Manual Money and Taxes in a Micro Business (Micro Business for Teens Book 3)

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As a variation, a teenager could bake dog treats, since there are fewer restrictions on pet foods than on food meant for human consumption. After your teenager has come up with an idea for a micro business, a few more steps are necessary in order to launch a successful enterprise.

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Conduct a market survey. Encourage your teenager to ask a few potential customers if they would hire him and what they would be willing to pay for the service he plans to offer.

Decide on a price. A great way for teenagers to get customers is by undercutting the competition. My daughter ended up with more piano students than she could handle because she charged only half the going rate for a half-hour lesson. She was happy because she was still paid better for her time than she would have been paid working at a fast food restaurant or at the mall. Become a volunteer. I recommend that a teenager offer to do a free service for one or two clients to start out and see how it goes. My daughter Sarah is interested in photography and took senior pictures of her friend Kelsey.

Launch an initial advertising campaign.

Starting a Micro Business

Word of mouth is the best means of advertising, and in this digital age that means using email and Facebook. My daughter found her first piano students through our homeschool network. Also, consider setting up a Facebook fan page to advertise to friends and neighbors. Pick a name and register it. Usually a teenage micro business owner does not need a business name; most can simply use his or her own name. I recommend waiting a few months to see if the teenager is going to stick with the business before choosing a business name.

Business names must be registered with your state or local government, and this may involve a fee, so I recommend putting off that expense until the business shows some longevity and a profit. Consider opening a checking account. Be aware that many banks will not let a student under age 18 open a checking account, while others may require a parent to be a co-signer on the account. A check is a contract to pay, and minors cannot legally execute a contract.

If your child is too young to maintain a checking account successfully, he or she could endorse checks over to you and have you cash them. Minor children can open a savings account, and they can build good financial habits as they see the profits of the micro business grow, yet they will not have easy access to those resources. Read up on taxes. I hope your children are successful enough to pay taxes on their micro business profits!

B05 - Micro Business For Teens" -- Part 3

Depending on the nature of their businesses, they may also owe self-employment tax of It also discusses services that are usually exempt from self-employment tax, such as babysitting and lawn care. Learn about customer service, marketing, and record keeping. There will be a lot to learn when running a micro business. Encourage your teenager to read books about several aspects of running a business. Offer to give him high school credit for what he is learning.

My website, MicroBusinessForTeens. Carol Topp, CPA is a homeschool mother and accountant. She encourages teenagers to start a micro business at her website MicroBusinessForTeens. Copyright Used with permission. Visit them at. We have supplied this link to an article on an external website in good faith. The workbook is designed to give the teen practice of the concepts outlined in the two books listed above.

Micro Business Ideas

Using real-life examples, Carol Topp helps the teen more fully embrace the small business model. Each chapter of the two books is covered with exercises in the workbook. By the end of the workbook, the entrepreneur teen will have the building blocks of a new micro business in place and ready to move forward confidently and successfully.

A big thank you to Tillie of Little Connections for writing this introductory post. Your email address will not be published.

Help Your Teens Start Their Own Business (Micro Business for Teens Review)

Save my name, email, and website in this browser for the next time I comment. Advertiser partners include American Express, Chase, U. Bank, and Barclaycard, among others. Since the recession hit, many adults bemoan the tough job market, and with good reason: The Bureau of Labor Statistics reports that the current unemployment rate hovers around 8. What many people do not consider, however, are teenagers.

And some cities, such as Washington, D. Unfortunately, the fierce competitiveness teens now face in the workforce will have serious consequences.

76 Home-Based Business Ideas You Can Start Today

NPR further reports that studies show discouraged teens often grow up to become discouraged adults, which can affect their confidence level in the workforce. One possible reason for this could be that many teens rely on part-time jobs to help pay for college and living expenses during college, and without a job, they could see their dreams of higher education pushed back several years — or even disappear entirely.

I started my first business several years out of my teen years, at the age of I had great references, I graduated college with a 4. This frustrating time of my life went on for several months. If they have the courage and persistence to take advantage of them, the opportunities are truly great. You will learn to think on your feet, overcome tough challenges, be creative, manage finances, be diplomatic, and lead your team.

Thanks to the Internet, the resources to learn a brand new skill are at your fingertips. Just be sure, regardless of what business or skill you wish to study, that you find a qualified online source to learn from. The Internet, though invaluable, has a vast amount of misinformation to be wary of. As a teen growing up in the Internet age, you have a serious advantage over many adults. Your familiarity with the World Wide Web will make learning and understanding social networking, search engines, and blogging much simpler.

Companies pay good money for those with expertise in these areas, and there are plenty of teens and young adults who make a great living as social media consultants. How to Get Started: There are books and websites that will teach you the ins and outs of how to effectively use social networking as a promotional tool.

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You can even sign up for a social media marketing course on Udemy. These will teach you basic and advanced topics. Learn how to apply these skills to small businesses in your area, and offer your services creating, managing, and maintaining a blog, a Facebook page, and a Twitter account for a monthly fee. Do you know how to make awesome necklaces? Do you paint, knit scarves, take photographs, or make your own soap?

Do you have a great eye when it comes to picking out vintage clothing? Selling your artwork, jewelry, and other clothing and crafts on Etsy is a great way to earn money, and you can do it right from your home. How to Get Started: Take a look at the art, jewelry, clothing, or vintage items you have. Is it good enough to sell? Keep in mind that you can also sell gourmet cookies, cupcakes, sauces, and candy and chocolate on Etsy. If you do not currently create arts or crafts — but you would like to start — scour the web to search for easy DIY projects.

Babysitting is a great way to earn money because there are almost no start-up costs. All you need is a great reputation or great references, and the ability to find local parents. Join sites like Sittercity and Care. Parents are always stretched for time, so why not start shuttling their kids to ballet, violin, karate, or soccer practice? Parents can stay at work longer or spend more time relaxing and cooking dinner while you drive their kids to after-school activities.