Instilling a sense of financial responsibility in their children is a goal of every parent. While not all kids are born with the entrepreneurial spirit, many long for the independence that comes with making their own money.
The summer break from school is the perfect time to teach children about the value of money, but finding a way for them to get hands-on experience can be difficult. Even the traditional business ventures like lemonade stands are becoming obsolete with cops shutting them down if kids don’t have the proper permits.
With the help of a parent, kids and teens can learn how to be an entrepreneur rather quickly and easily, and earn extra cash while doing it!
Start by giving your kids a small loan. Have them sign loan papers to make it official and ensure they pay back any start-up costs. Then have them do their online product research to get a baseline of what they could resell their products for, while making a profit. Help them find some wholesale items on DollarDays.com to resell at a flea market or swap meet. Or, if you are a techie, build them a website and introduce them to the world of e-commerce. With any method used, you will be teaching your kids valuable skills. They will learn about maintaining inventory, handling money and loan repayment. By summer’s end, they’ll have a taste of the entrepreneur lifestyle!
For example, your children may select a necklace charm like this as their first investment. They buy six of these for $13.86, and invest $3-4 for a spool of leather to use as a necklace, and they’re in business! If they sold the necklaces for $7.50 each, they’d clear $90 and would be able to pay off their loan and have money to buy more inventory.
Small businesses all over the country do this every day! Our philosophy at DollarDays is simple: provide wholesale everything for everyone. Kids can use this no strings attached approach to their advantage by buying high-margin merchandise and reselling it for a substantial profit.
Selling summer essentials and other trending products at swap meets, flea markets or even online provides kids with the opportunity to learn about the elements of running a business — everything from accounting to marketing. Make this summer a memorable one for your child by guiding them on the path to fiscal savviness.