There is still a month left of summer vacation and the kids are getting bored! Why not have them start a business? Starting a small business is a good way to keep the brain drain away and keep the kids busy, learn responsibility, earn money and build their resume!
Here are 6 things to help your kids get started as entrepreneurs.
- Have them write down what they are good at, what they like to do in their spare time and what they have knowledge in. This helps them realize their talents and passions. It is much more fun to start a business doing something you love!
- Once the kids have narrowed down their idea, have them think about what problems they can solve with those skills and talents (maybe it’s teaching a musical instrument, academic subject, dance or a sport or maybe it’s doing outside work such as lawn mowing, leaf raking or snow shoveling).
- Once they have an idea – they need to put together a list of what is needed to start and the costs (they may need to research costs online or go to the store). Once the list is ready – have them make a proposal to you and discuss the idea. If you approve they may also need to check with a municipality to see if there are any special permits necessary.
- Have the kids come up with a price for their product or service. They should check out if they have any competition, what they are charging and what their strengths and weaknesses are so they know how to sell against them. They will also want to think about how much they want to make in order to figure out what they charge the customer.
- Have the kids come up with a schedule to work on the business and be reliable for their customers. If kids do this their business will grow with word of mouth.
- Help them find a mentor – if you have business knowledge you may be able to help, if not see if there is another adult who may be able to help them with business questions as they come up.
These starting steps will help kids get started learning about running a business and give them a taste of entrepreneurship! Want more information on youth entrepreneurship – visit www.eseedling.com.