By Bizna Brand Analyst
Kids have several reasons and opportunities to start a small business. Kids may be looking for some extra money to buy that shiny new bike. Parents may want kids to learn the value of earning your money and budgeting what you spend. Teachers may want to teach, through active participation, the skills required to successfully start and run a business.
If you look at the world’s billionaires, you will notice that they all groom their kids to be successful. You should always do the same with your child.Don’t go with the old school mentality that says a child has to work hard and make it on their own. Not everyone ends up making it in business. So if you have some business knowledge, make sure your child gets it too.Here are some simple ways to help a child start a business.
1. Examine their interests
Every child has a different set of interests that help make them unique. This is a great place to start when considering what type of business to start. If the child is interested in the area already, chances are he will stick with the business. Kids who love animals may be very willing to start a chicken-rearing business for example. Very organized kids may even want to breed small animals, including dogs or cattle and you may help them with the process of selling and managing the money. Older kids may start more complex businesses depending on their abilities,
2. Look at need and ability
Take a look around the neighborhood and see if there is a common need. Perhaps several elderly people in the neighborhood are unable to do the general compound upkeep. Have your child look at the task and determine whether he or she can do it. Maybe your child knows how to fix things. Find a way to make them start a business out of it.
Have your child approach people and inquire, in a professional manner, whether they would like to pay for these services. You may want to coach your child on how to handle the conversation and negotiate a pay scale. Don’t forget to remind your child to never enter a stranger’s home and always let you know where they are. People are always kind to kids so your child may actually end up making a killing out of their little business.
3. Gathering friends or group
This should be done with children of people with whom you are friends with or related to. Starting a business as a group is more complicated than starting one on your own. Each member has different ideas about how to organize and run a business. When starting a business with a group of kids, friends or classmates, explain that each kid should have a title and job description within the company. Although a hierarchy should exist, explain that there is no small job and the company will fail if anyone doesn’t perform his responsibilities. A group business teaches children how to work together toward a common goal and solve problems that occur in executing business plans.
There are many other ways to go about it.These are just a few examples. Always find a way to pass on the skill of money-making to your child.
