You should do some market research and see what’s in demand in your area. For example, in my city, self storage is very in demand. Smaller businesses charge an average of 2-3$/month per square foot for small storage barely big enough to fit a small car, and that’s a good 30 minutes away from the city. If capital is low, you can also consider leasing the space to other business for a monthly fee. If you have the resources, you can start something more complex, like a fulfillment center. If you’re into entertainment, indoor trampoline parks seem like a good business, they’re always packed around here. So many thing you can do with a space like that, just make sure to do your homework.

I am currently in my last year of a business degree, so I think I might be able to give some insight on my experience.

Before enrolling, I used to be an Automotive Technician making 49k per year and wanting something more out of life, so I enrolled in an Undergrad as a business technology major. I can tell you that I feel slightly disappointed in my University experience, although I gained knowledge on a couple valuable topics, most of my course have left me feeling like I’m wasting my time.

But I do not regret going to business school. I’ve been able to do a couple paid internships that paid me twice as much for work that is a lot more enjoyable. During one of my internships, I have joined a startup to analyze and improve their business’ processes. I was surprised how they were able to stay afloat with the way they ran their business. It was an extremely rewarding experience and I felt valued in a workplace for the first time. I have also met many great people that I’m proud to call friends.

Undergrad is definitely not for everyone, Its not easy, there was nights where I felt like rolling myself into a ball and crying myself to sleep. So you have to ask yourself what is your end goal. Getting an MBA to end up as a nail tech is most likely not worth the hassle and money. You might do a degree and discover that you enjoy that far more then doing nails, just like I never considered a masters degree until this year.

Absolutely, starting a business at 16 is possible, though some aspects might be more challenging due to your age. You can certainly begin with smaller ventures, such as lawn mowing or creating and selling homemade products online. While setting up a manufacturing facility may present more hurdles, your ambition and early interest in entrepreneurship are commendable. Remember, though, that being young might affect how others perceive you, especially in scenarios like securing a business loan or offering high-value services. However, with enough determination and a smart approach, you can find ways to navigate these challenges. Your ambition is key, and there’s always a solution to every obstacle. Pick up a couple books on accounting, business strategy, finance or any material that may be relevant to your objectives. Best of luck !