The most certain way to guarantee that your kids don’t face the problem of having to struggle to get a job is by making entrepreneurs while they’re still young. With the rate of unemployment increasing by the day, one of the only sure ways to deal with this is by teaching kids how to be entrepreneurs.
Obviously, very few kids would see the sense of them starting up a business while they’re young because to them, as far as they are concerned, business is for adults. But as a wise parent or guardian, you must understand the importance of getting them to start while they’re young. You’re not only securing a future for them but you’re also saving yourself some finances in the long run. So inasmuch as you might need to invest money right now, in the long run, this business might yield enough profit to probably take care of the child’s needs. Also, you’re also teaching your kid how to be self-independent from a very young age.
The Amazon business is one of the best businesses you can start up for your kids.
What you’ll need to start an amazon business:
- A budget (To be more realistic, start from $2,000 upwards)
- A somewhat creative mind
- Two hours per day to work on this
- Internet connection
- A legal company (LTD UK or LLC USA)
- A bank account
- A graphic designer
- Private label supplier to work with
- Freight forward contact for oversea shipments
- A mindset of mastery (believe and you shall achieve)
Your kids will obviously need your support when it comes to a lot of this, but with time, they’ll probably get used to most of it.
1. Find a suitable product you want to sell
Before you start your business, you clearly need to select the product that you’d want to sell and before you select that product, you need to do enough of background research. This research is to make sure that you pick the right product that is most likely to be successful on Amazon. Any product you eventually pick must have the following qualities:
- Ability to create recurring demand
- Falling within a specific price range
- Small Size and lightweight
Note: Avoid big brands!
2. Find the ideal supplier for your product
First off, you want to make sure that whichever supplier you choose, is valid and can guarantee you quality products. It is always better to search for local procurement options. The near vicinity of the supplier and your warehouse is going to solve a lot on logistics cost. You can also choose to import your product from outside the country. Importing from somewhere like China will save you a lot on the cost price but will definitely incur logistic cost.
After identifying the products and supplier, the next thing you should do is to find your competitors on Amazon and see how they package this same products. You aim is to see how you can beat them in regards to packaging.
These are all important steps that you need to take. But it is important that you have your kids involved as you go through every step and don’t ever get tired of answering their questions.