Teaching your child how to handle money is a basic part of being a parent in today’s society. There are many ways you can approach introducing your child to financial responsibility. One way, is to show them how to set up their own business!
A child can learn how to work hard, make money, and save that money for long term goals at any age. Though your child won’t be trading their business on the NYSE anytime soon, small, self-run “businesses” are a great way for children to learn about being a life-time saver. Here are a few small business ideas for children who want to be financially independent!
Hand Them Lemons
One of the most classic small businesses your child can use to learn about finances is a lemonade stand. Now, they won’t be following the normal rules for acquiring funds for their small business, as they’ll just be asking mom and dad, but they can still run this business from start to finish.
Your child can purchase lemons, make the lemonade, set up a stand in their neighborhood, and sell the lemonade themselves. A classic model for a child’s business because it teaches them about the hard work it takes to make a product, advertise, and earn.
Chores for Sale
One of the best things a parent can do is help your child set long term goals and then help them to achieve them! Instilling the idea that being a Goalsetter is a positive thing will lead to a happy, successful, and goal oriented adult! One way your child can have their own business is to sell off chores!
Your child can go around the neighborhood, or their community, and sell off chores. Remember to keep them age appropriate, and to be certain you are with your child as they go door to door. Here are just a few chores that can be sold off to neighbors and friends:
- Taking out the trash
- Cleaning up after pets
- Clipping hedges
- Mowing lawns
- Carrying in groceries
- And so many more!
There are lots of ways that you can not only make sure your child learns about hard work and creating a work ethic, but you can also help to instill a sense of community! Physical chores can not only create a life-time saver, but it could also create some healthy lifelong habits for your child as well.
Garage and Toy Sale
No matter what age your child is, there’s a high probability that they have a LOT of toys hanging around. You can use this large amount of STUFF to not only show your child how to build a small business, but to also clear out some of your own things as well!
Organize a garage sale and have your child help you. Not only will they learn about advertising, marketing, and setting prices on goods, but they will also learn about growth. You can’t become a life-time saver without making certain sacrifices. Allow your children to pick their toys, old furniture, or clothing that they would like to sell in the garage sale.
Once your garage sale begins, have your child negotiate prices and sell their own possessions. They can have their own little toy corner, or clothing area, where they interact with garage sale visitors. A great way to show your child how to create funds from readily available resources! Dedication and hard work will help grow your child’s mind, spirit, and desire to be a financially stable individual!
A Few Small Businesses for Children to Learn Life-Time Saving Tips!
Business may be a heavy term for these child friendly money-making endeavors. However, they provide life lessons that will positively enforce hard work, patience, and saving money! Help your child start their financial freedom now by helping them set up their own small business!