Micro Business Idea: Foot Boards

May 17, 2013 By Leave a Comment

David Stelzi building the Foot Board.

Eight years ago, David Stelzi, age 10 at the time, begun a micro business selling foot boards (or “Wedges”) to local therapists.

The business began when David’s mom had an appointment with a local therapist. She saw that the therapist was selling platforms that supported your angles. These platforms were made out of wood but the craftsmanship wasn’t very good. So she asked the therapist if her son could try making the platforms and sell them instead. The therapist agreed to give David a trial run.

Now right years later, David is selling to multiple local therapists in the Charlotte area. He started printing brochures and putting them in local athletic stores. He also has begun to take direct orders from customers.

Read more of David’s story.

Starting_small-259x300If you have an idea, like David did, to start a micro business, but need help understanding how to start one. You should check out my book, “Starting a Micro Business“.

Carol Topp, CPA

Filed Under: Blog, Ideas, Starting a Micro Tagged With: , , ,

Q&A: Is it legal for a 14 year old to run a business?

May 14, 2013 By Leave a Comment

Recently a young entrepreneur emailed me to the following question:Q&A: Is It Legal For A 14 year old to Run a Business?

I am a 14-year old entrepreneur, and I had a simple question that you may have already answered but I may not have found: is it even legal for me to run a business (in the IT field). If so, am I allowed to keep it a sole-proprietorship, or even allowed to form an LLC? -Krish

Here was my response to Krish:

Q&A: Is It Legal For A 14 year old to Run a Business?Krish,

Thank you for contacting me!

Yes, it’s legal for a teenager to run a business, even in IT!
Most teenagers form sole proprietorships and some obtain LLC status as well, but that depends on your state and age limits. The only teenager I know that obtained LLC protection for his sole proprietorship was 18 when he did it.

You can read more about the legal stuff in Running a Micro Business.

My advice on paying taxes is to read Money and Taxes in a Micro Business. Taxes are just too complex to cover in an email or blog post.

Carol Topp, CPA

Filed Under: Blog, Starting a Micro Tagged With: , , , ,

Teen sells mobile app to Yahoo for $30 million

May 10, 2013 By Leave a Comment

Teen Sells Mobile App to Yahoo for $30 millionWouldn’t be awesome to receive a check for $30 million just for developing an iPhone app? This is exactly what happened to 17 year old Nick D’Aloisio.
When Nick was just 12 years old he taught himself how to write software code for the iPhone platform. Then using his knowledge, at the age of 15, he designed a free app named Summly. The app would take long news stories from your favorite news sites and summarize them for your small iPhone screen.

Nick D’Aloisio has become one of the world’s youngest self-made millionaires. (Nadine Rupp, Getty Images / January 23, 2012)

Little did Nick know that this app would later be downloaded more than 1 million times! And to top it off, it even won an award from Apple, “Apple’s Best Apps of 2012 award for Intuitive Touch”.

Yahoo! took notice. Because of the app’s popularity, they decided to buy the app for $30 million.

But that’s not all, Yahoo! also hired Nick as an employee to help Yahoo! design even more amazing products besides the Summly app.

Courtesy of LA Times

micro-mid-1If you’ve ever thought about starting a micro business creating an iPhone app, or even something seasonal like mowing the lawn, you should check out my series of books titled, “Micro Business for Teens“. They provide you with excellent step-by-step instructions and tips on how you can get your micro business started for success!

Carol Topp, CPA

 

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Micro Business Idea: Scientific Inventor

May 3, 2013 By Leave a Comment

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Have you ever studied an object, and then realize you could invent something really cool based on it? Well, this is what 13 year old Aiden Dwyer did when he was just 11.

Aiden Dwyer, age 13, holding his invention.

Two years ago Aiden was on a hiking trip. While walking, he stared at the tree branches and their leaves. He noticed how they looked alike and asked his parents about it. They encouraged him to do some research on it.

After a little bit of Googling, Aiden discovered the math behind trees, their leaves, and what makes up their shape. It’s called the Fibonacci sequence.

Watch below to see how Aiden used the math and science behind trees, to invent a new way to harvest solar energy.

