Small Business Toolbox

A library of business management info


NFIB Young Entrepreneur FoundationYoung Entrepreneur Tools & Tips

Are you a young entrepreneur? Trying to run a business while you're in school isn't easy. This monthly series sponsored by the NFIB Young Entrepreneur Foundation addresses the specific needs of America's young small-business owners. Whether you're already up and running, or looking forward to a career as a small-business owner, this section of NFIB.com is just for you!

  • Four Benefits of Starting a Small Business in a Slow Economy
    07/23/2008
    The signs of a less-than-robust economy are all around us: Four-dollar gallons of gas, rising food prices and the slowdown of the housing sector are but a few of the challenges facing the American public. So where does this leave aspiring entrepreneurs? You may be tempted to put your business plan on hold until the economy improves.
  • Five Strategies for Developing an Innovative Business
    06/25/2008
    Silly Putty. Slinky. Chia Pets. These products certainly raised a few eyebrows during their development and initial release but went on to make their producers a hefty payday. Which goes to show it's often worth following through on your wilder ideas for new products and services.
  • Avoiding Pyramid Schemes
    05/28/2008
    Imagine the following scenario. You receive an invitation, perhaps by phone or email or even from a friend, to attend an event where you'll learn about a great business opportunity. You arrive at the meeting where a product is unveiled, something along the lines of vitamins or natural body-care products. An engaging speaker waxes poetic about the product's unique attributes and the best thing about them: they practically sell themselves. Perhaps you'll be shown a video backing up this statement, with testimony from individuals who have bought houses, nice cars, and extravagant vacations thanks to the money they've made selling this product.
  • Retail vs. Online Sales: Which Area Needs More Attention?
    04/23/2008
    Like many of today's entrepreneurs, you may be trying to divide your attention between a physical storefront and an online presence. As you only have so many hours in a day, you may feel torn as to where to spend the bulk of your energies.
  • To Advertise or Not: Deciding When Advertising is Right for Your New Business
    03/26/2008
    Advertising is an inescapable part of life, a fact evident each time you turn on the television, drive past endless billboards or sit down to check your email. As a small business owner with a limited budget, you may be more sensitive to the ads surrounding you than most. Do you have a recurring fantasy about the kinds of commercials you'd like to make and how much business they'd bring in? Have you been setting aside money to start your advertising campaign? While most businesses pay for advertising eventually, make sure the time is right before plunging in. Read on to find out if the risk of the expense will pay off for your business.
  • Is Online Marketing Right for You?
    02/27/2008
    Though it's possible to somewhat target your audience through traditional media outlets, one of the Internet's advantages is its ability to reach specialty customers. So think about the market you serve. Do your products and services appeal to a wide range of people or do you need the business of a special few?
  • Five Tips for Optimizing Time Management
    01/23/2008
    Welcome to a new year and a new semester of classes. If you're like many entrepreneurs, you've set your business goals for 2008. And if you're like many students, you went back to school and received syllabus after syllabus, and wondered how you'd ever write all of the papers, read all of the books and cram for all of the tests you're supposed to take over the next four months.
  • Use Your Blog as a Marketing Tool
    12/26/2007
    Do you have a blog? Ever considered starting one? According to CyberJournalist.net, as of last year, there were 50 million blogs out there in cyberspace, and blogging keeps growing as a popular method of communication, especially among young adults. As a young entrepreneur, however, you have to be more careful about how you represent yourself online than most of your fellow students do. When handled correctly, your blog could even help you increase business. Read on to find out the dos and don’ts of blogging.
  • Simple Ways to Thank Your First Clients
    11/28/2007
    The first clients bringing business your way deserve special acknowledgment. These people took a leap of faith, perhaps even leaving other service providers, to come on board with you — though your record was largely untested. Showing your appreciation to this group of people will assure that they’ll be with you for a long time to come.
  • Avoiding the Credit Card Trap
    10/24/2007
    During the first few weeks of your college classes, you probably noticed tables set up outside of the bookstore, campus eateries and perhaps even the library. They offered free T-shirts, pizza coupons and maybe something really exciting, such as giveaways for free phones or MP3 players. The catch? In order to get these freebies, you had to sign up for a credit card.
  • Finding Your Niche in a Crowded Market
    09/19/2007
    Did you start your business because you saw something that you could do better than your competitors? Perhaps you knew you could offer a product or service they lacked. Or maybe you leapt ahead without giving your competitors much thought. Either way, figuring out how to make your company stand apart and marketing this uniqueness to customers is crucial for your business success. Here are some steps to get you started.
