The BizFilings blog covering business tips and trends.
Supporting Young Entrepreneurs: Four Things Every Parent Needs to Know
Published on Jul 15, 2010
Read 'Supporting Young Entrepreneurs: Four Things Every Parent Needs to Know' at 'Time to Start Up,' the small business blog by BizFilings.
Our very own BizFilings General Manager Karen Kobelski recently participated in a TV interview aired in Madison, Wis. on NBC 15 July 13.
She offers some helpful tips for parents who want to support their young entrepreneurs in their pursuit of starting a business:
Make a plan - Help your entrepreneur create a business plan that explains how he or she will make a profit. This would entail developing a plan for start-up expenses, pricing, marketing and advertising. Sample business plans and other valuable tools are available on the Business Owner's Toolkit site. Another option is to purchase business planning software that walks you through the process.
Maximize free start-up help - Small Business Development Centers dot the country and offer counseling, training and assistance to entrepreneurs in running their small businesses in partnership with the Small Business Administration.
Make it legal - Make sure you research and obtain the proper business licenses and permits for your new business to avoid fines and penalties. Depending on your type of business, there may even be more requirements to satisfy. BizFilings offers a service that identifies the licenses you need by industry and jurisdiction, ensuring your business is meeting legal obligations.
Protect yourself - Incorporate your business to protect your personal assets. Incorporation is not just for the big guys. It allows you to protect your family assets like your college savings funds and retirement accounts from the risks of business.