If you love exploring the internet as well, here is a post we wrote on Best Online Business Opportunities for Beginners and Experts. Also, incase you have doubts about online businesses due to the myths told about them, you can go through Top 10 Internet Business Myths to be Avoided Now
What is a business?
A business is defined as a commercial, industrial, or professional organization or corporation. Corporations may be profit-oriented corporations or non-profit organizations, which work for a charitable mission or to support a social cause.
The term “business” also refers to individuals making and selling products and services for profit, organized efforts, and activities. Businesses vary from a single business to an international business.
Various fields of the theory include business administration understanding, including business behavior, the theory of organization, and strategic management.
Concept of Business
The concept of business is the key idea behind the company. This concept is the basis for the business model, plan, vision, and mission. Uber, for example, began the concept of adding taxi drivers and providing services under one brand on demand. Based on this concept all other business strategies were developed.
The objective of the Business
The objective of the business is to ensure that the business continues to operate in the long term. That’s why the company exists. Most people argue that making a profit is the main goal of all businesses. Few arrived at the new underlying goal.
According to the conventional definition, a business exists only to gain income by supplying the products and services to the customers.
According to modern philosophy, the fundamental goal of any business is customer loyalty as this is what results in most profits. The business is outstanding if the consumer is pleased.
Types of Business
There are different kind of business which an individual can engage his or herself to earn a living.
- Manufacturing
Manufacturing firms are the manufacturers who produce and distribute the goods to their consumers or intermediaries for sales. Examples of production firms are steel plants, plastic plants, etc.
- Service
Such a company deals with the sale to buyers of intangible products. Services cannot be retained or isolated from the supplier, unlike physical products.
Service companies provide technical services, experience, fee-based promotions, etc. Examples include lounges, schools, advisory services, etc.
- Merchandising
Merchandising is an intermediary business practice in which the business buys a manufacturer, wholesaler, or other company, and sells the same goods at retail prices.
It is generally known as “purchase and selling” as the goods are sold at rates higher than the cost.
Forms of business ownership
Business ownership comes in several forms depending on the number of owners, the responsibility of the owners, representation, and motives. There are
- Sole proprietorship
Sole ownership is a corporation owned and managed by a single person. Setup, operation, and registration are simple. The owner is responsible for all the earnings of the company and all the liabilities.
The main downside of this enterprise is that the owner is responsible without restriction. This means that the creditors of the company will follow the owners’ assets if the company cannot pay them.
- Partnership
Typically when two or more people go into partnership to run a company. In two ways – generalized and restricted – partnerships take place.
A partnership is like exclusive ownership but with more than one owner with an unlimited obligation on all owners. Any or all partners have limited liability in limited partnerships.
- Corporation
A company is a company that has its own or maintains a different legal identity. Ownership shall typically take the form of stock shares.
Owners are limitedly liable but not necessarily engaged in the management of the company. The corporation is run by a group of shareholders (board of directors).
- Limited liability Company
A limited liability enterprise is a hybrid enterprise with both business and partnership characteristics. A partnership because it has not been incorporated and a corporation because there is limited liability for both partners/owners.
- Cooperative
A Cooperative is a private corporate company owned and run by individuals to support each other. These individuals are named members and benefit from the cooperative’s products and services.
The main aim of the co-op is to provide service to all members rather than return on investment. All members are required to contribute to run the company.
5 good tips for starting up a Business
A major, but rewarding corporation is starting up a small business. Part of starting a small business is doing it in a way that is most useful for you, but also a little advice. Take these tips and add them as necessary to start your business venture.
- Know your strengths and weaknesses
Every small business owner has some talents, skills, know-how, and experience that give them a breakthrough when it is time to set up and start running. But no small business owner is so professional that he can be an expert in all processes associated with the development of a new business.
While you will need to wear several different caps, especially in the initial stages of the company, do not put too much pressure on yourself for too long or assume a very complex role without any prior preparation.
Develop a good understanding of your strengths and weaknesses so that you know where your efforts should be directed.
Don’t worry about how new tasks and workloads are managed – it is simply a necessity for small businesses to expand. You should also not be afraid to collaborate with corporate partners, family members, staff, independent contractors, and others to meet critical needs and ensure that important problems are dealt with successfully.
