You’ve heard the stories – kids who at age 6 or 11 had a business
idea, found funding, pursued their idea, and made millions before
turning 20.
Fraser Doherty is one of those kids who at age 14 developed a recipe to make jam entirely from fruit. After selling the jam in farmers markets and delicatessens for a few years, Fraser took out a $9,000 loan and in March 2007 began supplying SuperJam to Waitrose, a UK supermarket chain.
The deal made Fraser a millionaire before he was 20 and today SuperJam is sold in over 2,000 supermarkets around the world.
Not every kid will have as big a break as Fraser did. But starting a business can not only be fun, but there are plenty of life skills to learn along the way. Oh yeah, and let’s not forget about the money that comes from running a successful venture.
Here’s a list of work ideas young kids can do at home. These tasks are to be completed above and beyond kids’ daily chores. To see why it’s important for kids to have daily chores that aren’t paid
Starting any enterprise, no matter how small, can be challenging without some basic business knowledge. Kids will need to know:
Creative talent provides numerous opportunities for kids to make money. Whether you’re a musician, artist, sewist, or you enjoy making crafts, there’s a demand for the artistic expression you provide.
The following is a list of ways creative kids can make money:
For the Performer/Musician:
Fraser Doherty is one of those kids who at age 14 developed a recipe to make jam entirely from fruit. After selling the jam in farmers markets and delicatessens for a few years, Fraser took out a $9,000 loan and in March 2007 began supplying SuperJam to Waitrose, a UK supermarket chain.
The deal made Fraser a millionaire before he was 20 and today SuperJam is sold in over 2,000 supermarkets around the world.
Not every kid will have as big a break as Fraser did. But starting a business can not only be fun, but there are plenty of life skills to learn along the way. Oh yeah, and let’s not forget about the money that comes from running a successful venture.
How Young Kids Can Begin to Learn the Value of Work
If your child is between the ages of 6-10-years-old, they may not be ready to make money outside of the home. But there are still ways parents can begin to instill the value of work and earning money in young kids.Here’s a list of work ideas young kids can do at home. These tasks are to be completed above and beyond kids’ daily chores. To see why it’s important for kids to have daily chores that aren’t paid
How Older Kids Can Begin to Make Money Outside of the Home
Once kids reach the age of 10 or 12, getting paid for extra work around the home may not be enough. In order to make more money, kids will need to begin a business with customers other than mom and dad.Starting any enterprise, no matter how small, can be challenging without some basic business knowledge. Kids will need to know:
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- Whether their product or service is in demand (i.e. if people will want to purchase what they offer)
- How to set a price for their product or service
- How to get the word out about their product or service (i.e. advertise)
- The basics of customer service and the importance of making customers happy
- How to manage expenses and income and determine if the business is profitable
Parents can mentor kids on these business
basics, and/or purchase a book written for kids that explains what is
needed to successfully launch a business and make money as a kid:
Some helpful books for kids include:
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- How to Turn $100 into $1,000,000,000 (see the chapter on How to Start a Business)
- Business for Kids: How to Teach Entrepreneurship to Children
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- How to Start a Business (for Kids)
- How to Start a Business as a Teenager
- How to Start Your Own Home Business as a Child
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Coming Up with a Business Idea
Once kids decide they want to begin a small business outside the home, the first thing they need is an idea. The following sections provide lists of small business ideas for kids grouped by interest.Creative talent provides numerous opportunities for kids to make money. Whether you’re a musician, artist, sewist, or you enjoy making crafts, there’s a demand for the artistic expression you provide.
The following is a list of ways creative kids can make money:
For the Performer/Musician:
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- Music practice mentor
- Teach music lessons
- Begin a rock band or quartet
- Entertain kids at a birthday party
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- Make cat or dog toys and accessories
- Make scrunchies, hair bands or headbands
- Give old clothes new life
- Make American Girl clothing
- Become a Fashion Designer
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- For the Artist:
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- Sell your art
- Make homemade stationary
- Sell your ceramics
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- Make Friendship Bracelets
- Make Jewelry
- Make Printed T-Shirts
- Knit Scarves and Hats
- Make Tie Dye Clothes
- Make Lip Balm
- Make Decorated Tins for Food or Storage
- Make Holiday Ornaments
- Make Homemade Wrapping Paper
- Make a Birthday Party Decorations Kit
- Make bird feeders/houses
- Make key chains
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