Young Entrepreneur Lemonade Stand

7 Steps to Start a Kid Business

  1. Young Entrepreneur Lemonade Stand

    7 Steps to Start a kid biz

    Choose a business idea. You can’t start learning about how to start a business if you don’t have an idea. Think about hobbies, interests, what you’ve learned, what you have experience in, what you’re good at what you like to do in your spare time.

  2. Test your idea with potential customers. Entrepreneurs take risks but you can limit how much risk you take by testing your ideas. Ask customers, prospects, friends and family questions about your idea. You can start with whether or not it is a good solution to the problem you are solving and would they pay money for it.
  3. Create a memorable brand and plan your marketing & sales activities. A brand is what your prospect or customer thinks of or feels when they hear your name, see your logo, marketing materials or store. Once you create your brand you need to plan how to get the word out. This will be determined by where your customers are located.
  4. List what you need to start your business and how much money you need to get started. Start-Up Items are the items you need to have before you can start your business. Some examples of start-up items include office supplies and equipment, website, and tools to make your product or provide your service. You may also need to buy some inventory or supplies to make your products. You probably won’t have fixed costs such as rent but it’s good to be aware that these costs exist also. You will then need to figure out a price for your product or service based on costs, competition and your earlier testing.
  5. Keep your Customers Happy. Once you have customers, you need to make sure you keep them happy! The cost to get a new customer is much higher than selling to an existing customer. Happy customers will be your best resource for getting new customers (what is called Word of Mouth Marketing). You will want to make sure you have a plan for staying in contact with your customers and making sure they are happy.
  6. Parent Approval and Legal Stuff. Before going any further, you should always check with your parents to make sure that your business idea is okay to put into action and also check on if any legal permits are needed. Each state, city & town has their own rules so it is always a good idea to check and see what is required. There may be free or reduced legal resources at your local business center or university or college so you might want to check on that.
  7. Create a Plan. Now that you have your business idea figured out, you need to have a plan that will guide you. You need a marketing plan for how you are going to get the word out and an operational plan for business activities. The two plans will work together to help you schedule your time and resources. All of the hard work you have done already will go into a plan – this chapter will help you put it all together so you are ready to go!

These 7 steps will give you a good start for getting a business going. If you would like a complete Step-by-Step guide including free downloadable worksheets. My new e-book You’re Never too Young to Start A Business is available for only $2.99 on Amazon.com. CLICK HERE to ORDER If you would like more information on cultivating young entrepreneurs, visit eseedling.com and sign up for our e-newsletter.