- The Music Moneymaker.
If you have a child who is musical, perhaps a skilled pianist or budding violinist, he might offer his talents at weddings, birthday parties, anniversary celebrations, and the like. Help him get his business off the ground by developing business cards and fliers or perhaps a simple website that includes a video or audio sample of his work. Above all, tell him to make sure he is never, ever less than 100 percent professional and accommodating—people’s special events are precious to them and most will not hire anyone without a glowing referral. Be referable!
Once your child has a handful of successful weddings and parties under his belt, he might move on to offering his talents at corporate functions. While this may seem a daunting prospect, it will give him a valuable look at how the business world operates. (Many business professionals will appreciate the courage and initiative he shows by asking and may very well give him a chance!)
- The Birthday Party Business.
Putting together a great party is a lot of work for busy parents, between buying supplies, sending out invites, and managing activities during the party itself. By offering to help execute all the exhausting details (from following up with non-RSVPers to dishing out the ice cream), your child can free up frenzied parents to just enjoy the big day with their child and 20 of his or her closest friends.
To get the business rolling, she might call neighbors and family friends who have small children and explain her services to them. (Yes, it’s daunting, but it will be a great lesson for your child in the value of picking up the phone.) She can offer a discount or free trial for the first customer or two and let referrals and word of mouth take it from there.
When your child is ready to take the business to the next level, she can offer to paint faces, make balloon animals, or do the pedicures and manicures at the sleepover. And as the business grows in popularity (or the parties grow in size), she can start putting together her own power team and learn to manage others.
- The Gumball Machine Maestro.
This is a great way to teach kids about passive income as well as help them polish other critical business skills. Setting up a gumball machine requires developing a nose for a great location and knowing the demands of a particular demographic. (Obviously, a gumball machine at a high-end restaurant won’t do as well as one placed in the lobby of a kid-friendly diner!) It also will require diligent maintenance: refilling the machine, keeping it clean, making sure the mechanism works, and best of all, collecting the money.
The hardest part may be convincing the owner of the property to let him put his gumball machine there. (It would be a tough task for most adults!) He may need to experiment with different tactics: Offer the store owner a flat fee? Offer her a percentage of the profits? Promise a cut to the owner’s favorite charity? He’ll quickly find his stride and start to develop serious negotiation skills that will serve him well in the future.
- The Bead Business Wizard.
Designing and creating bracelets and necklaces to sell teaches kids to manage inventory and pay attention to the trends so that their product can stay new and interesting. Are more bracelets selling than necklaces? Are bright colors selling better than pastels? Is there an unmet market niche selling jewelry to boys, and might your child be able to come up with some cool designs that appeal to them?
This might also be a chance to learn about business philanthropy. Help kids devise a campaign for selling the jewelry so that part of the proceeds goes to a charity of their choice. Perhaps the bracelet designs could coordinate with the colors of a particular charity. If the business really takes off, your kids might hire others to make the bracelets and expand their operation.
- The Brainy Bake Sale or Smart Car Wash.
These events are classic fundraisers but they tend to be indistinguishable from one another. Encourage your child to think differently about the one he oversees. Teach him about the value of pricing goods and services competitively: Just because he’s charging more doesn’t mean he’ll make good money—especially when a less expensive car wash event is happening in another part of town.
You might help your child conduct market research by visiting other area sales. See what others are doing in the way of advertising. Help him devise a marketing strategy (using social media where age-appropriate), draw up a flier, visit local businesses and ask to advertise, and so forth.
- The Next-Level Landscaper.
Your child might offer “free samples” of his work around the neighborhood in an effort to expand his business. He might work up a flier that offers a free service—for one leaf raking, weed pulling, or yard trimming (even better if you make the bonus something you’ve noticed a particular yard really needs).
Does he own a lot of equipment? He might rent it out when he’s on vacation or away at camp. He can arrange for a friend to keep up with yards while he’s away: This will keep customers happy and give the friend an opportunity to earn a little extra money on the side.
Gregory S. Downing has dedicated his life to teaching his students that every family can truly control its financial future and create a generational legacy with profound, yet straightforward advice and guidance. As a nationally and highly respected author, speaker, family expert, and organizational consultant, his advice has been sought and put into practice by thousands of people from all walks of life. With over 20 years of experience in management, leadership, training, and business ownership, he has proven that his principles of legacy parenting, business promotion, entrepreneurship, and real estate investing both work and create bonds of relationship that go beyond the ordinary.
Prior to his writing and public speaking career, he served for 12 years as the general manager of four Chevrolet and Dodge Chrysler dealerships, managing over 130 employees and increasing production and sales without sacrificing quality and customer service while there. It was during his tenure in this position that he became increasingly aware that his gifts and talents were in motivating and leading others to achieve their goals and dreams. He made the transition to motivational and investment training so he could touch more lives and influence others to build wealth and prosperity for themselves and for their families.
To learn more, please visit www.GregoryDowning.com.