It may be easy to underestimate someone who’s not old enough to drive a car or vote, but many kids today have a strong work ethic and are willing to be creative to achieve success. The knowledge, passion and skills they’ve acquired, both in school and through their daily interaction with technology, make them perfect candidates for entrepreneurship.
Your kids want more money… and they are willing to work for it! Kids are always looking for ways to make extra money.
Helping your child start a business is a good way to teach them the value of money and install a profitable moneymaking mentality that they will use for the rest of their lives.
Etsy shop owner
Sites like Etsy have transformed the way crafters bring their talent to the world. Kids can sell their products online to customers around the world. If your child has a knack for crafting and creativity, Etsy may offer a great business opportunity. Etsy has a comprehensive guide on fees, along with guidelines for minors.
Your child’s business doesn’t necessarily need to check off the for-profit box. If you and your child are passionate about a social cause, starting a nonprofit charity may be a great start. There are hundreds of ways to raise money to profit those in need. Sit down and have a conversation about how to raise money for the cause. It is also a great opportunity to teach your child about the basics of accounting and how it works.
Collect unwanted items from neighbors, friends and family members, restore items to better quality, and sell them for fair prices. It’s a great way to be green and make some money from previously unwanted items.
Whatever new opportunity your child chooses, this is a great time to teach the importance of work-life balance, responsibility and the importance of taxes. Encourage young entrepreneurs to try their best and seek success with their new business. Even if it doesn’t turn out as planned, you can show them that adversity is a part of life, and that failure is an opportunity to retool an idea or open a door to a new opportunity.