What one thing can your teens do that will earn them some money, teach them a wide variety of skills, allow them to follow their interests, and greatly enhance their resumes? They can set up their own business. Leanne Seel, a homeschooling mom, accountant, and long-time entrepreneur, has prepared an e-course to help them: The Emerging Entrepreneur: Launching your part-time business in Canada, Student Edition.
A young person’s business can be as simple as babysitting the neighbors’ kids and mowing their lawns or as complicated as designing, making, and selling jewellery across the country. Leanne provides guidance right from the beginning to those who want it. Of course, some young entrepreneurs set up their first lemonade stand as soon as they can count money and don’t feel they need to learn about what comes naturally to them. In all cases, however, as the young person grows up and/or as the business grows, he or she will need advice.
Leanne discusses general concepts such as
- How do I get started with a small business?
- Is my idea feasible logistically?
- Financial viability
- Fixed costs vs. variable costs
- Calculating variable costs
- Your business revenue
- Unit contribution margin
- Break-even analysis
- What is marketing anyway?
- The medium (or media)
- Time management
- Keeping track of deadlines and appointments
- Prioritizing to maximize efficiency and reduce stress
- Evaluating progress
Case studies are described in the course and more are offered in the Case Studies Workbook to help ensure you understand the concept. Even more helpful, each chapter includes Action Steps to help you apply what you have just learned to your own business using My Business Workbook. By the time you finish the course, you will have thought through all sorts of aspects of your own business and have a record of all your ideas in My Business Workbook.
Although this is a Canadian course, all of the above aspects of it are applicable to businesses anywhere.
Now for the nitty gritty: taxes. As an accountant, Leanne understands taxes thoroughly and she explains them carefully and helpfully in two chapters.
- Because Canadian sales taxes vary from province to province, she has you ‘chose your own sales tax adventure’ so that you are not overwhelmed by information that is irrelevant to you. This chapter is so detailed and so helpful that it alone is easily worth the cost of the course.
- Of course, there is also income tax, and Leanne addresses that in great detail as well, going through income tax forms and providing different spread sheet templates for different tax situations as well as actual examples of filling out tax forms. This chapter, too, is an amazingly practical resource for Canadians.
Thoroughly professional, engagingly upbeat, and full of hands-on guidance, The Emerging Entrepreneur is an essential resource for young Canadian entrepreneurs. Since only two of the eight chapters (sales tax and income tax) are specifically Canadian, this course will also be helpful for young business people in the US and elsewhere. Obviously, it can also benefit older people setting up a side-line business.
For more information or to purchase, visit The Emerging Entrepreneur website. Currently The Emerging Entrepreneur ebook bundle containing the course itself as well as the Case Studies Workbook and My Business Workbook is on special for $29.99. After May 4 the cost will return to the usual $38.98.
Disclosure: I received a copy of this course from Leanne Seel in order to review it and as part of a beta-testing group.