HOW TO WRITE A BUSINESS PLAN FOR KIDS AND TEENS
- KidVestors
- 5 days ago
- 6 min read
Updated: 7 hours ago
What you'll learn:
Starting a business can feel like a big task, but the good news is that anyone, even kids and teens, can do it! Whether you’re interested in turning your passion for baking, gaming, or fashion into a money-making venture, creating a business plan is the first step to getting things rolling. And no, it’s not as boring or complicated as it might sound. In fact, once you break it down, writing a business plan can be a fun and creative process that helps you organize your ideas, set goals, and take your business dreams to the next level.
But don’t worry, we're going to break down how to write a business plan, step by step, in a way that’s easy to follow. So keep reading and let's get ready to turn your awesome idea into a real business!
What is a Business Plan?
Think of a business plan like a roadmap for your business. Just like when you plan a trip, you need to know where you're going, how you'll get there, and what you’ll need along the way. A business plan helps you figure out your goals, what your business will offer, and how you'll make money. It’s a plan that guides you through the process of turning your idea into a successful business.
For kids and teens, a business plan helps break down all the big ideas into smaller, manageable steps. It’s like a project outline, but for your business!
How is a Business Plan Used?
A business plan is used to:
Clarify your ideas: It helps you think through your business, its goals, and how you’ll operate it. Writing things down makes it easier to understand the big picture.
Get funding: If you want to raise money for your business, whether it’s from family, friends, a grant, angel investors (aka mom and dad) or even a loan from a bank, a business plan will show them that you have a clear strategy and know what you’re doing.
Stay on track: As you start and grow your business, your business plan can help keep you focused on your goals and remind you of the steps you need to take.
Measure success: It’s a great tool to track how well your business is doing. If your plan says you want to make a certain amount of money, you can check your progress over time.
While a business plan is an important tool for adults, it’s just as helpful for kids and teens to create one. It gives you the confidence to take your idea seriously and helps you map out all the details to make your business thrive!
How To Write A Business Plan Step By Step
Now that we know what a business plan is and why it’s important, let’s dive into the steps to create one! Don’t worry—while it may seem like a lot, we’ll go through each step carefully, and you’ll have your business plan ready in no time!
1. Write an Executive Summary
The executive summary is a snapshot or business overview of your business plan. It's usually the first thing people read, so it should explain your business idea in a few sentences. Think of it like the “elevator pitch” for your business—it’s a quick way to get people excited about what you’re doing.
In your executive summary, include:
The name of your business.
What kind of business it is (e.g., a clothing brand, a pet-sitting service, or a tutoring business).
What makes your business special or different from others.
A brief overview of your business goals and plans.
This section doesn’t have to be long, but it should grab attention and make people want to learn more about your business.
2. Describe Your Company
Now it’s time to explain your business in more detail. What does your company do? What products or services will you offer? How will you operate?
Here, you should include:
The name of your company.
What products or services you’ll sell.
Who your customers will be (e.g., other kids, adults, pet owners, etc.).
Your mission and values (what you care about and why you started the business).
This is where you get to show the world why your business exists and what makes it awesome!
3. State Your Business Goals
Every business needs goals to know where it’s going. Are you hoping to make a certain amount of money? Are you looking to grow into a bigger company? Whatever your goals are, it’s important to list them clearly.
Examples of goals for a kid or teen business might be:
Make $100 in the first month.
Sell 50 products by the end of the summer.
Grow your social media following to 1,000 followers in the first 6 months.
Setting clear goals helps you stay focused and gives you something to work towards!
4. Describe Your Products and Services
In this section, you’ll explain what your business is offering to customers. Are you selling something physical, like custom bracelets, or providing a service, like tutoring or social media management services? This is your chance to showcase the cool things your business will provide.
Be specific! If you’re starting a pet-sitting business, for example, describe:
What kinds of pets you’ll watch (dogs, cats, etc.).
What services you’ll offer (feeding, walking, playtime).
How much you’ll charge for each service.
This part of your business plan will help potential customers understand exactly what they can expect from you.
5. Do Your Market Research
Market research is all about understanding who your customers are and what they want. If you’re starting a business, it’s important to know if there’s demand for what you’re offering.
Ask yourself:
Who are your customers? Are they other kids, parents, or local businesses?
What do they need, and how will your business help solve their problem?
Are there other businesses offering something similar? How will your business stand out?
Doing market research can also help you figure out how much people are willing to pay for your products or services. This part might require some creativity, especially for younger entrepreneurs, but it’s a valuable step in understanding your customers!
6. Outline Your Marketing and Sales Plan
Once you know who your customers are, how will you reach them? This is where your marketing plan comes in! Marketing is all about getting the word out about your business, while sales are about actually getting people to buy from you.
For your marketing and sales plan, think about:
How you’ll promote your business (social media, flyers, word-of-mouth, etc.).
Where you’ll sell your products or services (in-person, online, at events).
What your pricing will be.
This is your chance to be creative and think about fun ways to get people excited about your business!
7. Perform a Business Financial Analysis
Now, let’s get to the numbers. Don’t worry if you’re not a math whiz—this part just involves understanding the basics of money in business.
Think about:
How much money you’ll need to get started (for materials, advertising, etc.).
How much you plan to make from your sales.
Your expenses (things like supplies or transportation costs).
By knowing where your money will go and how much you expect to make, you can ensure that your business will be financially successful.
8. Make Financial Projections
Financial projections are predictions about how much money you think your business will make over the next few months or years. This can help you plan for growth and determine if you’ll need extra funding to get started.
If you’re just starting out, try estimating:
How much you expect to earn each month.
How many customers you plan to serve.
Any big costs you’ll need to cover, like website fees or business cards.
This might seem tricky at first, but it’s a great way to stay on top of your business’s financial health!
9. Summarize How Your Company Operates
Finally, this section is all about how your business works on a day-to-day basis. Think about:
How will you make your products or offer your services?
Will you work alone or have a team?
What tools or resources will you need to run your business smoothly?
This part gives you a good idea of the practical side of your business. Once you’ve figured out how it will run, you’ll be ready to start!
Using KidVestors Free Business Plan Template For Kids and Teens to Get Started
The good news is that if you’re a kid or teen who’s ready to start a business, KidVestors has an amazing free business plan template to help you get started right away! This template breaks down each of the sections we just talked about, so you don’t have to worry about forgetting any important details.
Not only will you be able to create a strong business plan, but KidVestors goes beyond just the basics. Our platform teaches you how to actually start a business, get funding, market your business, and learn essential financial literacy to ensure your business is successful for years to come.
The Bottom Line
Starting a business as a kid or teen is a huge accomplishment, and writing a business plan is an essential part of the journey. With the right tools and mindset, you can take your ideas and turn them into a successful, real business!
KidVestors is here to help make the process easier with our free business plan template, and we go beyond just business plans to teach you the ins and outs of entrepreneurship and financial literacy. So, what are you waiting for? Start writing your business plan today! Your entrepreneurial adventure is just beginning!
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