Published for teen members of IU Credit Union FALL 2019 B elements®otW\O~ THE BUILD YOUR BUSINESS ISSUE Here’s how: HOW TO BECOME AN H START SAVING
From the moment you think you might start a
business, begin putting money aside in a savings ENTREPRENEUR account—you’re going to need it.
While every business has its own unique expenses,
IN THREE STEPS most businesses never get off the ground due to
Young people across the country are creating lack of money. Don’t be that business. their own jobs, starting businesses, and H GET CREDIT
launching start-ups. But being a businessperson Expanding and growing your business takes
cash. Some options include getting investors takes more than just having a good idea. At (ask friends or family members first), or applying
some point, you’re going to need money to for a loan from a financial institution. get things rolling and build your business. PRO TIP: WHEN YOU APPLY FOR A LOAN, YOU’LL NEED YOUR PARENTS TO CO-SIGN. H BUILD CREDIT
Establishing and maintaining a positive credit
history is critical to getting money in the future.
A negative history can make it difficult to get
the money your business needs.
Pay bills on time and regularly check your credit report. Your credit history is your reputation—
and the financial key to your future. DID YOU KNOW ? 41% OF YOUNG PEOPLE PLAN TO BECOME ENTREPRENEURS*
*Via Entrepreneur.com.
created healthy, healthy, created
delicious nut-butters that are sold delicious nut-butters that are Abby Kircher in chains throughout the East in chains throughout Coast, while managing a team of 12 employees. Started at age 15
*Via Entrepreneur.com in 2018. Entrepreneur.com *Via
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started
founded Gladiator Started at age 13 created Zollipops so Zollipops created
Website – – Website Creation and hosting hosting and Creation
Professional services – – services Professional Trademarks, copyrights, Trademarks,
contracts, attorney fees fees attorney contracts,
Equipment – – Equipment Inventory or hardware hardware or Inventory
Marketing – – Marketing Online advertising or sales materials materials sales or advertising Online
Payroll – – Payroll The cost of your salary plus any plus salary your of cost The
employees or contractors contractors or employees Bows based on his flare Mo’s for fashion. A few years later, he had a contract with the bow signature NBA to create ties for each team. Age: 16 Moziah Bridges
she could enjoy candy with natural Her sweeteners instead of sugar. idea ballooned into a homegrown multimillion dollar brand. Age: 13 Alina Morse
to make durable equipment Lacrosse for her favorite sport. Now she’s enjoying major sales while her gear Lacrosse is being used at the World Championship. Rachel Zietz
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Before you make money, it’s a good idea good a it’s money, make you Before
to know how you’re going to spend it. spend to going you’re how know to H
Use this list to estimate how much money much how estimate to list this Use
you’ll need. It may seem a little overwhelming, but overwhelming, little a seem may It need. you’ll H planning ahead can make or break a new company. company. new a break or make can ahead planning ion n itu at union ucred /iqency GoYeflVnent es line lTfllefll Stat t$250,COO s GoYe 888-855-MYCU United • on Union us. a the community. d redtoatlea credit ration, ilsu isl credit n i a and Adm faith ngsfederal~ full Union NCUA savi the Credit by l 812-855-7823 Yoor
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FIVE EXPENSES TO EXPECT AS A BUSINESS OWNER OWNER BUSINESS A AS EXPECT TO EXPENSES FIVE KEEP YOUR BUSINESS IN BUSINESS… IN BUSINESS YOUR KEEP • iona backed Nat and created a started Visit Credit iucu.org
We and
http://elementsofmoney.com/i
are making headlines (and money) with their savvy business skills. Check it out: headlines (and money) with their savvy business skills. making are Think you have what it takes to start your own business? Good news! Young entrepreneurs* entrepreneurs* to start your own business? Good news! Young Think you have what it takes
WHO BECAME THEIR OWN BOSS THEIR TEENS WHO BECAME
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