Steps for Kids to Start a Business
Entrepreneurial kids often have the skills and motivation to start their own businesses in their free time. Starting a business as a kid can help develop experience with working, time management, money management and networking, all of which will be helpful later in life. If you would like to start your own business, follow some steps to refine your business idea and get started making money.
Other People Are Reading
Instructions
-
-
1
Brainstorm a type of business that fits your skills and interests. Some ideas include walking dogs, mowing lawns, shoveling snow, babysitting, wrapping gifts or baking cakes.
-
2
Research what competitors are in the area and how much they charge. For example, if you want to start a lawn mowing business, ask your neighbors if they pay someone to mow their lawn and if so, how much that person charges. If they do not hire someone for that, ask if they would be willing to and if so, how much they would spend on that service.
-
-
3
Write down a business plan that includes the service or item you will provide people, how much you will charge and how you will advertise and gain customers. Also plan how much of your time the business will take and how you will manage your other responsibilities such as school and sports.
-
4
Make a list of the initial expenses you will have in setting up your business. For example, you may need to take a babysitting class and a CPR class before starting a babysitting business. For a cake baking business, you will need to buy supplies such as flour, sugar, flavorings and icing tools.
-
5
Get money to cover your initial expenses. You may have the money in a savings account or have a parent who is willing to loan you the money. If possible, start by purchasing just the necessary items and make bigger purchases after you know your business is profitable.
-
6
Design and print flyers, business cards or other advertisements for your business. Include information about what your business is, how much you charge and how people can contact you. Get a parent's approval before handing out your personal information.
-
7
Tell people about your business. After you work for someone and get paid, give them your business card and ask them to pass it along to anybody they know who might be interested in hiring you. Ask your best clients for permission to give their name and phone number to potential customers as a reference.
-
8
Keep track of all the money you spend and the money you make with your business. This will let you know if your business is profitable. You will also need this information to complete your taxes with your parents' help.
-
1
