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Ever Considered Helping Your Adult Child Open A Business?

We frequently read these days about college graduates being unable to find employment in the fields for which they studied and then, as a result, have to seek jobs for which they are overqualified. 

As a parent, have you ever thought about trying to help your college graduate son or daughter open his or her own business?  An adult child does not have to be a college graduate, of course, to open a new business. 

Operating a business does require certain skill sets and personality characteristics, but many people possess such skills and traits:  independence, energy, desire, and the ability to think and concentrate.  Hiring a good attorney and accountant also helps.

Opening a business does carry a heavy risk of failure.  About half of all new businesses fail within five years or less.  You can search the Internet for the reasons startups fail.  But with proper planning, and execution of that planning, the risk of failure can be reduced greatly – if not eliminated.

So, as a parent, what can you do to help your child open and operate a successful business?

First, think small; big can come later – with success.  Many different businesses can be started for $500, or even less. Second, you may have to shell out a few bucks.  And, third, consider letting your child stay in the nest a little longer, until he or she can get a business going.

Here are but a few types of businesses that can be opened on the cheap:

  1. Services for senior citizens.  The 65-and-older population in the United States jumped 15.1 percent between 2000 and 2010, compared with a 9.7 percent increase for the total U.S. population.  People age 65 and older now make up 13 percent of the overall population, compared with 12.4 percent in 2000 and 4.1 percent in 1900.  And people are living longer every day.  They need, and many can afford, all types of services:  Errand running, shopping help, household help, yard work, help with computers, etc.
  2. Flea market operator.  Buyers go to flea markets to find bargains, interesting items, and collectibles. Flea markets are popular throughout the country.  You can become a flea market entrepreneur.  All you need is a good product to sell.  You can buy items at yards sales to resell at a flea market or you can purchase your stock online.  Search the Web for "items to sell at a flea market."
  3. Language translation services.  Did you know that China is the largest English-speaking nation in the world? Some linguistic experts say that by the year 2025 more Chinese could be speaking English than people speaking English as a first language in the rest of the world combined.  We all know that China has business tentacles that stretch around the globe.  Still, many Chinese have difficulty understanding the English language, with all its nuances and double meanings.  Open a translation service on the Internet.
  4. Services for children.  Children, like senior citizens, afford great opportunities for business services.  Making money in the children's arena might be very easy if you live in the right neighborhood.  There are many types of businesses you can launch that are kid-oriented.  Many can be launched with $500 or less.  Party businesses are fun, and the only experience required is that you've thrown a few parties for kids in the past and know what they entail:  a theme, invitations, balloons and decorations, food, and entertainment.
  5. Paint wholesaling.  Many foreign countries, China included, are setting up shop in the United States, and they all need outlets in this country where they can sell their wares, including paint.  Selling paint can be an art, but it doesn't take a brain surgeon to figure out the differences between enamel and Latex, "inside" and "outside" paints, color shades, etc.  Plus, selling paint can be a fun and rewarding business.  Start in the garage of your parents' home, and then graduate to a retail shop.

You can search the Internet for "how to operate a business successfully," and just about any other topic you can imagine. For starters, you can search on "best small businesses to open." 

The writer of this article quit an upper-echelon editorial job with a large daily newspaper in order to open a business-writing service, a risky venture at its best.  He spent $135 for a used desk, $30 for a two-drawer filing cabinet, $10 for a telephone extension cord, and about $8 for stationery.  His gross income soared into six figures in less than five years.  It can be done, and we are here to help you.



