Teach your child the value of hard work from an early age, and you’ll have taught them something that money can’t buy or talent can’t achieve.
Arm your children with management and organization tools from a young age. They will be able to use this knowledge in both their personal and professional lives.
Who knows? Your child may even have a knack for it and become the next Henry Patterson. This British entrepreneur started three businesses by the time he turned 9.
Not to mention, it’s easier nowadays for kids to start their own business with the aid of affordable and accessible technology.
To help get your kid started, we’ve outlined three fun business ideas for them to try their hands at.
Social Media Is Both Fun and Profitable
There’s no doubt that social media is on the rise, and it’s now a legitimate career option.
Today, it’s common to see reports of children earning tens of millions of dollars from ad income and sponsorships.
YouTube and Instagram have radically transformed the medium in the last ten years. The early influencers have made extremely successful professions out of it.
While it’s still possible to establish a full-time career on social media, it’s critical to treat it as a business these days.
How You Can Help
If you want your child to become a social media influencer, you need a plan and a strategy for the type of content they want to create. You’ll also need to understand the target audience and the methods of monetization you want to use.
Your best option is to create a business you can build around selling a product or service, regardless of the number of followers. You will, of course, be leveraging social media as your primary marketing channel.
Having said that, you’ll also have to discover what your child is comfortable doing.
If they have good communication skills, a blog might be a good idea and can be highly profitable. If they are charismatic, they can give YouTube a try and make video content.
Do they have interesting perspectives and can they keep a conversation flowing? Then, podcasts could be the direction to go.
With your supervision, your child can swim like a fish in water on social media.
Babysitting Is More Lucrative Than It Appears
While it may not sound like it, you’ll be surprised to know that babysitting could lead teens down the road to riches.
It’s, in fact, a lucrative and stable business for those who find the right clientele.
There are many couples out there who work over 70 hours every week and regularly need a babysitter or a nanny. Since a full-time nanny or an au pair may be a little outside their budget, a babysitter helping out for 20+ hours is more workable.
If your teen works that many hours every week, the payments can really add up.
According to an annual study conducted by UrbanSitter, the standard hourly pay for a babysitter is $18.36 for one child and $21.23 for two children. In comparison, the federal minimum wage is $7.25, which is less than half of what a sitter makes.
“Rates have gone up year over year, sort of in line with inflation,” according to Lynn Perkins, UrbanSitter’s CEO.
However, the rates vary depending on where you live. Babysitters in San Francisco make the most, with average hourly rates of $18.75 (one child) and $21.30 (two kids).
On the other end of the spectrum is Las Vegas. Here, sitters make about $12.53 (one child) every hour and $17.18 (two kids) every hour.
Here is a table listing some of the other cities and their rates:
|City||Hourly Rate (One Child)||Hourly Rate (Two Children)|
Your teen can easily earn up to $20,000 a year by working as a part-time babysitter for one or two families.
The Perks Are Not Only Monetary
Furthermore, they can also find ways to be productive with their other tasks while babysitting. They can:
- Do their homework
- Prepare their applications for college
In addition, if your teen can impress their clients and nurture a positive relationship with them, they’re bound to get referrals.
With referrals, your teen can get more clients if they want to continue their babysitting job, even when they’re at college.
If you can encourage your child to start early on, they can:
- Save enough to pay their own tuition
- Finance their first business
- Save up for something else they might want
This is a huge achievement that few young adults can claim for their entrepreneurial efforts.
Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work.”Stephen King
Is eCommerce Right for Your Little Entrepreneur?
eCommerce, or just selling products online, is another business that your child can start.
Consumers are increasingly making purchases on their computers, tablets, and phones, with fewer people visiting traditional malls. This means more opportunities for online vendors.
Additionally, with sites like eBay, Amazon, and Etsy, it’s quite easy to list products for sale on a website with a ready market. You can even assist your child in opening their own store on Shopify for just $30 per month.
How Your Child Can Beat the Competition
However, the eCommerce industry is becoming increasingly competitive. It will be difficult to sell items at lower costs than the huge corporations providing similar products on Amazon.
Here is a list of routes your kid can take to gain an advantage:
- Sell used, repurposed, or vintage products on eBay
- Sell handmade or custom, one-of-a-kind items on Etsy
- Drop-ship via Alibaba or AliExpress and their own Shopify website
Whichever method you select, you may promote it on social media, and your child’s followers can buy products directly from your site or listing.
Help Your Children Find Their Passion
It’s never too early to start.
Your child has hidden talents and abilities that you can help to develop. You don’t need to look far for clients; begin by making them provide their services to relatives, neighbors, coworkers, and acquaintances.
Children learn the importance of effort and money through entrepreneurship.
It also gives kids a valuable sense of responsibility and allows them to make better use of their time.
If you want to make sure your child gains practical skills to level up in life, help them get the right education.
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