  • Classes That Build Business Savvy
    08/22/2007
    One of the advantages of a liberal arts education is that you're required to study subjects across various disciplines, though this may not always seem like an advantage to you. As a student and entrepreneur, you might sometimes feel spread too thin and wish you could narrow your focus. But what if you could use those general education credits to become a better-rounded business owner? Below are some classes from many different departments that can teach you useful skills to carry over into your professional life.
  • Advertising on a Shoestring Budget
    07/25/2007
    If your business is newly up and running, you might be facing a severe lack of finances, not to mention a minimal advertising budget. This probably strikes you as unfair: How can you grow your business if you can't afford to let people know about it? Take heart. There are plenty of advertising options available to you that will be kind to your pocketbook. Here's a few to get you started.
  • Personality Traits of Small-Business Owners
    06/27/2007
    How would your best friends describe you? If they use words like friendly, loyal and kind, not only will you do well in your personal relationships but also in the business world. Your personality traits will go a long way in determining how successful a small-business owner you'll be. If you come up short in any of the following areas, don't despair. While we often think of personality traits as innate, they can be cultivated like anything else.
  • Taking Out Your First Business Loan
    05/23/2007
    In order to take your business to the next level or perhaps even begin to get it off the ground, you may need to take out a small business loan.
  • Writing Your First Business Plan
    04/25/2007
    Whether you're formalizing your dog-walking service or getting ready to sell a product you're finally ready to bring to the market, writing a business plan will be one of the first steps on your journey to entrepreneurial success. While a business plan is essential for securing loans or gaining the interest of a backer, they're also a useful personal tool you can use to concretely shape your business goals.
  • Getting Involved in Your Community
    03/29/2007
    One of the best ways a small business can remain vital in a changing community is by making itself a key part of it. Why do so many customers remain loyal to their small businesses when nearby big-box stores offer the same product or service at a cut rate? One key reason is that people think of these businesses and their owners as important members of their communities and will do their part to keep them around.
  • Get Involved: Make a Difference for Your Business With NFIB
    02/05/2007
    With the new year underway, the 110th Congress and state Legislatures have geared up and are already hard at work. While some of your new year's resolutions might have fallen by the wayside, we hope NFIB can help you keep your business-related ones.
  • Turning Your Hobby Into a Business
    01/24/2007
    Do you have a product or service that you enjoy offering to grateful friends and family members? Perhaps you've been thinking lately that going professional would be a great way to earn some extra money or even start your career as a small-business owner. While many successful businesses have been built on the foundation of a hobby, so have many failed ones. Here are a few precautions--and tips for proceeding if you decide this is the right move for you.
  • First Impressions: Making Good Ones With Your First Clients
    12/27/2006
    In a perfect world, your work would speak for itself. But like it or not, your clients won't be judging your output alone but also your appearance and attitude. These are especially important when you're first breaking into your field, so take a look at these tips to be sure you're making the best impression you can.
  • Handling Credit Cards
    11/22/2006
    If you're in business with someone else, it's essential to keep your personal credit-card use separate from your shared expenses. Even if you are a solo entrepreneur in the habit of putting company purchases on your personal cards, getting a separate card for business would certainly streamline your process for keeping track of your business expenses and profitability.
  • Networking 101: Getting Outside Your Friends and Family Circle to Make Business Contacts
    10/25/2006
    Your roommate and your mom may very well always be your most faithful customers; but if you want your business to grow, you can't depend on them to be your only customers. To continue cultivating new business, it might be time to enter the world of networking. Here are a few places to start.
  • Head of the Class: Getting the Most out of Your College Education
    08/23/2006
    Corporations have the luxury of hiring people to fill various roles in their company: sales, marketing, PR, tech, and so on. Small-business owners, as you already know, often end up taking on all of those roles themselves. To ensure your future success as a "jack of all trades," it's important to take advantage of the opportunities college gives you to have a well-rounded education. Keep these tips in mind when planning your schedule.
  • Getting an MBA Versus Growing Your Business
    07/26/2006
    As you make your way through college, you have so many options available to you and so many decisions to make. As a young entrepreneur, perhaps the thought of business school has crossed your mind. But do you need your masters in business to be in business?
  • Lessons in Success: the NFIB/Visa USA Young Entrepreneur Award
    07/25/2006

