Starting a business is one of the most valuable learning experiences for children, and in today’s world of affordable, accessible technology, business-building materials, and social media, children well-equip those to try their hand at it. With the rise of business organisations like DECA, youth startup competitions, and crowdfunding portals, entrepreneurship has grown increasingly popular, particularly among the youth.
Universities are aware of this, and entrepreneurship and entrepreneurial experience are increasingly valued in both college admissions and university degree requirements, so there’s no better way to give your children a head start and a boost in their future endeavours. Plus, whether your child succeeds, fails, or moves on from their young business, they’ll gain essential lessons that will help them in a variety of future activities.
2022 Business Trends
With recent technological advancements in recent years, there have been several changes affecting our economy, resulting in a significant impact on business trends in 2020. While we are all aware that artificial intelligence is on the increase, it isn’t yet a total replacement for human workers, but it may be jeopardising some employment.
Along with the employment that may be phased out as a result of AI, the gig economy is growing as people seek more control over their working hours and earnings potential. In fact, it’s projected that more than a third of US employees are currently employed in the gig economy, with that number expected to rise to more than 40% by 2020. Similarly, as people demand more time and geographical freedom and firms look to eliminate unnecessary costs associated with having staff on site, positions transitioning to remote employment are becoming more common.
Furthermore, video, virtual reality, and speech technology will have an ever-increasing presence across the board, potentially leading to changes, enhancements, and new communication and entertainment opportunities. Finally, with all of these technological advancements, more personalised and individualised products, marketing, and services will become the norm, and organisations who fail to meet this expectation may left behind.
All of this to say, a lot is happening for the better, and with this information, employees, businesses, and entrepreneurs may plan for a prosperous 2021 and beyond. Many of these shifts, from specialised services to leaner organisations with less overhead and rapid, but affordable technology, provide excellent potential for future entrepreneurs. The idea is that there has never been a better moment to learn about entrepreneurship, and with the advent of the gig economy, it’s difficult to dispute that most individuals would benefit from having entrepreneurial skills, especially when robots take over their 9-to-5 jobs.
Why are children in business?
Parents should teach their children about money management as early as possible, according to Warren Buffet. He also cites a study that claimed to predict commercial success later in life. They discovered that the sooner children started their first business, the better their chances of future success. Teaching youngsters about business and financial management as early as feasible appears to have boosted their chances of financial and business success as adults.
Creating and running a business is more than just a means for kids to make some extra cash; it’s also a great opportunity for them to acquire organisation, problem-solving, money management, and communication skills.
There are six ways you can assist your child in starting a business.
Here are six ideas for getting your youngster into business:
1 Assist them in discovering their true calling.
Consider letting them write a list of all the things they enjoy if they aren’t sure what they want to do. Hopefully, anything on this list may inspire you to start your own business. Consider dog-walking or pet-sitting if they enjoy animals. Consider starting a landscaping business if they enjoy gardening and being outside.
2 Make a plan and set goals together.
Now, consider about the specifics of their business as a group. What kind of tools and supplies will they require? Is there any kind of qualification or specialist knowledge required? You can set goals for putting everything together once you’ve made a list of what you’ll need. If you’re working on a tight schedule, include deadlines.
3 Discuss money management.
Of course, there are many life lessons in business, but one of the most important is money management. This is an ideal moment to teach your youngster about the complexities (and simplicity) of money management. They can learn to save, reinvest in the business, pay off any debts, and, most importantly, spend sensibly.
4 Keep in mind the importance of customer service and communication.
Discuss with your child what constitutes good customer service and the importance of clear communication. Assist them in describing their products or services to prospective clients and investors.
5 Think on the legalities
When it comes to legal requirements, the age of the firm owner is irrelevant. So, before you start your firm, make sure you research any required local licencing or permits.
6 You must pay your taxes.
If your child’s earnings exceed a specific threshold, they require to pay taxes. Prepare them for this eventuality, as well as the need of operating a legally compliant firm.
Regardless of these factors, don’t forget to make the entrepreneurship process joyful for them.
Baby and Kid-Friendly Small Business Ideas
#1 – Baby Product Development
Design and produce baby things such bedding, play, sleep aids, toys, and educational resources. In the infant goods sector, they made fortunes. Silly Bandz, the colourful silicon bands shaped like animals that sold millions in 2012, were conceived by a Japanese design team.
#2 – Make money by selling baby products on the internet.
Open an e-commerce store dedicated to babies and children (I prefer Shopify software because it is economical, easy to use, and flexible).
Many infant supplies are niche items that aren’t sold in local brick and mortar stores, giving you an option to sell them online.
BuybuyBaby, Babylist, and The Honest Company are among the top online baby boutiques (as evaluated by Good Housekeeping).
#3 – Retail Baby Store – Baby Boutique
Consider establishing a neighbourhood retail baby shop. People like to purchase in physical stores because they can examine the product more closely.
It’s also a lot of pleasure shopping for all those adorable baby goods! Model your business after a successful baby store, such as Indianapolis’ Nuture Baby & Child, which has been family-owned and run since 2008.
