Using his allowance as initial capital, your child can start a small business and learn the various aspects of handling money and making a profit. Teaching your children entrepreneurial skills may be the best thing you can do for their future. There are some great resources for teaching kids about money and helping kids earn and handle their own money. You might want to pick up a copy of The Kid’s Guide to Money: Earning It, Saving It, Spending It, Growing It, Sharing It or Better Than A Lemonade Stand: Small Business Ideas for Kids by 15-year-old Daryl Bernstein. If your child really thinks he can turn his craft into cash, you’ll both need to do some research, and, to ensure success, will need to keep some records and accounts. Here’s a short checklist of things to do and ideas to ponder. This could be the beginning of an adventure that will affect the rest of your child’s life!
Kid’s Starting-Your-Own-Business Checklist
Ask yourself the following questions: Another interesting and informative preliminary activity is market research. Go on field trips together to crafts shops and shows and see if anyone is making anything similar. How is your product better? How is theirs better? What methods are they using to sell their product? Do they appear to be successful (are lots of people flocking to their booth and buying)? What can you learn?
