If your teen is always asking for money to shop, go out with friends, etc., but you just can't afford to hand out cash, suggest that your kid make his or her own money. This idea may intrigue your teen, but, just the same, be prepared to field some frustrated questions and excuses. Now, if your teen is creative and likes artsy or crafty projects, explain how he or she can make money making handmade cool items and sell them to friends, or even online!
If your teen is always asking for money to shop, go out with friends, etc., but you just can't afford to hand out cash, suggest that your kid make his or her own money. This idea may intrigue your teen, but, just the same, be prepared to field some frustrated questions and excuses. Now, if your teen is creative and likes art or craft projects, explain how he or she can make money making handmade cool crafts and sell them to friends, after school, or even online!
DECIDE WHAT TO MAKE TO SELL:
Brainstorm with your teen to come up with a good craft with a low start-up cost that will be a popular item to sell. Think of craft items that people your teen knows and would be willing and excited to buy.
SOME CRAFT ITEMS THAT MY KIDS HAVE MADE AND SOLD (AND DID VERY WELL):
- Zipper pulls for backpacks (every kid has a backpack)
- Marshmallow guns (sold at flea market for 800% profit at Chrismas)
- Bottlecap jewelry (also got 2 local boutiques to sell on consignment)
- Guitar pick earrings (sold very well at school and local music shops)
- Fancy hair ribbon accessories (sold at baby and kid shop)
HELP YOUR TEEN MAKE A BUSINESS PLAN:
Obviously, your teen will need to borrow some start-up money to shop for tools and craft supplies. Guide your teen to find the best prices on these items. This is a great time to work with your kid on learning to comparison shop. Start small so you are not putting out a lot of money before you know if your craft product will sell. Make a contract with your teen for scheduled repayment of your loan.
Teach your teen to keep records of inventory, crafted products made and sold, and who bought the items. This can really be helpful in future marketing.
TEACH YOUR TEEN ABOUT GOOD MONEY HANDLING PRACTICES:
Explain that they can take advance orders for their products, but should never hand over the goods until the order is paid. One exception: selling goods at a reputable consignment shop.
GREAT MARKETING TIP:
Give away a few products. If you are selling Guitar Pick earrings, give a pair to the lady who works at the counter. People will see her wearing them and want some for themselves. Give some bottle cap zipper pulls to the varsity cheerleaders. It won't be long before everybody at school wants them!
If your teen's business is taking off, encourage him or her to open an online shop, like Ebay or ETSY.
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