When it comes to launching a business in high school, there’s plenty of options you can pursue that require practically no money at all. However, being able to start with some capital can open the door to a range of new possibilities and greatly increase your chances of success. Here are some of the best ways to earn and raise money to start a business in high school:
Create a Kickstarter Campaign
If you want the chance to make a lot of money quickly, going with this popular crowdfunding platform could be an intriguing option. If you don’t know how Kickstarter works, it’s a site where you can post a listing for a product/business that you want to build or are in the process of prototyping. People browsing the site can then buy your product at prices you set with the promise that they’ll receive it once you manufacture it.
At the bare minimum, Kickstarter campaigns need mockups of your product, a general business plan, and an introductory video. Ideally, you might also have some early prototypes to help prove your legitimacy. However, they are not mandatory, especially at first, and you can always add them and other attachments later if the listing starts getting big.
Arguably the biggest advantage of funding on Kickstarter is that there’s little downside. Setting up a campaign doesn’t take much work or money, so it doesn’t necessarily spell disaster if it flops. And if it goes well, then you now have very deep pockets with which to build and grow the company, along with a customer base which you can try to turn into returning customers.
Get Investments From Small, Local Investors
Although this option can seem daunting, under the right circumstances, getting a small investment can be easier than you might think. To have a decent chance of getting any money, you’ll need something to show for your idea. This could be a product prototype, proof that people will use a service, or some other form of demonstrated customer interest. You’ll also need a draft of a business plan and concrete details for how you’ll earn revenue.
If you have any family or friend connections that can introduce you to a small investor, take advantage of it. If not, try finding investors near you that fit your needs, and cold call or email them. This will take practice and you likely won’t succeed in getting a meeting your first try, but with persistence and a solid idea, eventually you’re likely to find someone interested.
Do Chores and One-Off Jobs
As obvious as this might seem, saving up small income streams can quickly add up to a significant amount. If you don’t have an allowance or some other way to make money around the house, ask your parents if they’ll set one up for you. Even if it’s just a small amount, it’s a great way to start building up some capital.
To make this worth your time, try going for periods of time where you spend none or very little of your money. One of the benefits of being a high school student is that, in most scenarios, your family takes care of you and all your bills. Even if it means not getting that video game or waiting to get a new phone, being frugal with your spending will see big improvements in the amount you have saved. Eventually, you’ll have a sum large enough to start a business, and you can keep up your habits to keep that fund topped off.
Get a Part-Time Job
If you’re old enough and have enough time to spare, a part-time job is a great way to earn a good amount of money in high school. If you find a local store, restaurant, or other venue that you like and can get shifts at with friends, it might not even feel like a job. The amount you get paid and the options available to you obviously vary by where you live, but in general, a steady stream of income like this is invaluable if you want to launch a company.
Pool Capital with Your Cofounders
This option requires a certain amount of trust between you and your partners but can be one of the best strategies to bond you as a unit and ensure that everyone carries their weight. If you choose to do this, we’d recommend going in equal if possible; you can get into some awkward situations if a conflict comes up and one of you claims to have more authority than others. Further, if you agree to invest a significant amount, it’s in your best interest to draft and sign set terms so that there’s no confusion later.
Obviously, this does put more on the line than some of the other options on this list, but it does come with its fair share of advantages. As mentioned before, having a financial stake in the company ensures that everybody will pull their own weight. And unlike getting an investor, you remain in complete control of the company and can make decisions without needing outside input or approval. While the monetary amount might not be as much as an independent investor, self-funding can be a good option to consider for some team-based startups.
Getting Money To Start a Business in High School
These are some of the best ways that we and others have used to get money to start a business in high school. Did we miss any? Let us know in the comments or elsewhere on the site and we can make another blog post covering it.
If you now feel confident about how you’ll get funded but aren’t sure what idea you want to pursue, you should check out Venzur. We offer a platform where you can network with other students, pitch your business ideas to them, and team up to turn your venture ideas into realities. You can sign up here or see recently posted business ideas here. Now that you know how to get money for your high school business, finding and building the perfect idea is all that stands between you and success.