INDEX
  • Now Is A Perfect Time To Open A New Business
  • Do You Know If Your Business Really Is Small?
  • 4 Estate Issues For Business Owners
  • Self-Employed? Map Out Tax Details
  • 10 Easy Steps To Take If Opening A New Business
  • To Buy Or Not To Buy: That Is The Business Franchise Question
  • Ever Considered Helping Your Adult Child Open A Business?
  • Do You Know What Kind Of Business Not To Open?
  • Do You Plan To Move Your Business To A New State?
  • Dispel These 7 Popular Myths About Retirement
  • 4 Retirement Plan Options For Your Small Business
  • Are Stocks Overpriced And Forming A Bubble?
  • 4 Steps To Creating A Dynamic Business Budget
  • Can An Underfunded Small Business Startup Be Successful?
  • What Happens If You Have Excess Capital Losses?
  • This Is Not Granddad's 'Defined Benefit Plan'
  • Despite Much Pessimism, Slow Growth Persists
  • How To Take Your Section 179 Deduction To The Max
  • Squeeze More Out Of Bonus Depreciation Deductions
  • A Common Error In Powers Of Attorney
  • For The Self-Employed: 4 Retirement Plan Choices
  • Which States Are The Most Friendly To Businesses?
  • How Economic Myths Distort Investment Outlook
  • Don't Forget About Roth 401(k)
  • REITs: A Great Diversification Investment
  • Shopping For A Bank Account That Pays The Highest Possible Rate Of Interest
  • The Twenty Top Tax Breaks In The New 2010 Tax Act
  • Investing Defensivley Does Not Mean Deserting Stocks
  • 401(k) Alternatives For Business Owners
  • Tax Court Okays Deducting Cost Of MBA
  • Employers Find Ways To Mitigate Liability On 401(k)s
  • Working Longer: What's A Post-Retirement Job Worth?
  • Slash Taxes By Swapping Like-Kind Assets
  • Transferring The Family Business To Your Heirs
  • Business Owners Get Big Tax Cuts In Recovery Act
  • Move Fast To Corral Emergency SBA Loans
  • Risk Management
  • Estate Taxes And The Obama Administration
  • Gifting A Business Can Cut Estate Taxes
  • A Little Bond Logic Yields Insights
  • Avoiding The IRA Rollover Crackdown
  • Ruling Cites Business Owner Responsibility to 401 (k) Plans
  • Ruling Cites Business Owner Responsibility to 401(k) Plans
  • How Much Is Your Business Worth?
  • Managing Cash Flow In Tight Times
  • When Times Are So Scary, Opportunities Emerge
  • Avoid Being Accused Of Insider Trading
  • Lifecycle Funds May Pose A Hidden Danger
  • Funding A Friend's Business Venture
  • Beware Of Social Security Identity Theft
  • Regulatory Guidelines Update
  • Small Business And Work Opportunity Tax Act
  • The Oil Patch Profit Squeeze
  • Free Credit Reports Available Online
  • Understanding the Importance of a Fiduciary Standard
  • Energy Systems Scale and Timeline
  • Timber As A Liquid Investment
  • Timber Facts
  • Emerging Market Food Consumption Growth Equals Rising Prices
  • Bank Loan Funds - A Primer
  • Ethanol: Salvation or Panacea?
  • Emerging Market Food Consumption Growth Equals Rising Prices
  • A Primer On Managed Futures
  • Identity Theft: What Documents Should You Shred Or Store?
  • The Case For Industrial Metals
  • Total Credit Market Debt (All Sectors) As % Of U.S. GDP
  • Know The Score
  • REITS: A Very Good Portfolio Diversifier, But Should You Invest In Them?
  • Does Investing Internationally Still Diversify Your Portfolio
  • Another Way To View The Current Valuation Of REIT Sector
  • Understanding Risk-Preparing For The Unseen
  • Bank Loan Funds: A Great Fixed Income Investment As Interest Rates Rise
  • What Is Shorting Expense?
  • How Dangerous Is A Dollar Crash?
  • How Volatile Can The Stock Market Be?
  • GMO 7-Year Asset Class Return Forecast Is Bleak
  • Too Many ''Phish'' In The Sea
  • Identity Theft In The New Year
  • Ways To Improve The Score
  • To Reinvest Or Not To Reinvest
  • Why Not Alternative Fixed Income Investments?
  • Just How Expensive Is The Market?
  • Beware of Brokerage Firms' Misconduct
  • Identity Theft : Correct Those Credit Reporting Errors
  • Risk-Controlled Investing
  • Q & A With Robert Arnott
  • Identity Theft : Applying For Credit? Better Check Your Credit Report First
  • Identity Theft: Everyday Prevention
  • Identity Theft : Help Is On Its Way
  • Identity Theft: Tips To Protect Yourself
  • Identity Theft : Don't Fall For That E-Mail!
  • Identity Theft : One More Reason To Protect Your Credit
  • Identity Theft: A Note About Social Security Numbers
  • What Do Rising Interest Rates Mean For Money Market Yields?
  • Exit Gracefully: How Business Owners Should Plan For A Comfortable Retirement
  • Section 529 Plans Are Popular But Not The Only Way To Go
  • The Importance Of Commodities In A Portfolio
  • A Tale Of Two Hedges
  • IRS Refuses Change Of Section 179 Election To Expense Depreciable Property
  • Small Businesses Need To Be Aggressive On Costs
  • Your Medical File Report May Need A Check-Up
  • Do It Yourself Tax Preparers Watch Out: Tax Answers From IRS Centers Oftentimes Are Incorrect And/Or Insufficient
  • Home Office Deductions: Hoops To Jump Through
  • Property Tax Challenges Should Not Be Overlooked
  • The IRS Will Follow Your Wealth To The Ends Of The Earth
  • Year-End Tax Defferal Planning
  • How To Find A Great Financial Advisor
  • Is It Time To Find A New Financial Advisor?
  • What Is Risk?
  • 4 Steps To A More Secure Investment Portfolio For Your Retirement
  • Traditional Investing May Decrease Your Retirement Lifestyle
  • Year-End Tax Planning Can Help Generate High Return On Investment
  • Businesses Receive Temporary Depreciation Bonus
  • Understanding Deflation
  • Is Your 401(k) Plan A Failure?
  • Succession Planning: Developing A Plan For Your Business
  • The ERISA Retirement Plan Law Spells Out Fiduciary Issues
  • Evaluating The Quality Of A Company's Earnings
  • Investing In Times Of Uncertainty And Risk: The Importance Of Diversification
  • Tax Issues To Consider When Buying A Long-Term Care Policy
  • Yesterday's Great Companies
  • Businesses Should Be Aware Of States' Use Taxes
  • Expanded Retirement Plan Contribution Limits Create New Opportunities For Business Owners
  • Succession Planning: Developing A Plan For Your Business



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