7 Great Small-Business Ideas for Kids to Start Making Money – Latest News

Curated by WorkingFromHome

This article is an excerpt from the original article found in the Read More link – please follow for full article.

There’s nothing wrong with giving an allowance to start teaching kids about money and finance. But they can learn even more from earning money in a small business.

Although elementary-aged and tween children might seem too young for entrepreneurship, it pays to remember that Mikaila Ulmer of the multimillion-dollar brand Me & the Bees got her start before entering kindergarten.

Of course, not every small-business idea is a good fit for a 12-year-old or younger child. Some are too risky to try until high school. Others would put them in contact with strangers far too often. Still others are too complex to manage while growing up and going to school.

But a few — like one-third of the beds, chairs, and porridge in the old story — are just right. They’re great business opportunities for kids of all ages who want to explore this side of personal finance.

Why Kids Should Start a Small Business

Starting a small business at an early age helps kids learn the value of money. Earning their own video game and treat money helps them appreciate the funds more personally.

Beyond that, there are other important benefits for children of starting their own business:

  • They Can Start Earning Earlier. In most states, it’s illegal to have a job until a child is 14. But enterprising kids can begin earning on their own at any time.
  • It Teaches Multiple Skills. Managing a small business requires young people to learn skills beyond getting better at making or doing what they sell.
  • There’s No Earning Cap. If your child wants more money, they can sell more or find ways to improve their business. That’s not true of an allowance, or of most kid jobs.
  • It Introduces Startup Thinking. Learning to think like a startup founder can prepare kids for adult entrepreneurship or to work well with an exciting employer later in life.
  • It Shifts Their Thinking About Money. Kids go from relying on others to providing money to finding ways to make it happen themselves. This may be the most important lesson on the list.

7 Kid-Friendly Small Business That Make Money

With those benefits in mind, here are the best business ideas for entrepreneurial kids.

1. Garage Sale Arbitrage

Thrift stores, Craigslist, OfferUp, and eBay run ads every day for people selling collectibles, books, clothes, furniture, and electronics, and people buy from those ads. Even Amazon retailers do business with used and refurbished goods. Yard and garage sales sell those same items, often for lower prices than they get purchased for on those sites.

A child, especially a child passionate about a certain hobby, sport, or toy collection, can make decent money by taking advantage of this difference in price.

To successfully engage in yard sale arbitrage, your child first needs to complete market research about what some items typically sell for. Armed with that, a few Internet accounts, and some stake money, they can begin turning a profit.

Pros

  1. Easy to scale up or back down in real time without harming the business.
  2. Can mesh well with something your child is already interested in.
  3. Teaches negotiation and web savvy.
  4. Can be a good gateway to a more expansive online business as your child gets older.

Cons

  1. High risk of losing money if your child isn’t very knowledgeable about what they’re buying and selling.
  2. Requires interacting with strangers on the Internet. It’s likely you will want to closely supervise or manage much of this side of the business if you have younger kids.

Tips

  • Choose a niche, at least at first, so your child trades in just a few items they know well. It reduces risk.
  • Use this model to teach bootstrapping — being able to buy progressively more expensive items and reach proportionally growing profits as their success builds momentum.

2. Babysitting, Pet Sitting, or Housesitting

Babysitting, housesitting, pet sitting, dog walking, and even plant sitting have long been jobs held down by kids too young to get a regular job. For most, these gigs are one-off opportunities that happen when a parents’ friend goes out of town. A kid with hustle and a large enough contacts list can turn this into a regular practice, bringing in money week after week.

The trick to getting started here is developing the list of contacts. It can be a challenge for a fourth grader to convince adults outside their parents’ immediate circle to trust them as a babysitter or pet care provider.

To get started, they just need one client who can recommend them, and a willingness to ask for referrals. Parents can help give their kids a start by getting the word out to neighbors through the Nextdoor app. After a couple of successful jobs, the referrals will start.

Pros

  1. The work is fairly simple, and usually in line with experiences kids have had at home.
  2. The work gives practice at independent responsibility in a safe environment.
  3. The contacts they develop often need other work as your child ages out of these more basic tasks.

Cons

  1. The stakes are higher if your child makes a mistake.
  2. Not all children are ready for unsupervised responsibility.

Tips

  • For babysitting and pet sitting, consider getting your child certified at your local Red Cross or community center.
  • Develop a script for your child to ask for referrals, and practice it with them until they’re confident enough to use it.