Courtesy of Social-Consciousness.com and The Wall Street Journal.

micro-mid-1If you’re thinking about inventing something really cool, like Aiden did, then you should check out my Micro Business for Teens series. It will provide you with excellent step-by-step information on setting up your micro business for success.

Carol Topp, CPA

Filed Under: Blog, Ideas Tagged With: , , , ,

Coming soon to your PBS station: Starting a Micro Business for Teens

May 2, 2013 By Leave a Comment

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I am thrilled to announce that the PBS-produced program Micro Business for Teens: Starting a Micro Business will be distributed to PBS stations across the country via the National Educational Telecommunications Association (NETA) beginning June 5, 2013.

Now more teenagers will be encouraged to start their own micro business!

Micro Business for Teens: Starting a Micro Business explains what a micro business is, gives examples of businesses suitable for teenagers, offers instruction on writing a business plan and financing the business and more. You’ll meet six teens who are already operating profitable micro businesses by following the guidance of Carol Topp.

This program makes the very notion of creating a micro business an achievable goal if you have a good idea and the enthusiasm to design and implement a plan of action. While the program is targeted to a teen audience, its content will be helpful to any adult interested in starting his or her own micro business.

The program was produced by Western Reserve Public Media with sponsorship from:

The Burton D Morgan Foundation
Dominion Foundation
The Veale Foundation
The Fred A Lennon Charitable Trust
Hudson Extrusions, Inc.
Deluxe Corporation Foundation
Ohio Small Business Development Centers
Jobs for Ohio’s Graduates

If you sign up for my email list, you’ll be hearing more about when the show will be broadcast on your local PBS station.

Carol Topp

Filed Under: Blog, Starting a Micro Tagged With: ,

Micro Business Idea: Garden Care Business

April 24, 2013 By Leave a Comment

Picture Courtesy: Simon Yeo

15-year-old Simon Yao owns Simon Plant Care Inc. Picture Source: SimonPlantCare.com

Here’s an idea, start a Garden Care Business.

This is what Simon Yeo, age 15, did in his local neighborhood. The whole idea started when he went to a 3 day technology camp at his local school in Washington, DC. He was tasked with creating a fake logo for a plant business.

Simon liked the logo so much that he created business cards. He then began passing the cards out to neighbors. And not long after, Simon Plant Care Inc, was founded.

Simon charges $5 a day for plant care, but he adjusts it based on the size of the garden. When he’s away on vacation, Simon assigns the task of watering the plants to his 5 person team. You can read more about his story here.

Starting_small-259x300If you feel inspired by Simon Yeo, you can also start a micro business. Check out my book, Starting a Micro Business, for tips to help get you micro business started.

Carol Topp, CPA

Filed Under: Blog, Ideas Tagged With: , , , ,

Meet me in St. Louis

April 11, 2013 By Leave a Comment

 

I’ll be speaking at the Greater St Louis Area Home Educators Expo this weekend.

Grab the handouts here

Come by my booth in the North Foyer and say hello!

THURSDAY AFTERNOON – Carol will be speaking to local homeschool leaders only

Room 300
3:00 – Homeschool Leader: Are You Burnt Out?

Encouragement for the homeschool group leader. This workshop is structured as a support group meeting for the support group or co-op leader. Author Carol Topp facilitates discussion among leaders as she encourages them to motivate volunteers and stay focused while avoiding burnout.

 

FRIDAY

Room 315
10:15 – Five Ways a Mom Can Work AND Homeschool

Are you thinking about homeschooling and working? Can it be done? Carol Topp will share 5 ways that you can earn money and still homeschool your children. She shares tips and advice from dozen of homeschool moms who are doing both successfully.

 

Room 370
2:00 – Record Keeping, Transcripts, and Plans for Homeschool High School Students

Do you have questions on how or what you need to do to home educate your children through high school? How do you keep track of credit hours? Transcripts: what’s required and what’s not? What are colleges looking for? If high school creeping up and you’re not sure if you can do it or just need some guidance, this workshop is helpful and encouraging.

 

SATURDAY

Room 110

9:00 – Micro Business for Teenagers: Starting a Micro Business (Part 1)

Encouragement for teenagers to start and run their own micro business. They will learn a lot while earning some money. A micro business can be started quickly and easily with no debt from home. Presenter Carol Topp, CPA has counseled dozens of teenagers starting a business and will discuss business plans, ideas. Teenagers and their parents are encouraged to attend together.

