Parents listen up! Your kids want more money… and they are willing to work for it! Kids are always looking for ways to make extra money. So, why not empower your children to create wealth by launching their own business?
Helping your child start a business is a good way to teach them the value of money and instill a profitable moneymaking mentality that they will use for the rest of their lives.
At 13, my father bought me an ice cream shop and arcade, called Stacia’s Dream Cream, as my first business. He gave me the responsibility of managing the shop, hiring staff, getting sales and managing the inventory. So, I hired all of my friends to work with me in exchange for free ice cream and arcade tokens. That summer, I learned a lot about running a business and managing employees. Although it was a lot of work, I really loved the experience and I knew then, I would one day own several more businesses.
At 19, I invested in Beauty Control and became an independent agent. And after only a few months I was earning $5,000 per month to cover all of my own expenses without the help of my parents.
Thinking back, I can attribute my entrepreneurial drive to my father, a successful real estate agent and businessman. Not only did he show me how to run a successful business, but he often took me to conferences, workshops and training sessions so that I could get the RIGHT information and develop the right mindset to become a wildly successful business owner.
Over the years, we’ve passed down the same information to our kids, Ariana and Ryan. They are both young entrepreneurs who attend conferences, workshops and read lots of books that will help them in their businesses. Owning a business empowered Ariana and Ryan to come out of their comfort zones, sharpen their leadership skills and use their creativity to improve their businesses.
The sooner you get your kids involved in business, the more confident and successful they can become. Studies show that young entrepreneurs are typically much more confident, creative and determined to achieve personal success than their peers.
If you’re anything like me, you’re raising your kids to become the best that they can be. I’ve made significant investments in my children that have benefited them greatly.
Ariana was just 18-years-old when she started Superstar Nail Lacquer. Owning a nail polish company helped her to mature quickly, since she was often in business meetings with people who were much older than she. She developed negotiating skills, organizational skills and marketing skills — which is her niche today.
Your child can learn many life-lessons from owning a business and of course enjoy the rewards of bringing in the big bucks. Now is the perfect time to explore business opportunities with your kids. Find out what they love, what they are interested in and how creative they can be at starting their own business.
Now, more than ever before, you can empower your child to start a business and run it successfully. The information age has made this process a cinch for kids and parents. In many cases, you’re basically monetizing what your kid has already been doing online anyway…from making web graphics to building web pages, your child’s creative ingenuity can generate profits.
Here are a few ways to hone your child’s entrepreneurial spirit and help them become tomorrow’s leaders… today.
1) Talk with your child about their passions and what they are already good at. There’s something there that they can monetize right now. For instance, if your young Sally loves playing with kids and watching over the babies, consider running a babysitting business. Or if Bobby is really handy around the house and likes the outdoors, maybe he’ll be interested in running a lawn care service. Maybe you’ve got a whiz kid on your hands who’s already tossing around some business ideas, talk with your teens and college age children about their business ventures and encourage them to pursue their dreams.
As parents, it’s good to stay open-minded about your kid’s passion. It’s better to help them pursue a dream than to force your own dream on them. Though it took a lot of convincing Michelle Phan, the makeup artist and famous Youtube Vlogger, finally convinced her mother that her fascination with makeup was more than fleeting. She started a blog and later a Youtube channel featuring makeup tutorials. She site became so popular, she became a Youtube advertising partner and worked with Lancome and L’Oreal. Now she has her own makeup products in the market. She accomplishes all of this in only seven years. Her success stories are a great example of what happens when you allow your child to pursue their passion.
2) Keep an open and supportive mind. I run across a lot of young entrepreneurs whose parents are telling them to get a “real job.” If your child is showing passion to launch her own business–let her! She’ll figure it out. Don’t dampen her drive. Let her get out there and see what she’s got. Support her decision by getting her business materials to help her run her business better. Several successful entrepreneurs have gotten their first business loan from parents. If this option fits, go for it. Whatever action you take will impact your kid’s confidence, so infuse positive reinforcement into their entrepreneurial efforts and it will pay off big time!
3) Invest in your kids’ dreams and teach them to invest as well. My family visits the bookstore weekly. We invest in books, conferences, courses and other training material that enhance your thinking and sharpen your skills. As a teen, I went to conferences with my father and learned lessons from top businessmen — lessons that I still use right now in my business.
Many parents who have invested in Ariana’s 30 Days to Making It Kit for their teens and young adults, have reported an increase in productivity, confidence and overall success in their kids. Young entrepreneurs love Ariana’s down to earth, simple and easy methods to pursuing your dreams now. The easy-to-implement assignments after every lesson help you to get closer to reaching your goals in just 30 days.
4) If you own a business, hire your child. Not only is this a great tax break, but you can begin teaching them how to run a business. Let your child explore the different areas of your business and develop a genuine interest. Don’t force your vision on your kids, allow them to try something new if they want, they may want to join you as a partner or go off on their own. Either way, having exposure to running a business is a good experience overall.
5) Open a bank account for your young entrepreneur. Put the account in both your name and theirs. Go over the bank statements with them monthly. Let them see their money grow when they put away savings and help them track their spending when buying supplies or training materials for their business. This will give them a sense of responsibility and learn how to invest back into their company.
6) Think about all that you wish you knew before you started a business…Now, take this opportunity to empower your child, teen or young adult with all the information, opportunities and skills you wished you had, so that they can bypass the pitfalls and speed up their success!