I'd immediately picture a huge venture with sprawling offices. Everything smelling of newly opened plastic and cupboards and cabinets in teak wood. That's what the word business made me think of. And then I realized - that's not what a business is about at all. Business is something that does not depend on the size of the office or the kind of copier machine one has. It is a venture, no matter how big or small that leads to earning profits through the offering of goods or services. And a business, it does not really depend on the venue from where it takes off, but rather on the kind of things that you do with it to earn that profit.
Getting to the factor at hand - a business is not something that can be looked into by adults alone, but can be taken up with the same ease by kids as well. In fact, with kids starting their own businesses, it gives them an opportunity to learn certain valuable traits in life like how to be independent, taking decisions, thinking creatively, developing the ability to think of ideas for growth, studying the market and learning to deal with problems. With the factor of profit making playing an important role as well, learning the nuances of how to start a business takes up the prime role.
Starting a Business - Things to Consider
While starting a business for kids might seem all exciting and challenging, one can't just get up and about and start a business. Here are some of the factors that need to be considered so that you can be assured that the business will be a profit making venture that the kid will enjoy working it rather than be forced at it.
List of Skills
Unless you have a product that you have invented and now only need to sell, you'll have to think of the kind of business that you can start out with. And how will ideas simply make way out of thin air? They won't. So what we do instead is help garner certain ideas by introspecting about what can be done. Sit down and write out a list of things that you're good at. Let it seem silly while you do the exercise. Just make sure that you've gotten all the ideas that you can think of down on paper. This draft is necessary so that the ideas that will not get you anywhere can be discarded after careful consideration.
The Demand and Supply
So you might have great skills that you can put to use to earn that extra money, but all this is futile if it cannot be given the shape of a business that is going to earn you profits. For example, you might be great with kids and you might think of starting your own babysitting services, but there might not be any kids to babysit in the area that you will work in. Thus the business has to correspond with what can and cannot be done.
Usually, most businesses will require some form of financial backing. Does the idea that you want to convert into a business require major finances, and if it does - do you have them? Or can you arrange for them? Without an answer to this, there can be no going ahead.
Test Driving the Business
The idea makes way and everything seems to fall in place, but there has to still be that factor wherein one has to check whether the idea can work when out there. Start out the business and check whether it is getting you the required profits. Whether the time, energy and money required to carry the business through is bringing about the required profits and satisfaction. Sometimes a business just does not take off. In which case, there has to be newer ideas to improve the business or the ability to take up a completely different business altogether.
Advertising is another important factor that needs to be factored in where a business is concerned. Unless there is proper advertising done, people will not be aware of your business and there can be no scope of profit. The simplest ways of doing this is through word of mouth, and/or flyers, pamphlets and advertisements in papers.
Even though one may take all the necessary steps to come up with a great business plan, it is to be understood that there will be certain elements that might not be accounted for. In that direction, one has to be prepared to make mistakes and learn from them. Similarly, there has to always be a thought process running of how best one can improve the business and bring in more innovative ideas.
Business Ideas You Can Use
Here are a few business ideas for kids that one can look into when it comes to starting one's own business.
- Buying notebooks, mobiles or any other stationery item at the wholesale rate and selling them for a profit.
- Selling water, caps and other refreshments at parks or outdoor places. Especially during the summer.
- Tutoring kids in subjects that you're good at. This is one of the best businesses that you can start out on.
- Selling homemade greeting cards.
- Making items from shells and other natural materials and selling them at stores.
Now that you have a fair idea of the steps that go into starting a business and a brief look at some of the ideas that you can use, hopefully you have gotten a basic idea of what you can do and how to go about starting out. All the best with your plans.