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A Guide to How Parents can Help Children Start a Business

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starting a childhood business

Give your kids the tools they need to start a business on their own. Teach entrepreneurship!

As an adult, starting a business can be a challenging task.

Did you ever stop to wonder how much more difficult this is for a child?

If your child is interested in starting a business, he or she may need your assistance along the way. Rather than squash your child’s dream, it is time for you to step in and do your part in pushing them towards success.

Help Develop an Idea

Let’s face it: children do not always have the best ideas for a business. That being said, many kids under the age of 16 have founded multi-million dollar companies.

As a parent, let your child bounce several ideas off of you. From there, do your best to explain the pros and cons of each as well as any benefits and drawbacks that are obvious from the start.

Tip: during this phase, you can also help your child create his or her first business and marketing plan.

Offer a Small Startup Gift or Loan

It does not matter how old you are. If you are interested in starting a business it is going to cost money. Since your child probably doesn’t have enough cash flow to get up and running, you may need to step in.

Whether or not you offer a “gift” or a “loan” is your decision. What matters most is that your child gets the money necessary, and that they understand how to best use the funds during the startup phase.

Be Available for Support

The last thing you want to do is micromanage your child’s business. However, you must make yourself available for support from time to time.

In addition to fielding questions from your child, make sure you interject when you see fit. While letting your child make mistakes is part of the learning process, you may find yourself able to step in and save them time and money.

Safety First

Although making money and having fun may be most important to your child, it is essential that you keep one eye on safety at all times. This includes knowing what type of business your child is involved with, the people they are working with, and where they are at all times.

Before your child ever gets started, make it known that their safety always comes first.

Encouragement

Starting, running, and managing a business can be a lot of fun. It can also lead to loads of stress as well as moments of helplessness. Every roadblock is one that will teach your child a valuable lesson. But of course, you don’t want to see your child struggle day in and day out.

As always, you should offer encouragement when your child’s business is going through tough times. Sometimes, all it takes is a word of advice for your child to get back on track and realize that they are closer than ever to success.

With this advice on your side, you can help your child start and grow a successful business.


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