It’s time to get the kids on the money list. These are five great things that can happen when your children start their own business and earn money.
1. They are taught responsibility. This is important because money doesn’t grow in trees. They will be able to appreciate the fact that money is not something they can do overnight.
2. They learn to manage money. Isn’t it fascinating how your money is spent differently than the money of others? Have you ever been out for dinner with your parents and the company paying the bill? You may order the $90 Kobe beef, which I guarantee you will not order if you have to pay for it. Your children are no different. Your kids will be more frugal with their money than you are. Be careful not to bail them out if they spend too much. It could cost you a lot.
3. They learn customer service. Customer service is essential for a successful business, and it’s also crucial to ensure your children make money. Although their marketing might get them the first sale, their customer service will make sure they get repeat sales.
4. They learn to market – This is because marketing is essential for your child to be able to think. They have to think like their customer to determine what they would find attractive or compelling. It is also important to consider how they will brand their business. People don’t go to McDonald’s for a gourmet burger. They want a quick, cheap meal. If your child is along, they will want the toys with their happy meal. McDonald’s will tell you what to expect and you almost always leave satisfied. This is marketing, and your child can do the exact same thing if they have a business.
5. They learn how to provide a service or product. This is a lesson that can be missed in business: pride in what you offer a customer. This is how you can help your child. This mindset is one that states, “No matter what,” I will deliver my product as best I can. It’s not about how much money I make, but because I want to create a product I am proud of. You would be the richest person on the planet if you could package it up and make it sellable.
This concludes today’s kids make money list. You can be sure to think of other things that your child could learn. These are great lessons, but only if you act. Get together with your children, create your business plan and make money.