Getting started as an entrepreneur can be simple or complex based on the nature of the business. However, to be a successful business owner, there are several steps that need to be taken.
Step 1: Idea
The first step to any business is to come up with an idea. Children can start a business by expanding on their talents and interests or by simply targeting an area in which they want to make money. Some business ideas based on ages are:
Art skills – crafting, painting, scrapbooking
House work – painting, cleaning
Step 2: Marketing
Depending on the business idea, marketing can simply mean finding a customer through friends and family. For older kids, it may be passing out flyers, using social media to showcase their products, and even business cards.
- Business Cards
- Social Media Presence
- Word of Mouth
Step 3: Administration
Running a business can seem pretty intimidating for anyone, and like any new business owner, children will learn from their successes and mistakes. Most children can easily run a small business with the help of an adult. For more robust businesses, it would be important to:
- Make a Business Plan
- Track and Manage Expenses
- Keep a Customer or Client List
Step 4: Financial
Once a business has been established, it’s important for children to have a plan for the money they make. A great and easy concept to teach kids is the Three Money Principles of Save, Spend, and Share.
In 2013, FORUM held a contest asking youth ages 8-19, with the help of an adult, to submit a two minute video explaining their business and what they've learned. Our contest winners were:
Britta's Car Detailing
Chase's Tux and Tie Magic
Jack, Ally, and Luke's Mow & Stuff
to see winning videos!