Ideas for Teen Businesses
- Babysitting
- Pet Sitting
- Snow Shoveling
- Raking Leaves
- Cutting grass
- Run Errands
- Selling candy
- Lemonade Stand
- Tutoring
- Cooking / Baking
- Painting
- Photography
- Videography
- House Cleaning
- Sewing
- Barber
- Hair Stylist / Braider
Will your business idea …
- Satisfy an unfilled need
- Serve an existing market where demand exceeds supply
- Be competitive on its quality, selection, price, or location
Funding Resources
- Family
- Friends
- Rinancial Institutions
What Funding Sources Want to Know
- Character
owner's personal integrity
- Capacity
company's financial strength
- Capital
Company debt versus equity
- Credit
personal financial obligations
- Collateral
secondary source of repayment
Youth Entrepreneurship
Key tips in Starting a business!
Steps to Starting a Business
- Chossing the right location
- Determining your Capital needs
- Identifying financing sources
- Structuring your marketing plan
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Getting Great Ideas
- Personal experiences such as hobbies and interest
- Work related experiences
- Friends, family, teachers, coaches
- The internet
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Professional Consultants
- Attorney
- Accountant/CPA
- License Agencies
- State Agencies
- Business Advisor
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Benefits of Self Employment
- Financial independence
- Utilize knowledge & skills
- Provide a service or product that you have a passion for
- Freedom from routine
- Be your own BOSS
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Legal Structure Options
- Sole Proprietorship
- Partnership
- C-Corporation
- Limited Liability Corporation
- Limited Liability Partnership
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Downside of Self Employment
- Wearing several "hats"
- Demanding workload
- No steady paycheck with benefits
- Use personal savings
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Business Plan Checklist
Business Questions to Consider
- What services and / or products will I sell?
- Is my idea practical, and will it fill a need?
- Can I deliver a better quality services?
- Where will I be located?
- What skills and experience do i bring to the business?
- What will I name my business?
- What equipment or supplies will I need?
- How much money will it cost to start my business?
- Will I need financing?
- What are my resources?
- What is my competition?
- How will I compensate myself?
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