Would you like to help your Kids Start a Business?

Or even better, start a business with your kids?

More and more women are starting their own businesses or working from home. Why?

 - They want a sense of flexibility.
 - They want independence and control over their own future.
 - They enjoy the excitement of building and creating something of their own.
 - And, of course, they want to make money to help support their families.
And, as more women are realizing the benefits of owning their own business, they want to share the experience with their kids and teens.
 - Kids can benefit in many of the same ways from starting a business.

 -  Maturity
 -  Responsibility
 -  Dependability
 -  Frugality
 -  Communication Skills
 -  Computer Skills
 -  Math Skills
 -  Self-management skills (like taking care of a pet or house cleaning)
 -  The meaning of a hard day's work

And, most importantly the value of a dollar. While working hard for a dollar, perhaps they'll think twice about asking you for money for things they don't really need.

 

KIDS STARTING A BUSINESS)-

Starting a business is a great way for kids to learn real life skills and build confidence.

To help your child's success, have them follow the basic steps involved in starting a business by business professionals listed below. That will give them greater confidence and a better understanding of what they will need to do be a successful young entrepreneur.

Also, along with running a business, your child will need to understand some basic business math. See our business math category for subjects such as profit and loss.

YOUR CHILD AND BUSINESS)-



INTERESTS AND SKILLS

It is important to start a business based on the skills and interests of your child. For example, if he or she likes to entertain, then they should consider an entertainment based business, such as a clown at younger kids birthday parties. If they like to use computers, they might consider a business typing or creating documents for others. Here are some other ways that kids can make money.

BUSINESS PLAN - SETTING REALISTIC GOALS

Every new business should start with a business plan. What are the objectives of the business? The business should have a mission statement explaining what the business is trying to accomplish. Also, the goals should be realistic. How will your child make money? What will be the costs? How much time will be needed. Will the business interfere with other aspects of his or her life, such as school, or after school activities?

Part of the business plan should include market research. Have your child study the market to see if there actually is a need for the product or service they plan on selling. Survey potential customers to see if they might be interested, and also how much they would be willing to pay. The more expensive it is to start the business, both in terms of money and time, the more important it is that your child do market research.

Does your child have the necessary financial resources to start the business? If not, would you be willing to lend the money? Let them know that if they are serious, and can put together a credible business plan, then you may be more willing to fund their new start-up.

PREPARATION

What skills will be necessary for the business? Does your child have these skills? If not, what type of training might be required? Information on learning different skills may be found on the internet, or at your local library. Friends and family are also a great resource. If possible, study the business from others who have done something similar.

START SMALL

Kids should not try to do everything from the start. Start small and have the child test the business on a few potential clients. Then check the results, and adjust the strategy if necessary.


MARKETING

Your child will likely need to do some form of advertising for the business. Handing out flyers to prospective customers is one way to advertise. Mom and Dad may also know people who are prospective customers. Word of mouth is a great form of advertisement. If your child does a great job, others will find out and seek them out.

FINANCIALS

Is the business making a profit? They will need to understand that the business must make a profit at some point, unless the strategy is a charitable one. Remember, revenues minus expenses equals profit.

ENCOURAGEMENT

Finally, be sure to give your child lots of encouragement as they begin their business. Remind them that lots of very successful businesses were created by people that failed their first few times. No matter what, learning new experiences, such as starting a business, will help prepare them for the future.