Do You Have a Child Entrepreneur?
Kids are always looking for ways to make money. When I was a child, it wasn't unusual to find me running lemonade stands, mowing lawns, or looking for other ways to earn money.
I knew from an early age that I wanted to run my own business someday (running my own bookstore was at the top of the list), so it's no surprise that I run several businesses today.
Today the number of business opportunities for kids have exploded with the growth of the Internet. Many children are taking their desire to earn extra money to heights way beyond the lemonade stand thanks to Web 2.0 strategies such as Twitter, MySpace, Squidoo and Facebook.
There are no age barriers with the Internet, so child entrepreneurs are popping up everywhere.
But not every kid has the drive and motivation that it takes to run a small business. So how do you know if your child is an entrepreneur?
In this lens, we'll explore ways kids can make money, business ideas for kids, how to know if your child is an entrepreneur, where to find business games for kids (to help them learn more about starting and running a business), how to hire your children if you have your own business, and how to help your child start and grow their own business.
Kids & Business Poll
What does your child do to earn extra money?
Business Ideas for Kids: Part I
How do kids make money when they're not old enough to get a job?
Actually, the number of ways for kids to earn money has grown tremendously with the growth of the Internet, but some of the old fashioned ways still work as well. Here are some old fashioned, but still great ways your kids can earn money:
Chores - have them do some extra chores around the house for pay (I wouldn't recommend paying them for the chores they are already supposed to be doing, unless that's part of your current allowance system)
Lemonade stand - an oldie, but still a goodie, a lemonade stand is a great way to teach children about supply and demand, the cost of buying ingredients and then selling them as a finished product, etc.
Babysitting - hey, no matter how technical our world gets, we will always need good babysitters, and this is still a great way for kids to learn responsibility
Mowing lawns, shoveling snow, raking leaves - it's much cheaper to hire a kid than an expensive lawn service, so this method of earning money will always be around
Dog walking, and pet sitting - we live in such a busy society that our pets get left at home for long time periods, so this is a great way for kids to earn extra money and for Fido to get the exercise and companionship he needs
Are you tired of your kids always asking for money?
Are your kids great at spending money, but too young to get a job? Have you exhausted the number of chores they can do around the house for extra money?
Maybe your kids are looking for ways to earn their own money... Sure kids can setup lemonade stands, do babysitting, and mow lawns to earn extra money, but there are so many other things kids can do to earn their own money.
In Kids Business Ideas, you'll learn 83 different ways your kids can start earning money today!
Children will love this book because it gives them ideas on how to make their own money... Parents will love this book because it means kids will stop asking for money!
It's also a great way for kids to learn the value of money, and to learn valuable business skills that they'll need later in life.
So if you're tired of your kids always asking for money, and would like to teach them how to earn their own money, as well as how to value money and how to run a business of their own, then you'll love Kids Business Ideas!
Business Ideas for Kids: Part II
With the invention and growth of the Internet, the ways for kids to earn money has and the number of kids businesses has grown tremendously.
There are no age barriers on the Internet, so kids can earn money in many of the same ways that adults do, including:
Blogging - with free blogging platforms like blogspot.com, wordpress.org, squidoo, myspace and other web 2.0 sites, kids of any age can start earning money by writing about things they like.
eBay - sell old toys, clothes, CDs and video games online, especially at Christmas time. what a great way to get your kids to clean their room and to earn money at the same time!
Creating websites or MySpace logos or graphics - kids are tech savvy and creative, so who better to create websites, graphics, logos and avatars for other kids? There's huge demand for these products and services and since more and more kids have their own money, there are paying customers aplenty.
When it comes to making money online, don't underestimate your kids. They know computers and the Internet better than many adults, and they are creative and unafraid to take risks. I expect the number of kids businesses to keep growing as kids realize the potential of their computer and internet skills.
