To start a business as a kid: the title, isn’t it interesting? it is true and it is possible too.
How To Start a Business as a kid?
Children are usually very curious about learning new things and experimenting, so if they are really interested in the business or they want to spend the time productively then as elders it’s your responsibility to help to start their business plans and be a KIDPRENEUR.
Method 1 – Developing a Business Idea
List out the things on which they are really passionate about – Let the kids make a list of their interests and if they don’t have any ideas ask them to choose the activity on which they tend to enjoy and suggest them that can be turned into a business idea.
- For Example – If the kid is interested in making bead bracelets, this idea can be turned into a business and sold in the neighborhood.
- For Example – If the kid is really good at sports he can gather his fellow-mates and teach them.
Choosing the product and training for the specific idea – After making the list they can finalize the product which they want to make, here they need to have the experience of two feelings one is joy and the other is satisfaction.
- For Example – If the kid is interested in baking cookies then while making them experiences joy and by selling them and converting them into a business deal he can experience a satisfaction.
Collecting the materials and ingredients – Now the next step is to collect the requirements and ingredients. After collection then get trained about the product making under parent’s suggestions.
- For Example – If the kid is interested in making bead bracelets then collect the requirements like beads, jewelry thread, adhesive and be able to learn the techniques to make a beautiful bracelet.
Establishing the business in person or setting up stalls (But need to consider the present scenario of COVID-19 and must be precautious while meeting with customers) – once after everything is ready for setting up the business then you have to plan it that whether it has to be in person or set up a stall.
- For Example – If the kid is interested in baking cookies and selling them in the neighborhood then he can use flying hangers and deliver in person or if the sale is in bulk then he can set up stalls.
Creating an online platform-Even the product is sold in person or by setting up stalls it is good to have an online platform to establish your service for a wide range of people, showing pictures of the product and read the reviews for the product
- The parents need to be helping the kids in this because the age group is dependent on creating an online website and managing the online accounts.
- For Example – If the kid Is baking cake as an order for a birthday, then the pictures can be uploaded to get further orders online and can be delivered to the customer.
Planning a budget and finding the investors – After planning the business setup it’s time to manage the budget for buying the supplements and other things like advertising can be estimated and the startup money is requested for the parents to invest, and make sure to return it back with the profits.
- For Example – If the kid is interested in establishing a craft booth the rent for the area and expenses for the supplements can be invested by parents.
Setting Idealistic goals – It is good to have a goal of making money within a short period to run a business success but it is equally important to have ideal -goals for running a business successfully and achieve growth constantly.
- Customer-based service
- Selling quality products
- Getting good reviews for the product
- Attracting new investors
Method 2 – Setting Up a Legal Business
Creating a name for the business – Setting up the business name which must be unique so that it stands out from the rest which is already existing in the market.
- For Example – If the business is about bead bracelets then rather than giving the simple name it can be unique like “DAZZLE BEADS”
- The logo can also be chosen if interested, it attracts the customer.
Get approval for legal business: If you’re interested in setting up stalls or booths at the place like city halls or using government websites they need to have approvals and permissions. Children may have to take the help of parents in setting up legal businesses.
Paying taxes if the annual income exceeds $400: When the business is on the right track if the income exceeds $400 you need to pay additional charges and taxes.
Advertising on social platforms and distributing the flyers: Advertising is the key to promote the respective product for this, the social media is the main source which reaches out to a wide range of customers and helps in the growth of business and flyers are also useful which can be given at the stores, doors, community centers.
Revaluating the goals in struggles: Business takes time to grow, it requires a period of time to notice the success. The growth can be seen slowly if we don’t give up. If you can’t find success even after a period of time then you need to evaluate the goals and make changes in the process and set the business on the right path.
TOP 10 BUSINESS IDEAS FOR KIDS (USA)
- Lemonade seller: It is highly common for kids to be lemonade sellers. They can set up a small stall and sell their lemonade and also they can try a new flavor and can be sold to the stores.
- Inventor: Children are really curious and experimenting. If they have any new ideas they can work on them and exhibit their inventions.
- Kid’s book author: This is an interesting business idea in which by gathering the kid’s storybooks and rewriting in their own version even publishing and selling the books.
- Tutoring service provider: The children who are good in a particular subject can provide tuition for the younger kids and peers. This is a very helpful business idea.
- Candymaker: This is one of the fun-loving kinds of business ideas in which children love to make candies of various flavors with the help of elders and sell them to earn money.
- Baker: Kids enjoy baking. This can be really exciting for them to bake cakes and cookies they enjoy making and even more in selling them.
- Cake decorator: The children love colorful cakes so to attract the customer’s cakes are decorated in wide varieties to increase the sale for the cakes.
- Cloth designer: The children are really talented to do something new and they think out of the box, the art of designing plain clothes to paint with colors and glitters to make it look great when you put it on. This is a business in which the children are interested.
- Artist: The kids who are interested in arts and painting use their skills to make money like face painting, comic arts, caricature, and organize art exhibitions for sales of their artwork.
- Pet sitter: Usually kids love playing with pets so this can be turned into a business idea in which they can have fun with the pets at the same time they can be charged for pet sittings.
These are the best 10 ideas to start a business as a kid. Please leave your comment below if the blog is helpful for you and find the qualities in your child and make them an early entrepreneur i.e. Kidpreneur.