Ruth Owen - I Can Start a Business!

Contents Becom e an Entr epr en eur Y our Big I dea Kn ow Y our Business Ma th Spre ad the Wor d Y our Business P l an Mud Ca n Mean Mo ney ! Ca r Washing G e t Ear nin g w ith Y ar d Wor k Cust omer s T ha t W oof ! Becom e a Pa re nts H elp er A N a il Ar t Business Make Mo ney wi th Y o ur Cr ea tiv ity Swee t T re at s fo r Sale! I Ca n Start a Business! G l ossar y and W e bsites Index

If the answer is ye , mayb now is the time o bcme an entrpenu an star your wn busines! Busines is al but pro ducing a product or p ving a servic an ernig moey in re tun. BECOME AN ENTREPRENEUR Would you l i ke to hav e mor e money to s pen d on boo ks , music , gam es, or ne w cl othes? Ar e you sav in g f or a big pur chase su ch as a ne w bi ke or T V? What Is Business? The re s alwa ys p le nty of yar d wo rk to be do ne Wh y no t get pai d to do it? Runnin g a business w ill hel p you discov er what you li ke do ing a nd wha t your e g o od a t Y oull lear n ne w thin g s, g a in c onden c e, and hav e f un. Y ou w ont just ear n m one y, youll learn ho w to manag e mo ney , too Becom ing a y oung en tre pre neur might ev en g i v e you ideas f or your f utur e a fter s ch o ol

SELLERS AND BUYERS SELLERS AND BUYERS Y ou might n ot r eal i z e it, but you alr eady take p art in business as a custom er Let s ay ou by a prticular brand o f cany . Why ou chos e tha brn? Mayb it s bcause you lik e th aste bt er than other ba ns. The cmpany tha mk es the cany proably spnt a lo t f ime exprimentg with ernt avors t ge the aste just r ight.

Mayb the TV cmer cial peld t o yu bcause it show pole yo ur age njoyig the cany d having a o time. Th cmp any wanted som en lik you t buy their poduct, so they prom ted i n a wy th atr cted you. Mayb the cany is cheapr than other b ans. When a cmpany hs lot f comption, t may give ts product a pric tha s lower than other ban s to atr ct ustomers . You ve xprienc busines as cust omer.

Mayb our bsines ia help s to aisfy a ne or slve a prolem.

Mayb our bsines ia help s to aisfy a ne or slve a prolem.

F or ex ample: Prolem: You r ant es not hav e baysiter fo y u lite cusin uring the scol hoiays. She wo rks fo m home an eds help taking care o f her bistero us lite by . Yo ur bsines ida: Oer yo u servics as baysit er so y ur ant ca quietly get on with some wrk. Onc you hav e n ia, it s ime o some market search . Grow in g sunow er s to sell in pots. YOUR BIG IDEA T he r st ste p in star tin g a business i s to hav e an idea.

Yo ur idea might be co nnected to your h ob by or fav orite pastime Business idea IDEAS Wh a t a re your ho bbi es and p assions ? Do yo u en joy being ar ound lit tl e k ids ? Wh a t a re you go od at? Do yo u like be ing outd oors ? I lo ve an imals! Craf tin g Cooking Sports

Is ther e a need f or your p rodu ct or serv i c e? W h o i s your target customer ? Ar e ther e other businesses in your ar ea off e ring the same servi ce or pr oduct? How mu ch d o the y char ge? How go od is th e com pet itio n, and what coul d you do dif fe re ntl y? Designing and maki ng clo thes and cost umes f or dogs Business idea Mayb our bsines ia s car wshing. How can you bat he cmp tion? Busines oprtuniy: Every Satury , our neighbr tak es hi car to the car wsh. Te pric t o wash t e car in the automic sy tem is $10 .0 Yo ur bsines ida: Yo u er to wash the car in your neighbr s ivew ay for $5.0 Y o ur sevic s cheapr , a n your neighbr oesn t evn have t o leav his house. Y o ur e in busines! Washing cars Business idea MARKET RESEARCH

Onc you hav e n ia f or y u busines, it s ime o think abut star-u cs t . For e xampl e, if your e staring a bking busines, you ne to buy eipment? To pay the sart- up cst, yo ul ne money kown as caitl . Y ou might have s ings or bithay money t o use.

Prhaps r eltiv e wl en you the mony. KNOW YOUR BUSINESS MATH Ev er w onder ed h ow youll use ma th in the r eal w or ld? W hen you star t a business, youll b e doing mat h all the time A pe rso n might invest in your business to make so me mo ney For exa mp le , the investor lends you $5000 In r et urn , you ag re e to pay back the $5000 p lu s interest of $2 50 Y o u get the ca pi tal you need, and in r et urn fo r taki ng a ris k and hel pin g you ge t star ted, the inve stor earn s mo ney

EXAMPLE A Make a batch of 20 cupcakes Ingredients $ 7.50 New mixing bowl $ .00 To tal expenses $ 12.50 Sell 20 cupcakes at 50 each Total sales $ 10.00 Your expenses were greater than your sales, so youve made a loss of $ .50. PROFIT AND LOSS In or der f or a business to b e succ essf ul , it must mak e mo ney A rot is the ir enc betw en your sale (money take n from custo mers) an y our exp nse (money o u spn to era t your bsines) . If expnse ar higer tan y our sale, y oul ma ke los . EXAMPLE B Make a batch of 20 cupcakes Ingredients $ 7.50 New mixing bowl $ .00 12.50 Total expenses $ Sell 20 cupcakes at $ 1 each 20.00 Total sales $ You have made a prot o f $ 7.50. Y ou can use the p rots to build your business.