 

Room 110
10:15 – Micro Business for Teenagers: Starting a Micro Business (Part 2)

Information for teenagers who wish to run a successful micro business. Presenter Carol Topp, CPA has counseled dozens of teenagers running a business and will discuss sales, marketing, taxes and record keeping. She will explain the basics of a business tax return, business deductions and the “hidden” tax on the Form 1040. Carol puts difficult accounting and tax issues into easy-to-understand English. Teenagers and their parents are encouraged to attend together!


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Meet Carol Topp at the Midwest Homeschool Convention in Cincinnati

March 31, 2013 By Leave a Comment

 

GHC_cincy_2013

I’m happy to be returning to the Midwest Homeschool Convention again this year

The convention will be held  April 4-6 in Cincinnati Ohio.

Find me at Booth #821 Micro Business ForTeens

I will also be presenting these workshops:

  • The Best Micro Business for a Teenager to Start This Week, Thursday April 4 at 3: 30 pm Duke 250
  • How You or Your Child Can Become a Published Author Friday April 5 at 11:30 am in Duke 250

DVDFrontCoverMy convention special will be a free DVD Starting a Micro Business with the purchase of a full set of the Micro Business for Teens books.

 

I hope to meet many of you in Cincinnati!

Carol Topp, CPA

Filed Under: Blog

Micro Business Idea: Singer/Songwriter and Band Manager

March 19, 2013 By Leave a Comment

Doug Mains and the City Folk

 

Doug Mains and the City Folk

Doug Mains began his indie folk band micro business as a junior high student with a guitar he got for Christmas.

In high school, he began playing more seriously and developing his lyrics.  By his late teens and early college years, he had added vocals and instruments with many more venues.  At 25, he is now nationally known on the indie folk music scene, has offered the world the band’s first CD (Mountain’s King) and you can hear him on Spotify, Pandora and iTunes.

From a business perspective, he has gone from being a starving artist to managing a band that is making money (at least enough to pay for gas and food on tour!).  He boasts of merchandise that can be purchased at his concerts  like t-shirts, bumper stickers and personally screen-printed ware.

He has learned much about the music industry, money management, professional business etiquette and development of his trade.  Making music is work.  Promoting it, selling it, working with vendors and scheduling venues are all part of the business of making music matter.

Now, he gives young students seminars in lyric development and becoming a musician.  He is all heart, but he is  also serious-minded about being a storyteller in this generation.  His rich lyrics and the band’s layered rhythms and harmonies fuse to make his band more than a micr0 business, but less than a job.  Doug makes music a reputable idea for young people to invest their lives in as a profession.

 

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http://www.dougmainsmusic.com
http://www.reverbnation.com/dougmains
https://www.facebook.com/dougmainsmusicpage

Money_smallI hope Doug’s story inspires you that you could start a micro business being a singer, songwriter or band manager!

Doug learned a lot about money management. What do you need to learn?

My book Money and Taxes in a Micro Business is on sale during tax season. The ebook version in only $4.95.

Download your copy today!

 

Filed Under: Blog, Ideas, Starting a Micro Tagged With: , , , ,

What’s an income statement and why should you care?

March 5, 2013 By Leave a Comment

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In Money and Taxes in a Micro Business,  you can learn about the importance of good record keeping and an important financial statement called an INCOME STATEMENT:

  • An income statement is a very popular financial statement for business owners because it is easy to understand.
  • An income statement (sometimes called a Profit and Loss or P&L) is a listing of business income and expenses over a period of time.
  • An income statement has a bottom line called net income (or sometimes, unfortunately, net loss).  Net income is total income minus total expenses.
  • If you have been keeping good records then preparing an income statement is very easy.
  • Balance Sheets are not usually a necessary financial statement for a micro business.  They are very useful for larger businesses.
  • Profit is not the same as the balance in your checking account.

 

It pays to prepare an income statement every month or at least several times a year to see if your micro business is profitable.
Carol Topp, CPA

Filed Under: Blog, Money & Taxes, You Can Do This Tagged With: , , , , ,
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