- Begin with a simple business plan and develop it accordingly
A business plan is one of the first things you can do as a small company owner. You need to create this important paper to direct and keep yourself responsible for the future.
But it is also important for you not to get too deep into your idea early. Tory Johnson, ABC News Contributor, said a straightforward business plan is always the best path to your organization’s growth at the outset.
You should broaden your business plan as work progresses and your concept moves closer to your real operations. Over time, the details found in fully produced documents provide more reliable forecasts, current costs, longer-reaching predictions, mission statement, business overview, and other elements
- Concentrate on what you have passion for
Passionate for something doesn’t inherently mean that it’s your favorite operation or business type all time. This ensures that you will not easily become fatigued by running such a company, that parts of this business appeal to you, and that ideally, you can use to your advantage a combination of established experience or skills relating to the entire business.
Finding and targeting an emerging need is a crucial factor in the creation of a profitable small enterprise, be it offering other company accounting services or establishing a bakery. You can offer meaningful growth and returns by combining this need with something that inspires, interests, and motivates.
- Know your current market and your target customers
It is possible to grow and place an outstanding business conception in the wrong area. That is why the sector in which you and your target customers want to start up is important to understand.
An idea that might work well in a big, heavily populated city cannot simply get the foot traffic or the number of customers it needs in a smaller area.
Evaluating the demand for your services, searching for prospective rivals, and evaluating the hypothetical success of your company can all take your idea in the right direction.
- Never stop learning and trying new things
Now that is profitable, the next year or five years would not always be profitable. Do not, therefore, allow yourself to slip into the “this is the way I’ve always done things” Keep open for new stuff in your eyes and ears.
Will your goods and services have newer or better ways to market? Are customers demanding something that you don’t offer? Will you have to approach a certain kind of customer? Read everything you can about your business and listen to your customers.
7 best Business opportunities for youths in secondary school
- Hairstyling
- Sales of School Materials
- Mobile Laundry service
- Cake Baking
- Fashion Designing
- Selling of airtime
- Cobbling
Hairstyling
This may be more closely related to female secondary school students. Every week, most secondary schools require that female students change their hairstyle.
You can capitalize on this and, during break hours, after school hours, and even during school holidays, choose to style hair for your classmates and other students. However, this is a business that is skill-related but requires little or no capital to begin. And you can also acquire
Sales of School Materials
By providing pens, pencils, erasers, rulers, notebooks, drawing books, etc. for sale to those in need, you could make extra money.
There is a high possibility that these will be required by other students and you can offer this service at a price. With a total sum of 1000 Naira or more, you can start this kind of business.
Mobile Laundry service
Several students, especially in boarding schools, do not like to do their laundry. For a fee, you can offer laundry services. However, this kind of business needs or requires little or no capital to set-up.
As a creative businessman, you can easily talk to your teachers, friend, or relations about your business and the kind of services you render.
Note: before you go into the business as a professional you need to acquire skills.
Cake Baking
You can make a cake for sell. If you know how to bake the cake, and your school requires you to use the home economics laboratory. You can even bake from home. To start-up this type of business you need at least 2000 Naira or more to set it up.
Fashion designing
There is this popular saying that Looking good is good business. With your excellent sewing skills, you can create a successful business.
You could make customized clothing for your friends for a cultural day, world book day, costume parties, etc., and charge them for it.
Selling of airtime
Some schools forbid the use of telephones inside school premises by students and others do not if your school requires the use of telephones within its premises, you might be the company to offer airtime.
Although the returns might be minimal, with this venture, you can learn a few things about running a business. With a total sum of 2000 Naira, you can confidently start up this type of business.
Cobbling
Believe it or not, beginning at secondary school might be a good business. I remember my days in secondary school when I sew my shoes from a classmate who sews it for an additional price of 10 Naira. You can select this as a company to operate at your high school boarding school.
Whichever of these business ideas you decide to try, your first step should be to search for knowledge. By finding and acquiring information about your proposed business, you will increase your chances of success in your venture.
Conclusion
Working for yourself is extremely satisfying. It poses plenty of challenges, but it is important to not allow yourself to be discouraged by the ups and downs of starting a business.
Persistence and imagination are the key qualities you need to achieve, and although you may not find the instant success you expect, you will achieve new skills and experiences, which are invaluable over the long term.
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