If you’re a young aspiring business owner, you know how daunting the process appears. Time, money, scarcity, and even minor issues like unclear direction can hinder you from taking the first step.

Last year, my friend and I decided to embark on our own entrepreneurial journey, starting a jewelry business. Throughout the whole process, we made many mistakes and took months to get started. The hardest part was trying to maintain a healthy balance between school and work.

But we learned a lot about operating a business, so here are some tips and tricks for entrepreneurial teens learning how to effectively start their business. Whether you’re trying to sell your artwork, become a beauty tech, or even run your own YouTube channel, here are five essentials:

1. Research, research, research!

The first step when starting any business is to do your research. Many people, once they get their first idea, jump straight into the production process without having a plan. Before you even sell your first product or upload your first video, you need to spend weeks making sure you have everything needed.

Figure out the cost of materials, the process of making and selling products, what is trending online, and any risks or problems that could arise in your venture. The best way to truly know how to lead your business is to learn how similar businesses are executing theirs.

You can still have a unique approach, but it’s essential to compare your idea with others to get a clearer direction. If you’re hand-making products, I recommend going on Etsy, where there are almost 2 million inspiring small businesses. From there, you can see how others are pricing their products and get ideas on what could make yours stand out. You can also see the best materials or tools to buy, making sure you aren’t purchasing carelessly.

If you’re content creating, think about who has succeeded and, perhaps more importantly, who has failed. Though it might seem tedious, this step is crucial in the development process as it prevents you from making simple mistakes.

2. Maintain a designated virtual or physical planner

Once you’ve done your research, you need to organize it for future reference. Make sure to have a designated notebook or Google Doc for organizing everything related to operations. This includes social media logins, prices of materials, links to helpful resources, to-do lists, and other functional necessities.

This space will grow as you continue your journey, so it’s important to keep it organized in a system that works for you. For product-based businesses, you should also take advantage of using tables and spreadsheets to keep track of what items you have in stock and how long certain materials last.

You don’t want to have a bunch of orders piled up and suddenly run out of supplies. If your business is service or content-based, it’s important to have an organized calendar so you can record your service hours, availability times, or upload schedule. You can then share this calendar with your customers or collaborators, providing them with an easy way to know your schedule and expectations.

I prefer using Google Docs, the Notes app, and a physical planner to record every aspect of the business. I found that writing things down made me feel less stressed and more in control.

3. Get help

Running an entire business takes a lot of time and resources that simply isn’t manageable with just one person. Even the most dedicated and self-sufficient people will still struggle with doing every aspect of the business alone, especially while you’re young and still in school with other responsibilities.

You can consider getting a business partner like I did. In doing so, we catered to our individual strengths rather than one person trying to do it all.

Also, for financial support, you should consider getting an investor or financial backer. They can be your parents or any supportive adult in your life. This doesn’t mean you can’t fund the business by yourself. However, if money or resources are holding you back, try to ask others for help. Show them your business plan and tell them about your unique idea. If they see the passion, understand they could get a return on their investment, and believe in the vision, they likely will say yes.

4. Set realistic goals and balance time effectively

Once you have your ideas and the direction you want to take your business, you’re ready to open shop. A big mistake that many make, not just as entrepreneurs, is taking on too many things at once.

You may get so excited to start making money that you overestimate your abilities and the time you have. You might overbook your clients or pack your entire schedule with making products or churning out podcasts. Don’t give yourself unrealistic deadlines or goals, which can cause delays or, worse, burnout.

Set goals that are achievable with your amount of free time and drive. I like to set small and easily manageable goals to motivate myself to persevere. This is especially important with having orders or clients. You need to be able to meet the demand and give yourself enough time to provide your service. No one wants to have a reputation for being late or making poor-quality items or content.

Balance your time between the business and other responsibilities. Going headfirst can cause you to be behind on school assignments or neglect your social life. Worst-case scenario, the project becomes unnecessarily stressful when it was supposed to be fun and empowering. But don’t lose passion.

I interviewed the owner of the newly opened BooHues, a fellow student at my school, who requested anonymity. Being an original sticker artist, they had a lot to say about the struggles of being an entrepreneur and how they found the motivation to keep going.

“Have the passion for it. If you don’t have passion, then your business won’t be able to have longevity.”

5. Take advantage of social media

Once you have a clear idea of where you want to take your business, you should start promoting on social media. Technology has become such a prominent part of today’s society that it’s required for the success of a new business.

You don’t have to be a master at editing or a top-tier influencer, but take advantage of the many easy-to-use platforms like TikTok, YouTube, and Instagram. Their short-form video features make it easier for beginners to make posts and grow their accounts.

It’s also better to post early in the process rather than when your business is completely ready. This way, you can build a following and customer base while keeping people hooked for the future.

Starting a business might seem intimidating or even impossible if you’re a teenager, but if you are devoted and passionate about your vision, it can become a rewarding experience.