Empowering children to explore their creativity and entrepreneurial spirit is easy with a kid-friendly business. Plus, it’s a wonderful way to teach valuable life skills early on.
Not only do kids learn life long skills but they also get to make money a long the way. Making entrepreneurship an excellent and fun way for kids to learn.
Why Should You Start A Kid-Friendly Business?
Starting a kid-friendly business has a multitude of benefits for both parents and children.
Firstly, the skill they learn through business are universally applicable to so many life situations. For example, as they learn to sell their product or service to people face-to-face they are developing their communication skills and confidence.
Starting a business as a kid also teaches them the value of money and foundational financial literacy skills. It is very important to teach kids about how to manage their money and how much work it can take to earn it.
Without this context, money can be quite abstract and meaningless to kids and as an adult, their financial management can become problematic. This is an essential skill for everyone to learn and doing it through a business can make it all the more fun.
Entrepreneurship can be a huge challenge for anyone. There are plenty of obstacles for them to face like product creation and making sales. Kids are wonderfully unafraid of failure and there is much less pressure to succeed as a child so they can keep trying until they find what works for them.
Teaching them how to navigate the complicated world of business from a young age can help prepare them for future challenges they face and develop problem solving skills for their future.
Have you been convinced that starting a kid-friendly business is a good idea yet?
Here are five practical tips to help you and your child embark on the exciting journey of launching their own business that is both educational and fun.
5 Tips on How to Start a Kid-Friendly Business
1. Identify your child’s interests and talents
The foundation of a successful kid-friendly business lies in aligning it with your child’s interests and talents. Most people find their purpose or most fulfilling job in the space where their passions and skills overlap.
Whether they love crafting, baking, drawing, or providing services like pet sitting, identify the activities that spark their enthusiasm. As a parent, you might notice the activities that they are naturally drawn to in their day-to-day life.
But, make sure to start a conversation about what your child really loves to do and what they think they are good at themselves. This ensures that the business feels more like a passion project than a chore, making the entire experience enjoyable for them.
2. Keep the kid-friendly business simple
When brainstorming business ideas, simplicity is key. It wouldn’t be much of a kid-friendly business if the idea wasn’t age-appropriate or manageable for your child’s skill level. A lemonade stand, homemade crafts, or a small gardening service could be great places to start.
A young child will likely need parental help or supervision whereas, teen entrepreneurs are more likely to be able to run the business with minimal assistance. It is important to consider safety, the amount of time that you can dedicate, as well as, the resources available when choosing the type of business to start.
3. Teach basic business concepts
Introducing your child to fundamental business concepts is super important when starting a business with kids. You can have a lot of fun teaching them about budgeting, pricing, and service in a way that is accessible and engaging for them.
For example, you can use practical examples and success stories of other kid businesses. Or you could make up stories that are related to their business ideas to help them grasp these concepts. This hands-on approach not only makes learning more enjoyable but also equips them with essential skills for future endeavours.
4. Involve them in the decision making
One goal of starting a kid-friendly business is to foster a sense of responsibility and independence in your child. You can do this by ensuring that they are involved in the decision-making process for their business.
This involvement not only builds their confidence but also teaches them valuable decision-making skills and what can be the result of their choices.
As you have already started to develop a business idea based on their interests and talents, your child will want to be involved in the core development of the business. Discuss all of their ideas together and start by creating a simple business plan as a team.
Ensure that your child has input into the key aspects of the business, like product selection and marketing approaches. This will help to make the business personal to them and they might have some out of the box ideas.
5. Create a positive learning environment
Ensuring that the journey of starting a kid-friendly business is a positive and educational experience is going to be important. Entrepreneurship is not easy and the idea of starting a business young is that they get to experience the challenges is brings to develop their problem-solving skills.
Your child will face both successes and setbacks. Although you may want to protect them from the negative experiences of business, it is also important to let them experience any setbacks so that they can learn from them.
Kids are typically resilient and eager to try again so you can encourage this development and make it a positive experience instead.
Make sure to celebrate their achievements, no matter how small, and use challenges as opportunities for growth. By creating a supportive and encouraging environment, you generate a sense of resilience and determination that will serve your child well in their entrepreneurial journey now and in their future.
Starting a kid-friendly business is not just about making a profit; it’s about providing children with a platform to learn, create, and develop essential life skills.
By aligning the business with your child’s interests, teaching basic business concepts, and creating a positive learning environment, you set the stage for a valuable and enjoyable entrepreneurial experience.
So, roll up your sleeves, embark on this exciting journey with your child, and watch as they unleash their creativity and entrepreneurial spirit in the world of kid-friendly business.
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Author Bio: As a mum and marketing expert, Lauren is passionate about teaching kids entrepreneurship skills with Kids Venture Box. She hopes to inspire parents to encourage their kids to start businesses and learn the life skills that help shape promising futures.