The fourth Thursday in April is "Take Your Child to Work Day".
I didn't know that until I wrote this blog post.
Emma has enjoyed a hobby called Rainbow Loom for a few months, and as you can see from the image above she had amassed a bit of a collection.
What has amazed me is her desire to monetize this hobby by selling them off to folks starting from $1 per bracelet. We discussed this in Episode 7 of Family Time Q&A Podcast actually, when she once sold $60 in bracelets before they were banned from her classroom.
She also offers up earrings, necklaces, and charms. We recently set up shop at her grandmother's yard sale where she racked up $10 in sales revenue in just a couple of hours. Immediately she invited herself to another yard sale the next week promising to arrive when the yard sale starts and offering up additional signage and traffic for the yard sale.
We discussed adding to the business a party entertainment package where people can hire Emma to host a Rainbow Loom party package with her as the instructor. This idea was inspired by a business that used to be based in Corpus Christi called Not So Creepy Critters.
The name of her business is Friendship Co. "Where the friendship begins!" I'll share about this more as we iron out the details and have the first party. She already has tentative requests for two parties, and she hasn't even begun yet! We're still planning out start up costs and packaging that will deliver a great experience for her customers.
The lessons we covered from today's sales included:
- Cost of goods sold
- Sales revenue
- The Three Ways We Use Money: Give, Save, and Spend the Rest!
|Emma's biggest spenders of the day.|
|We wrote out a needs assessment|
and an action list. We also listed
ideas to raise capital. Emma decided
to bootstrap her business meaning we
pay as we go, keep costs low, and Spend wisely.
|Spray painting Emma's new signs. Phase 1 of her business plan|
is to sell her current inventory at yard sales and a
lemonade stand-inspired booth, which we still need to make.
|Her signs are actually my old real estate "open house" arrows.|
Kid Business Resources
- BizKid$ - A website with a blog, show, games, and newsletter to teach youth about business.
- Article, 10 Kids Who Started Wildly Successful Companies by Business Pundit.
- WikiHow, How to Start a Business as a Kid.
- Kidpreneurs - Young Entrepreneurs with Big Ideas!
- How and Kid Can Successfully Start a Business
- Entrepreneur Kids Academy - I discovered this website from an episode of Pat Flynn's Smart Passive Income podcast. Enya Hixson, 10 years old has a podcast that shares her lessons learned from starting and running micro-business ideas that are age appropriate.
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