“Momma,” “I wanna do what you do.”
“What do you mean?” I asked
“I wanna make something to sell when we go with you to the farmer’s market.”
“Well, ok then!”
These are words I LOVE to hear-my kids taking initiative and wanting to start their own business venture.
To them it maybe about making some money, but for me, it is life lessons; lessons like organization, money management, problem solving and communication. Not to mention, building confidence and overcoming the giants in our lives, a lesson I wish I had learned earlier in my life.
So if your little is showing some interest in starting their own business, here are some practical tips to help make their experience a positive one:
- Chose a Business: I want my kids to find their passion, their bliss. I want them to find what drives them and helps to make their lives enjoyable. This might change through the years, but finding what they like will help make choosing a business easier. Do they like animals? Maybe start a dog walking business. Do they like crafts? Check out Itsy and Pintrest to see what crafts would be marketable. Does your teen like music? Maybe they could teach others how to play an instrument. I remember when I was younger I was good at riding and training horses. I was a ten year member of 4-H and parents watched me ride and show. When I was about 16, I had parents coming to me to help teach their kids how to ride horses. This was a business I had for awhile, even up into my adult years.
- Make a plan: Sit down with your child(ren) and think about all the nuts and bolts that goes into starting a business. What materials do you need? Where will you set the price point? What sets the price point? How much time will you need to develop the products? When will you develop them? How will you market your product? Write it out and understand that is will change as you get further into the business and find out what works and what doesn’t.
- Money Management: Want your kids to learn about money management? What better way for them to do so than getting a taste of how the economy works. My girls have taken out a “loan” from me to buy the materials. One of my girls is making cookies and the other is making painted Terra cotta pots with starting seeds. We will sit down together and decide what it cost to make the products and then what the price should be (just as a side note, setting the price isn’t just about what it cost to make the product. Its is also about what the market will bare, and what people are willing to pay). Since they are 10 and 12, I will be helping them a lot to understand the ins and outs. If you have an older child, you can allow them to take more of the reins. You could even set up an “investors” meeting where they would pitch an idea to a group of “investors (family and friends).” .
- Work on communication skills: Help your child develop how to explain their product/service and understand their business’ value proposition. Stress the importance of customer service, and encourage your child to listen to and accommodate special requests when needed. My customers LOVE that they can come to me and make a request about what soap they would like, and that I will listen to them and research what it would take to go into making that particular kind of soap. Usually, I make it and they LOVE me for it. Customer service will set you a part. People are tired of their voice not being heard. They want to have a personable connection with the people they are doing business with.
- Allow them to fail: Not everything is going to work out all of the time. My girls told me that I make my business look so easy. Oh, if they only knew. Nobody likes to fail, but failure is not a bad thing. In fact, it is how we learn and grow. It teaches us perseverance. Part of the process in learning and growing is about taking chances and making mistakes. If the venture didn’t work, figure out why. If the particular product didn’t sell, then help them to figure out what needs to be changed.
I always like starting a new adventure with a book that helps kids make a connection to the journey they are on. A great resource to read with your kids about starting their own business, is a book from the Tuttle Twins series called, The Tuttle Twins and The Spectacular Show Business.
The girls and I will be out in Nederland on May 4th, for the Nederland Spring Market Day. We would love to see you there!! And yes, they will be selling their wares.
