Business ideas for kids are a great way for kids to get a taste of the business world, discover if they want to start their own business, and create a sense of responsibility for themselves. These ideas will help you and your kids decide how to go about starting a business if it is something they want to do.
First you and your child have to decide what kind of business your child wants to be involved in. It can be something basic like running errands, washing cars, or tutoring younger children or even adults. On the other hand, you also have the extreme cases of children who started a business and started making hundreds of thousands of dollars from their ideas.
It’s important that you look into activities and things you enjoy doing. It’s also as equally important to do some research to find out if there is a market for this passion of yours. Simply put, without a market you will have no business.
Once you have your business idea in a niche that has a sizeable market and that you’re also passionate about, then it’s time to start collecting the tools you will need. A laptop (or almost any type of computer) and an internet connection are a necessity, as are other items that are specific to the nature of the business you will start.
When you set up your business, and if it is off to a good start and is growing, then you might consider making it into a formal business entity like a corporation or an LLC. Although, you don’t have to wait until your business shows signs of growth for you to incorporate it.
Today no business owner can really afford to be in business without having a presence online in a form of a website or a blog, and this holds true for kids as well. In addition to a website, you’ll also need various software programs to help with record keeping and other parts of running a business. It will be up to you to keep track of your own income and expenses for taxes.
As a child business owner, you might be able to qualify for a state grant to secure any equipment or tools you might need. So check to see if you qualify. SBA.gov is a good place to start learning more about this.
Here are 5 small business ideas for children.
If you need some inspiration to get started, here are three entrepreneurs you could learn from:
You can learn more about how to put these business ideas for kids into action by checking out the stories about these young entrepreneurs.