What To Do If Your Kid Wants To Start a Business

Do not underestimate the ability of your kids, they are more educated, enlightened and tech savvy than you were at their age. An opportunity to get your kid into business is great because it teaches them a lot about responsibility, confidence, perseverance, and independence. These lessons are not taught in schools and that is why entrepreneurship is a great way of bringing out the best in them.

So, if your kid comes to you with the idea of starting a business during the summer, do not hesitate. You never know what might come out of that venture. Below are ways in which you can help your kid discover the business that is best suited for him or her.

1. Passion

In whatever your kid does, there needs to be a passion for it. He or she has to love the activity because passion is one of the driving force to continuity. As a parent, find out what your kid is passionate about and transform that into a business idea. This could be anything, ranging from reading, sale etc. always have an open mind towards the ideas they express and don’t impose your idea on them at the initial stage. This can be done later to guide them in making it better.

3. Plan plan plan

In anything we do in life, we must plan. To start a good business, you need a plan to work with. Hence, your kid will learn the importance of planning and it is a way to keep them engaged in everything, so don’t do all the planning alone. You may ask them to make a list of the equipment and supplies you will to start the business. Also, you will estimate cost and management of time. You may also have them write out what they intend to achieve, in the long run.

4. Be their investor

When the above step has been followed, give them the money they will need to start. There should be a financial record so that you are able to note exactly how much you spent. You may at times fund only a portion of the project and ask them to use their allowance or birthday money or savings to add up. This encourages a feeling of ownership.

5. Open a bank account

Set up a joint bank account which would be used to save the money which the business generates. This will encourage them as they see their money grow each week.

6. Legality

Make sure that the business which you have set up for the kids are within the laws of your locality or city. Check all laws relating to child labour and ensure that your kids business are not violating any laws by ensuring that you pay any rate or dues needed.

Finally, your kids should learn that we are going to fail a few times but they need to know that failure is not a bad thing. In case the business fails, share one of your awesome comeback stories with them or tell them of famous people that failed but never gave up.