More and more everyday now, it seems that an increasing number of people are venturing out of their comfort zones to start their own businesses and we believe that more kids will be following suit in the future.
Entrepreneurship is simply becoming far more popular than ever before and in the case that your child is one of the many that we expect will at least have a strong desire to explore the potential of being an entrepreneur, we want to help set you and your child up for success.
Read on to see our four key steps to take when helping your child launch their small business.
1. Do Some Market Research
In order to come up with a worthwhile business idea, you and your child must conduct market research. Even if this is simple research involving asking neighbours, friends and family about a need for product x, y or z, the first step to starting a small business is identifying whether or not there is a need or want for a given product.
Do you live somewhere with mostly cold weather? A lemonade stand is probably a bad idea. Have you found out that a lot of people enjoy handmade and custom bracelets? Maybe that’s a better idea.
You get the drill.
2. Write A Business Plan
If you’re helping your child do this, you’re probably not going to need an extensive business plan or millions in funding, yet it’s still a good idea to have a plan going into starting a small business.
What you’re going to sell, when, to whom and all other basic and complex details such as these will be outlined in your business plan, so it’s always a good idea to work with your child on one of these to get the ball rolling before opening for business.
3. Choose A Business Location
Location is crucial to a business’ success, even a small kid-business. Choosing where your child will set up their lemonade stand or where to avoid selling the product of choice is an important consideration when helping your child launch their business.
4. Choose Your Business Name
This is an area where your child can have a little bit of fun, but also a very important consideration. Maybe your child, Becky, wants to call their bracelet business “Becky’s Bracelets” or “Beautiful Bracelets By Becky”? Let your child have fun with this as you think of a name for their small business, but don’t forget to make it memorable.
Regardless of the name you choose, it is important that you begin the process of launching your child’s small business with a name behind it so that people have something to remember it by. A great business name does a lot for the success of the business behind it so keep this important consideration in mind at all times.
We hope that this blog will help you and your child finally get the ball rolling on the small business idea your child has been talking your ear off about or ignite a passion between you and your kid for starting to think about beginning a small business.
If that’s the case, and you and your child believe that you need more resources to aid in your child’s path towards entrepreneurial small business glory, we encourage you to check out Explorer Hop's entrepreneurship programs – designed to empower kids in grades 1 through 12 to start their own initiatives.
Through classes on subjects like marketing, finance and sales, our entrepreneurship programming helps set kids up with a great foundation of entrepreneurial knowledge that will help them in the world of business, whether they go on to start their own businesses or not. To date, we have given countless children the building blocks necessary to become the next group of great young entrepreneurs and have successfully helped launch over 40 kid-businesses that have gone on to raise over $45,000 for charities.Check out our website here and sign up for this or one of our other great programs today!