    Congratulations to the more than 400 winners of the 2006 NFIB Young Entrepreneur Awards. Sponsored by the NFIB Young Entrepreneur Foundation, the scholarship program is designed to set teen small-business owners on the path to entrepreneurship. The winners each receive $1,000 in tuition assistance to use at the university, college, community college or vocational/technical institution of their choice.

  • Starting a Summer Business
    06/28/2006
    Instead of going to work for someone else next summer, learn how to strike out on your own. If any of the following criteria applies to you, you might want to consider putting the books away for the summer and becoming a business owner.
  • The Next Big Thing
    05/24/2006
    A college campus is a great place to make contacts, introduce new products and sell, sell, sell. Take advantage of the thriving marketplace you’ll call home for the next four years and make an impact on the consumers there. Here are some great ideas and resources to use to market to your peers.
  • Choose Your Friends––and Partners––Wisely
    04/26/2006
    Before you let your best friend be your business partner, make sure your goals and level of commitment are equal. Here are some questions to ask your friend before the two of you take the plunge.
  • Time to Grow
    03/22/2006
    So your business is a success, and you’re ready to take over the world? Here are a few tips on evaluating your basic needs before expanding your business.
  • Juggling Your Schedule as a Business Owner and Student
    02/22/2006
    Having trouble being a student and business owner at the same time? Here are a few tips to help you keep a sense of balance.
  • Working for Your Parents: Pros and Cons of Joining the Family Business
    01/25/2006
    Perhaps you credit your entrepreneurial spirit to being raised in family business––but that doesn’t mean you should take the business over. Before you partner with your parents, here are few pros and cons to consider.
  • Give Yourself a Little Credit
    12/28/2005
    Unless you came into this world with a generous personal savings account, you’re probably in the same boat as most new small-business owners –– trying to figure out how to finance your dream. The traditional route is by taking out a bank loan, but more and more entrepreneurs are turning to credit cards to help with their start-up costs. This method has its benefits, but also comes with many risks.
  • When You Can’t Go It Alone
    11/23/2005
    Business is picking up and things are looking good, but now your business is no longer a one-person job. It’s time to make the move from solo artist to employer, and you have several options out there. Here are some tips to help you figure out your needs and select the option that best accommodates your small business.
  • How to Be a One-Person Show
    10/26/2005
    Feeling overwhelmed with being a full-time student and a small-business owner? Here are a few tips to help you keep your balance.
  • Business on a College Budget
    09/28/2005
    Attention college entrepreneurs! If you're thinking of starting a business – or growing a part-time venture you started in high school – here are some tips to help make your business work with your budget and in your space.
  • Finding a Mentor
    08/25/2005
    Advice from an experienced business owner can make a big difference for those who are just starting out, and savvy entrepreneurs often are more than willing to help their younger counterparts.