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By Carol Topp, CPA
Most of my small business clients operate micro businesses. What is a micro business?
- Sole proprietorship (one owner)
- No employees
- Low or no start up costs
- Frequently a service business with no inventory
- Home based to keep costs low
- Usually the first business a individual starts
- Sometimes a starting place to launch a bigger business
- Sometimes started for a specific financial goal such as a college fund for their children, a vacation, or to fund another business
- Run extremely efficiently-everything must bring in more benefit than it costs
- A wonderful learning experience!
How about you? Do you run a micro business? I know many homeschooling families that operate very small businesses.
My 17 year old daughter has a micro business teaching piano lessons. She had almost no start up costs except a few piano books (if you don’t count 11 years of piano lessons!), home based, service oriented and funds her entertainment expenses. She is also learning a lot about billing customers, record keeping and preparing a tax return.
If you or your teenager would like to start a micro business, visit my website, MicroBusinessForTeens.com There you should find some great ideas and advice to get you started.
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