Helpful Guide on How to Start A Business for Kids
Learn tips and creative ideas with this helpful guide on how to start a business for kids and young entrepreneurs!
In our first ever Creativity Camp last year, Arree Chung had a special Business Camp session with kids, and taught them about starting their own business.
So for this blog, we summarize the key points that Arree shared in the Business Camp.
Read on!
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What is a Business?
In general, a business is an activity of a person or a group of people where they sell products or services to earn money.
Engaging your kids to do business or even run their own, is a great way to teach them the value of earning money.
Especially during the summer when our kids are on break from school, this is a perfect opportunity to help them venture into a small business where they can learn, earn, and have fun!
Why Build a Business?
For kids, building a business means a lot of different things. During the Creativity Camp, Help people, so you can help your customers that need your business, and you can make money for your family and help your parents, or brothers, and sisters.
Why Do People Buy?
Basically, people buy because they need something. Here’s a detailed summary on why people buy.
Problem/Need
First of all, people buy because they have a problem. For example, they buy a new pair of pants because their old one has a hole in the pocket.
Skills Improvement
Just like in school, kids need a lot of things in order for them to improve their skills and gain more knowledge. So their parents buy them books, art materials, science experiment stuff, and a lot more.
Community Engagement
Being a part of a community means tons of learning and fun activities to do! We have gardening clubs, book clubs, artist groups, and many more, and each have their own set of activities lined up for them. Thus, people need those materials to make the learning experience possible.
Entertainment
People, especially kids, have a lot of energy to do tons of activities (and they easily get bored!).That’s why there are a lot of businesses out there that sell different kinds of entertainment products like comics, video games, balls of all types, to name a few!
Luxury/Convenience
Aside from providing or having the basic needs like food, clothes, and shelter, one purpose of earning money is to get our wants. People buy cars or book an Uber, have a dinner night out with the family, and travel all over the world!
Business is a System
While doing/teaching business with your little kiddos seems easy and fun, it is actually a system that needs learning about our target customer, studying how the process works, and knowing how to continue doing it for a long time. The business system can be summarized in these 5 pillars.
Marketing
This is all about what your business does and people have to know who you are or what you do.
Sales
It is when you make a promise and get the sale. For example, “I will sell you a glass of lemonade for $1, and if you want a super size, that’s $1.50.”
Operations
It is all about who is doing what and assigning the right tasks. For example, you and your friend are setting up a lemonade stand. Someone has to be the one buying the lemons and preparing the lemonade, while the other is the one selling and counting the money.
Product/Service
It is your solution to the customer’s problem. You can either have a product to sell like lemonade or dog leashes, or a service to offer like walk the dogs to the park or paint commissioned portraits.
Customer Service
It is all about listening to your customers and helping them more. Sometimes, customers have suggestions or ideas that are beneficial to your business.
Creative Business Ideas for Kids
1. Lemonade Stand Selling
First on the list is one of the tried and tested businesses for kids and young entrepreneurs: lemonade selling!
With the scorching hot from the sun and the coming school break, a lemonade stand is just the perfect business idea to cater our thirsty customers and just anyone who simply wants to take a sip.
2. Baked goods
Everybody loves delicious baked goods like cookies, muffins, and cupcakes. That is why selling these sweet and yummy goods is a wonderful way to add some money to your kid’s piggy bank!
Here are some cooking tips and guides that we crafted in our cooking lessons at the Creativity School.
3. Artist
We believe that all kids are creative, and at the Creativity School, we train and provide different learning and creative ideas for our futures of tomorrow.
This coupled with the idea of starting up a business, is a good start to do an art business.
From this, kids can create different forms of art pieces, paintings, drawings, collages, and even pop up cards, and sell them directly to buyers.
Check all our fun art and crafts ideas in our Creativity School Blog Page!
Secret to Success: The Wrap Up
Learning all those things about what business is in general, why people buy, and the system of doing it, it can be wrapped up in this simple illustration.
Your kid’s business should be in the connection of what they love to do, what problem they want to solve, and what people will actually pay for. Just like a lemonade stand, your kids love to do the nitty gritty of making the lemonade and people (especially the thirsty ones!) sure love to take a sip of the healthy drink!
Did you have fun and learn a lot about putting up your kiddie business? Share with us in the comment section below!
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- Celina G.
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