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Starting your own business can be a great way to earn cash to pay for the fun things you like to do, as well as save for the things you hope to do in the future.
Generate Ideas
If you enjoy making jewelry for friends, ask your parents if it’s OK to try selling a few pieces. If you love playing with kids, a babysitting service could be perfect. And if you enjoy being animals, offer to wash neighborhood dogs.
Flesh It Out
Once you’ve selected your business, spend some time honing your idea. Ask yourself these questions:
- Is my idea practical? If your neighborhood is full of children and you don’t mind working weekend evenings, babysitting could be very successful.
- What is my competition? For example, if you have friends in the neighborhood who babysit.
- What is my advantage over existing businesses? Charging less than the competition is always an advantage!
- How can I deliver a better quality service? For instance, having Red Cross babysitting certification assures parents that you’ll provide top-notch child care.
Once your business is up and running, your savings account is a smart place to stash your cash.