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Young people starting a business

Young people starting a business is no longer impossible with today’s technology advancement. Many young kids now have their own smartphones and have access to the internet. They can start their own business using that device. The question is, how a kid can start a business.

Let me give you an example. I took my daughter to a Youth In Business workshop. After the workshop, my daughter told me that she does not have to go out to look for a job during the summer school holiday anymore. She can be her own boss straight away. Last Summer, she tried to look for a job in the local area. She did not get one. She was upset because the feedback she received was that she has no work experience and too young (13 years old).

I run a test to see if it is possible for a child who knows how to use a smartphone and a laptop able to set up an online store herself. The answer is yes. I set up a tortoise t-shirts company from scratch in 3 hours including creating a design for the T-Shirts.

Young people would like to use a limited company for business must be at least 16 years old of age This is because the UK company law says to be a company director, you must be age 16 and older. Using a limited company for business involve yearly continuos legal filings with Companies House such as confirmation statement and company accounts.

Help and support for young entrepreneurs

The UK government provide lots of help and support to young people starting a business aged 18 to 24 helping them to kickstart their businesses. The help includes access to finance like startup loans and one year of mentoring.

An organization called The Prince’s Trust run an Enterprise Programme for young people starting a business too. This program is designed for young people aged 18 to 30 years old. Likewise, you could access a startup loan up to £5000 and also mentorship.

There is nothing to lose for young people to set up their online store to make money for themselves. Go for it.

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