Successful Kids Businesses
Profiles of some successful child entrepreneurs
Ashley Qualls - At 17 going on 37 (at least), Ashley is very much an Internet professional. In the less than two years since Whateverlife (where Ashley creates MySpace graphics and layouts) took off, she has dropped out of high school, bought a house, helped launch artists such as Lily Allen, and rejected offers to buy her young company. Although Ashley was flattered to be offered $1.5 million and a car of her choice--as long as the price tag wasn't more than $100,000--she responded, in effect, Whatever. :) "I don't even have my license yet," she says.
Cameron Johnson - At age 9, Cameron Johnson started his first business, making greeting cards and party invitations on the Compaq computer he got for Christmas. Three years later, the Virginia native was making $50,000 a year selling Beanie Babies online from his parents' garage.
Bradley Ziegler - One of Bradley Ziegler's favorite days is the day after Christmas, when the bargain bins at Toys "R" Us and Wal-Mart are filled with marked-down DVDs and GameCube games. As he has done for the past two years, Bradley will pick up an armful of $3.99 games and movies and then auction them for up to 10 times that on eBay to regular customers from Kentucky to Cyprus.
Check back soon for more successful child entrepreneurs!
Is Your Child Required To File A Tax Return?
For most kids, the last thing they are thinking about when they get a job or start a business is whether they will need to file a tax return or owe taxes on the income they earn.
Most kids won't even make enough to file, but some children will be required to file a return based on the amount and type of income they earn.
The rules for children and taxes can sometimes be different than those for adults, so how do you know if your child is required to report their income?
Click here to continue reading 'Children And Taxes: Is Your Child Required To File A Tax Return?'
Kids Business Games
You want your child to succeed in their business, so before they start a business you should help them learn as much as possible about businesses.
Here are some great business games for kids to learn about business:
Child Entrepreneurs: How to Know if Your Child is an Entrepreneur
An entrepreneur is defined as a person who organizes, operates and assumes the risk for a business venture. This sounds a little complicated for a child, but there are some characteristics or traits that your child may have that may indicate that they are a child entrepreneur, such as:
- Independence: Is your child a control freak? While that trait can be particularly annoying (and challenging) while your child is young, it could also mean they will be their own boss one day.
- Persistence: An important quality of a successful business owner is the determination to keep at a goal despite setbacks and challenges. If your child is persistent - or stubborn - that could be a sign that they are a budding entrepreneur.
- Confidence: I can't tell you how important this trait is for business owners. People who believe in their skills and abilities, especially children and teenagers, are often more successful than those who don't possess self confidence. Child entrepreneurs typically have much greater self confidence than other children.
- Creative: Entrepreneurs are generally creative people. Creativity is important in the business world, as the competition is always improving so you have to be always improving as well. Business owners who are not creative and innovative tend to get left behind. So if you have a creative child, encourage that creativity!
- Organized: Is your child more organized than most children? Does your child clean his/her room without being told? Are their toys and hobbies neatly organized? While I know a lot of entrepreneurs who are definitely not organized (creativity and organized don't necessarily go together), this is a great trait to have.
- Goal oriented: I believe this is the most important trait of an entrepreneur. After all, how can you run a successful small business if you aren't working towards goals? A goal oriented child is a good sign that he/she may join the growing number of child entrepreneurs some day.
- Committed: There are many successes and failures in any small business. An entrepreneur must be committed, even when things aren't going well.
- Motivated by Money: Perhaps one of the strongest traits in child entrepreneurs is the motivation to make money! Many entrepreneurs are born because they want to earn more money. If your child is constantly asking for additional chores or looking for ways to make more money, that trait will probably continue into their teen and adult years. Don't be surprised if your money hungry child becomes an entrepreneur.
These are just some of the traits of a successful entrepreneur. While having just one or two of these traits may not mean you've got a small business guru on your hands, if your child has several of these traits, they may have the skill set to become a budding child entrepreneur.
Five Business Ideas for Kids During the Holidays
Here are some quick and easy ways for kids to earn money during the holidays:
1. Wrap gifts
2. Shovel snow
3. Take (and sell) pictures
4. Make holiday cards
5. Make decorations or hand-crafted gifts to sell
For complete details on these ideas, click here to continue reading...
EbizTaxTips (Kristine McKinley) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com, endless.com, smallparts.com or myhabit.com.