3. Lawn Care With Perks

Any kid can run around the neighborhood raking leaves or mowing lawns, and most kids can turn a few bucks each year making that happen. Consider, though, some of these add-ons to that reliable trope:

  • Gathering lawn clippings and other debris, then composting them over the winter and reselling the result at garden season each spring
  • Rotating between mowing lawns in the summer, raking leaves in fall, and shoveling snow in the winter
  • Weeding gardens, flower beds, and walks
  • Watering on schedule while people are on vacation
  • Harvesting fruits and veggies
  • Preparing yards and lawns for special events like graduation or birthday parties

By adding some of those services to their repertoire, a child can create an age-appropriate landscaping empire in your immediate neighborhood.

Starting this sort of operation requires equipment, although rarely equipment most homeowners don’t already have on hand. It also requires training on how to use the gear safely, and how to properly do the jobs the kid is offering to do.

Once they have that in pl

Commentary:
Some handy news and links can be found on the full article.

For the Full Article
Please Continue Reading Here: 7 Great Small-Business Ideas for Kids to Start Making Money

You May Also Like…

Watch the 60-Second Pitch That Landed a $500,000 Investment

You’re reading Entrepreneur United States, an international franchise of Entrepreneur Media. On this week’s episode of Elevator Pitch, the pitchers come from a wide variety of backgrounds and industries. Some are seasoned pros who have already built and sold businesses, while others have yet to complete their first product. But one trait they all share in common, however, is not being shy about having bold asks. More than one startup founder asks for a seven-figure investment from our panel of investors, which includes entrepreneur Shaun Neff, angel investor Kim Perrell and Netflix co-founder Marc Randolph.None of the pitching entrepreneurs manage to get that million-dollar number. However, one gets halfway there. Watch the full episode to find out which business swayed one investor to put in $500,000, which opportunity had our judges competing against one another with six-figure offers, and which pitch left them totally unmove

20 Digital Payment Options for Small Business Transactions – Latest News

20 Digital Payment Options for Small Business Transactions – Latest News

Now more than ever, it’s vital for businesses to accept digital payments. The question is which method of doing so best fits your company’s needs. Some small businesses end up paying far too much for a processing arrangement because they don’t have enough information about the process, the players, and what’s involved. We’re here to help you avoid that by providing all the up-to-date knowledge you need to make an informed, profitable decision about this central detail of your business finances. What Are Digital Payments? Digital payments are anything that’s not a paper check or cash in the till. They represent moving funds from a customer’s account into your own. Once upon a time, credit card transactions weren’t digital payments. Then point-of-sale machines were invented, and credit and debit cards became digital. When you sign up with a digital payment processor, they collect your banking information and streamline transfers to…

Working From Home TV …

Tips to enhance your own website…

How to Properly Rename Categories in WordPress (Beginner’s Guide) – Website Tips

How to Properly Rename Categories in WordPress (Beginner’s Guide) – Website Tips

Do you need to rename some categories on your WordPress site? As your site grows, you might need to change the name of some of your categories or merge them with other categories. In this article, we will show you how to properly rename categories in WordPress without affecting your SEO strategies. Why Rename Categories in WordPress? If you’ve recently created a WordPress website, then creating a good organizational structure will make it easier for your visitors to find your content and can help your site rank higher in search engine results pages. That’s why WordPress offers categories and tags. You can learn how to organize your content effectively in our guide on best practices for categories and tags. As you add more content, you may wish to improve the way you organize your posts, and you may decide to rename some of your categories. Let’s have a look at…

How to Clear Your Cache in WordPress (Step by Step) – Website Tips

How to Clear Your Cache in WordPress (Step by Step) – Website Tips

Recently, one of our readers asked us how to clear cache in WordPress? Your web browser, hosting server, and caching plugins can all serve cached content which can make it difficult for you to see the changes you made to your website right away. Clearing your WordPress cache is also the first troubleshooting advice that you’ll often hear. In this article, we will show you how to properly clear the cache in WordPress. We’ll cover browser cache, web hosting cache, and top WordPress caching plugins in this guide. What is Caching in WordPress? Caching solutions will store static versions of your website in a cache. This allows WordPress to skip running heavier PHP scripts every time your site loads. The caching process helps to improve WordPress speed and performance, and the overall user experience. Here’s an example of what the caching process looks like: There are several different types of…

0 Comments

Submit a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.