It’s never too early for children to learn about the world of business. In fact, an industrious nature is a trait that should be nurtured in all ambitious young children. Starting a small business allows kids to make extra money that they can use to spend on items or even save for a college education. It teaches children the value of money and it gives them the drive to dedicate themselves to reaching their chosen goal.
Things You'll Need
- Work supplies
Choose a service or product you want to sell. A popular kid-friendly business is operating a lemonade stand. This is best for Saturday mornings during warm months. You could also offer lawn care services, babysitting or pet care. You could even sell arts and crafts to your neighbors. Think about what you like to do and what you are good at. Inspiration for your business model can come from this information.
Write a business plan and place it in a folder. Ask yourself, “What do you want to get out of starting a small business?” Perhaps you want money to buy a certain toy, or you are looking for a way to learn more about how business works. Your business plan should answer this question, as well as how you plan to reach that goal. This includes how much money you will need to start, how much you plan to charge customers, what your mission statement is and what your long-term goals are.
Get funding for your business. Your business plan should say how much money you think you need to get started. You might ask your parents for the money after showing them your business plan or you might dip into any savings you have.
Promote your business. The best way to get new customers is to get customers in the door. In this case, you might need to go door-to-door distributing fliers or even passing out coupons. Sometimes a low price will help people choose your services over someone else’s. Try hanging fliers at local libraries, parks and businesses, as long as you have the owner’s permission.
Hire employees to help you with your business. If you have enough work to go around, you might want to help expand your business by hiring employees. For example, if you mow all the lawns in your neighborhood, you could hire a friend to mow the lawns in his neighborhood. The two of you can split the money you receive and invest back into the business, such as buying fliers to promote your business and gas for your mowers.