Are you looking for a way to teach your child that money doesn’t grow on trees? There is perhaps no better way to show your child the value of money than by having them earn and manage their own income by starting a business.
Starting a small business is an excellent way for your child to express themselves creatively through generating and marketing innovative products and services. Turning a business idea into reality also teaches problem-solving skills, as your child will need to adapt their offerings and methods to cater to the demand of their market.
In addition to these developmental benefits, starting and maintaining a successful business over time is a unique experience that shows competitive universities, scholarships, and programs that your child has determination, financial literacy, and an entrepreneurial spirit.
Does your child have a knack for business? Are you looking for a way to teach them how to make and manage money? Check out these 8 small business ideas your child can get started on today!
Lemonade Stand (with a twist!)
For beginner child entrepreneurs who find themselves with an abundance of free time in the hot summer months, starting a lemonade stand is an excellent introduction to the business world. Lemonade stands are the most classic ‘child-run’ business idea for a good reason: lemonade is easy to make with cheap ingredients, and yet still highly refreshing, especially in the summertime.
Once your child gets the hang of lemonade, don’t stop there! Adding a blender and some ice to the mix can enable your child to make lemon slushies, which they can sell at a higher price! They can also branch out with different fruits and vegetables to sell a wide range of fresh juice and slushies to thirsty customers trying to beat the summer heat.
Homemade greeting cards
What if it’s not summertime? Creating homemade greeting cards is another good option for beginner entrepreneurs which can be carried out any month of the year. Buy some card-stock or watercolor paper, and have your water-color child designs for birthdays, graduations, or holidays. To start, they can sell their cards to friends and family or on the sidewalk lemonade stand style. Then, once your child gets more ambitious they can sell them on an online platform like Instagram, or Etsy. They can also talk to local small businesses to see if they’d be interested in placing a larger order to re-sell or selling the cards from their store in exchange for a portion of the profits.
Decorated Holiday Cookies
Around holidays both religious and secular, many homes and families exchange sweets, and your child can take advantage of this trend by making and selling their own. While there are many different types of sweets that make for a great business, sugar cookies are a great way to start since they are easy to bake and decorate in custom shapes and designs to fit just about any holiday on the books. For a business like this, marketing is key! Have your child make a batch of cookies in a given design, and they can use the photos on social media to get orders from families, schools, places of worship, and other community organizations.
DIY Fidget Spinners
It is no secret that fidget spinners have taken the world by storm. These mobility toys have become addictive collector items and must-haves for children from around the world. Due to their widespread popularity, it is hard to find affordable fidget spinners, which leaves a perfect opening for your child’s new business. Your child can make their own fidget spinners using basic household items, and then resell them at a massive profit for a fraction of the price of machine-manufactured spinners. All your kid has to do is bring the spinners to their local playground or extracurricular activity and they are sure to sell themselves. They can also expand their product line by making DIY versions of other fad toys.
Re-selling Used Clothing
If your child has gently used clothes which no longer fit, they can create a small business by photographing and selling these items on a site like Poshmark. With the profits from initial sales, your child can expand their business by selling a curated collection of used clothes sourced by combing local thrift stores for unique styles and name brands, which can often be resold at a significant profit. This business is great for aspiring fashionistas as well as for kids who are concerned about the environment, as their business will be encouraging the sustainable practice of using pre-loved clothing!
A Brand-New Business Idea
It is no secret that a good business solves a problem, and fills a hole in the market by providing a good or service that is not currently out there. If your child wants to start a unique small business with their own original idea but doesn’t know where to start, Ivy Camps USA offers several after-school camps that can help your child launch their own businesses, like the "Becoming a CEO: Success in Finance & Leadership" course! This course will give your child’s business a running start by setting them up with a business plan, logo, and even a prototype of their idea. Learn more on our website, or schedule a free consultation to discuss the “Build Your Own Business” course, as well as other programs which may be a good fit for your child.