Earlier this year, I had an article entitled How to Quickly Boost Your Child’s Money IQ published on A Fine Parent. In the article I mentioned that my daughters had started their own little business when they were wanting to earn some money.
Once my daughters decided they were going to start their own business, they had to decide what their business would be. Since they were only seven and eight years old at the time, they were a little limited on what they could do as a business. They have always enjoyed doing crafts, so they decided to sell some of their finished crafts at a local farmers’ market.
To help them learn about businesses, we read books together about entreprenuership for kids. They also watched all of the videos from the Secret Millionaire’s Club, which has many short educational cartoons for kid entrepreneurs.
Overall, this business experience has been very educational and entertaining for them. They have learned a lot through this business opportunity such as expenses, income, profit, prices, competition, location, sales tax, and more.
They started with some simple crafts such as magnets,
rubber band bracelets,
and pot holders.
Not only have they learned about the business aspects, but they have also learned other skills through this process so they could make more items.
They learned how to use a loom to knit hats.
They learned how to sew pillows
They also learned how to make coasters,
and fleece scarves.
They have learned some items sell well and others don’t. Items that have not sold well for them include their Christmas themed napkin rings
and gift card boxes.
In addition to the items shown, they have made and sold a few other items.
They know if they don’t have as many expenses, they are able to make more of a profit. For this reason, they have asked for materials and supplies for their crafts as Christmas gifts.
The farmers’ market they originally sold at was free of charge to attend, had very few customers, and was located near our previous house. So, for Christmas this past year, my husband and I offered to pay for them to go five times to a different famers’ market during this summer. This market is much closer to our new house, has many more customers, and charges a small fee.
They have invested quite a bit of time in their business making supplies, tracking income and expenses, loading supplies, and selling at the market.
I don’t think this business will continue into adulthood for them, but I hope it has taught them the importance of hard work, the aspects of a business, and new skills they otherwise wouldn’t have had.
Did you start a business as a child?