Summer Business Ideas for Kids
Are your teenagers having trouble finding a good summer job? With the unemployment rate hovering around 10% and the youth unemployment rate over 30%, it's tougher than ever for an inexperienced teen to land a job and earn extra cash. Here are some of my suggestions in approaching this serious global employment issue.
Start your own business! Become an entrepreneur!
The benefits are substantial. Young people learn about opportunity recognition. Their business will give them a huge self-confidence lift in themselves and their accomplishments. Their math, reading, writing classes will help them learn basic business skills such as marketing, advertising, and product development.
Under adult supervision, I focused on these five basic businesses: a lemonade stand, a dog walking service, a lawn care business, a clothing business, and a cleaning service. These five enterprises can be launched anywhere in the world.
The initial steps:
1. Call your local courthouse to see if there are any licenses or permits your child requires to start the business. In many cases your child can operate the venture just with adult supervision and the amount of money in sales is small.
2. Research your market. Then identify your targeted clients. Conduct four or five interviews ahead of time to see if the product will sell.
3. Buy and keep a simple record-keeping book. Available at any stationary store, it will show you how to keep track of your money including all sales and expenses.
4. Do the economics in one unit, perhaps the most important lesson in your business. The sale of your one unit, minus the cost of goods and services sold will determine success or failure. Selling a dollar item for 99 cents is not sustainable.
5. Plan for failure. Be flexible. If your venture doesn't work, start something else. Be ready to learn from any experience. Reflect on it. Then start again. In short, have a backup plan!
6. Find an older relative to help you with all of the following businesses.
Basic Businesses
My 12-year old nephew Spencer developed a list of good basic businesses for a young person:
1. Lemonade Stand
Materials: Lemonade mix, water stand/table, spot on sidewalk, pitcher(s), heavy foot traffic, jar, cardboard, markers, folding chair, plastic cups
