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Teens offer tips on starting a business

USA Today recently released an article on teen entrepreneurs offering advice to their peers on starting a business.  

Even though times are tough and some businesses are struggling, these teens are offering sound advice on what helped their businesses to succeed in spite of the economy.  These teens are offering tips anyone seeking to start a business, but their main target is their peers.  

These teen entrepreneurs are encouraging their friends and other teens who have a dream of starting their own business  to do so but are also warning them that this process is not easy, it is one that you have to work hard on and be diligent about.  

Here are some tips that they are offering if you are considering starting a business:

• Don't let your shortcomings prohibit you from your dream
• Make sure you are interested in the services or products you are offering 
• Create a formal business plan
• Price your product wisely 
• Save all work related receipts - this will help you when filing taxes for your business
• Create a detailed and smart financial plan of what you will do with your profits
• Don't over invest in supplies and equipment
• Promote your business - this is one of the main ways to get your business to grow.  One of the most effective ways to do this is through the web.  Other alternatives are posting up flyers or ads.
• Know the rules - this is important especially for teens.  You want to make sure you are informed about the laws concerning youth working for you.  
• Make sure you have time for yourself - if you are getting too busy with your new business you may want to consider hiring employees to work for you.
• Stick with your dream