Mind Your Own Business: Teen Edition III

Mind Your Own Business: Teen Edition III

Ahh, summer. I can feel it. The sun is out longer, the windows are open all day and everyone is looking for pool owners to befriend. I love it.

Summer has always been my favorite season for many reasons. First off, I don’t think there is anything better in the world than wasting the day away out on a boat. Secondly, summer just opens up so many new opportunities. Now, I may be done with school and I’ve moved on to the whole 8-5 work thing, but I still see summertime the same way: the season for lemonade stands.  

A few months ago, I blogged about some money-making ideas and business ventures for teens and young adults. Now is the PERFECT time to revisit those two articles and make your plans for a profitable summer.

Review the list of ideas to find one that suits you. Then, get started with outlining the structure of your business, plans for funding and your ultimate goal for the summer. When determining the logistics and finances of your business, it is important to decide if you are going to accept checks. If you choose to accept checks, you will need to have a bank account established in your name and the checks must be made out to you. However, if you enlist the help of Mom or Dad and open a business account, you can accept checks made payable to your business. Even if you stick with a cash-only policy, a checking or savings account is still a good idea to help the track the flow of money.

Along with a bank statement, a financial report can be used to record your expenses and income. This can be a very simple document. For every day that you spend or take in money, write it down in a notebook as an expense or income. An expense is the money spent to operate your business. Income is the money you receive in exchange for your good or service. At the end of the day, subtract your expenses from your income to determine if you had a profit or loss for that business day. Every day that you end with a profit, you must decide how much to pay yourself and how much should go back into your business for supplies and advertising. These decisions will help you prepare for your adult years, and put you on track to become a successful entrepreneur!

I know the last thing you want to do during your summer break is work, but if you’re your own boss and you get to set the schedule, there’s nothing to stop the board meeting from being poolside. Break out the shades and smoothie, and get to work on your new business model. Summer vacation is just a few weeks away!

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  • avatarPost by AmandaC on May 11th, 2011
    Amanda is a former Customer Service Representative for Central National Bank. In 2009, she graduated from the University of Kansas with a degree in strategic communication and moved from finance to a marketing and public relations firm. She loves her new job and stops in from time to time to say hello to her old bank friends.

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