Yes, kids can have businesses. Having a Small Business is a great way for children to focus their energy and efforts on something positive instead of sitting around the house. A business is a business, whatever the age of the person in charge.
Research Small Business Ideas
If your kid is old enough to have a real life business, you might want to consider finding out if they have an idea worth pursuing. Some ideas may not require much effort. Have you noticed the numerous coupon apps for kids? Kids love coupons, right? Have you ever tried a Farmville game? Maybe your son or daughter would be able to make it a reality. Other businesses are a little more complicated. However, creating a business should be a child’s choice, so they can tailor the idea to meet their needs. The last thing you want is to have an “I hate my business” child. These are just a few ideas for those who have a budding business mind. Have you ever considered a business idea for your kid? Do you think it is viable?
Make a Plan for Your Small Business
There are tons of books about how to start a business. Creating a plan of action is crucial for this. But if you are just starting a business for your child, you will not need a business plan. You need to have a plan of action for each step, including your sales, marketing, and distribution. For most businesses, they will need to have a specific timeline for each goal to work toward. Establish a Marketing Plan Once you have created a marketing plan for your business, you are ready to kick start the process. You need to know which market you want to reach, and the best way to reach that market. The best way to reach your audience is to become an expert in your industry. To be an expert, you need to be well read and knowledgeable about the current market.
Decide on a Name and Logo
To start your business you’ll need a name and logo. You can always come up with the name yourself, but if you are too young to make it on your own, your parents might be able to help you. One example of a logo that kids have created is the bank mascot in this hilarious video. Find Ways to Meet Customers The local public library is a great place to find customers. There’s a good chance that there are customers of all ages in there looking for books, but you could also go to an elderly community center or even a family reunion. Organize a Fundraising Event Getting your local community or even a local sports team to help support your business will be beneficial for your kids.
Figure Out Your Tax Status
The same requirements that apply to tax filing for businesses apply to businesses that are run by kids. The IRS recognizes a business can be run by children under the age of 18 with the proper documentation to prove their age. List Yourself As The Principal If you are running a business with your child, you need to list yourself as the principal on the official paperwork. This way, the IRS can see that the business is operated by the child. This might be your child taking out loans with the money he/she makes. For instance, one of my relatives has made quite a bit of money as a songwriter and entrepreneur. He has a lot of credit card debt that needs to be paid off. That is a business. Determine the Business’ Type The business needs to be a type that is recognized by the IRS.
Get Ready to Market Your Product
By doing some research on the internet, it will be easy to find a few places where you can market your product or business. Social media, word of mouth, trade shows, businesses they work with and online are some places that will work for you to get the word out about your business. The best way to market your product or service is to go to every major trade show to get exposure. Learn all about trade shows and make sure that you research each one. You can get more information here. Find Ways to Make Money With the Most Little What if you are looking for a fun way to earn some extra money? Look for ways to sell your items online for a little extra cash. There are tons of ways to make some money online that can help you and your family out.
Keep Track of Your Finances
Once your child has a business and has begun to charge a profit, they will probably need to put a method in place for tracking their money. Keeping track of your finances is crucial to financial management. This is where online tools come into play. I recommend investing in a dedicated financial website. Personally, I use Personal Capital.com. My account is synced with my checking account, so I can see all my accounts and their balances online. I can transfer money from one account to another in just a few clicks. It’s so easy to get organized that it can sometimes be hard to remember I even have a business. Take advantage of Free Deals Online Online retail is a booming industry. If you haven’t considered going online for some of your product purchases, now is a good time to do it.
Tips for Successful Entrepreneurs
Here are 5 tips for making money online from a 12-year-old kid: 1. Get a website A website is your first stop. This is the place where you give people a good reason to come to your store. You need to market the site, and you need to make it look good. 2. Find a niche Different people have different needs. Get to know your audience and target them with an online store that’s a good fit for your target audience. 3. Promote your online store If you don’t promote your store and link to it on your social media and any other outlets you use, then people will not know about it and you’ll miss the opportunity to sell to them. 4. Do some customer service If your website is all about your online store, then customer service is the next step.