While summer is still months and months away, it’s never too early to start planning for how you’re going to spend your time when the sun comes out. But as a parent, you want your kids to do more than just lie by the pool getting a tan or spending hours watching TV. To give them a more positive way to spend their time, you might consider helping them start their own summer business.
Especially if you’re an entrepreneur yourself, helping your child start a fun, small summer business like selling shaved ice or having a paper route is a great way to teach them valuable lessons even while school isn’t in session. To truly provide a benefit to your child, here are three tips for you for helping them start their own summer business.
Prepare Now
If you and your child are seriously looking into starting a small summer business, it’s good to start planning and preparing now. Depending on what type of business they want to run, there could be a lot of preparation necessary before they’re able to even get off the ground, making it a good idea to start prepping early.
According to Amy Rauch Neilson, a contributor to Entrepreneur.com, kids planning on having any business where they sell food goods will need to register with the county, get a sales tax license, take food safety classes and more. These things all take time to accomplish, so starting well ahead of time will save your sanity as the summer gets closer.
Teach Them About the Finances
According to Nellie Akalp of AllBusiness.com, having your child run their own business is a great way to teach them about various aspects of finance. Some of the areas of finance your child will have to learn will include investing, money management, and taxes, just to name a few. By learning these important life lessons early on, your child will be better prepared for life outside the home and have a more realistic view of money and how to work with it.
Do A Dry Run
The all-important launch day for your summer business is going to be an exciting time for both you and your child. However, many children, especially those known to be shy, may be more frightened than excited. To combat this, Tisha Rinker of ConnectionsAcademy.com recommends for parents to work with their kids on communication and customer service skills leading up to the launch of their business. This could include putting them in mock situations where they’ll be required to promote their business, answer customer’s questions, take constructive criticism, and manage other people. By doing a dry run of these areas of business, your child will be more prepared come opening day.
Starting a small summer business has many benefits for both kids and their parents. So to help your child get their business going strong when the sun comes out, consider using the tips mentioned above to prepare ahead of time.
Originally posted on November 23, 2015 @ 1:44 pm