Kids Business Plan
Kids Business Plan
If your child is looking to earn their own money, helping them to
develop a business plan can encourage them to make their goals into
realities. It is also an excellent way to start teaching your child
about business, money management and work ethic, while doing
something they are excited about.
Regardless of what type of business or service your child wants to
begin providing, a solid kids business plan can help them to put
their goals into perspective and help them to understand what they
will need to do to make the money they want and what their new
responsibilities will be.
Brainstorming and Forming a Plan
To begin creating a kids business plan, sit down with your kids and
have a serious discussion with them about their ideas and goals.
As you talk with them, ask them different questions about their new
business and help them by taking notes that you can later help them
type into an actual ‘business plan’. Questions and information you
should discuss include:
What service will you provide?
If your children have an idea of a service they want to provide, now
is the perfect time to discuss it. Do they want to have a weekly
lemonade stand? Do they want to provide pet sitting services? Let
your kids tell you about their idea. They may even have more than
one, and that’s okay. Explore these ideas with them and help them
narrow them down to one that both you and your kids think is a
Do you have the skills to provide this service?
While your child may have big dreams about starting their own
babysitting business or being an errand boy for neighborhood adults,
sometimes these ideas are not an option due to their level of
experience. For example, if your son wants to start his own grocery
service for the elderly but is not old enough to drive, he may want
to consider other alternatives before finalizing his kids business
plan. Encourage him to pick a ‘business’ where his abilities and
skills will shine. If your daughter is great with animals for
example, pet sitting may be an option that would be very appropriate
How much will you charge for your service?
Ask your child what they would like to charge for the service they
want to provide. If they have unrealistic expectations, use the
internet to do some research and find out what others providing this
service are charging and adjust their original figure accordingly.
Likewise, if they are setting their standards too low, encourage
them to raise the rate a bit if you think it is appropriate.
Are there any necessary supplies or start-up costs?
In some cases, the service your child wants to provide will require
them to have certain materials of their own that they may or may not
be able to afford. Ask your child what they think they may need and
whether they already have these materials. Also, if you’re looking
to teach them a little about the world of business, discuss with
them the possibility of taking out a loan with you for the materials
with the stipulation that they must make regular installments to pay
off the loan.
What do you plan to do with the profits?
This is one of the most important questions to ask your child when
helping them to create a kids business plan. Converse with them
about what exactly it is they are trying to save for and about their
long-term and short-term savings goals. Try to convince them to have
at least one of each so that their interest does not fade after they
reach their initial goal. For instance, they may want to earn enough
now to purchase a new pair of school shoes, but they may want to
continue saving for a new vehicle or to put money away for a school
trip or even college. The more expensive and important the goal is
to them, the harder they will likely work to achieve it.
These questions are all very important to a kids business plan and
should be included in the final product so that the child knows they
are accountable for their actions, and to remind them of what they
are trying to achieve.
Write a Plan of Action
have taken notes about the discussion, sit with your child at a
computer and help them to draft a document that outlines all of the
- Their service
- Who will be in charge of the money?
In addition, if your child plans on borrowing money from you for
materials, write up a “loan agreement” regarding the amount borrowed
and a payment schedule that you set up together, before having them
sign it. This will help to teach your children about real world
money management and financial accountability.
Writing a kids business plan is an excellent first step to helping
your child realize exactly what is involved with running their own
‘business’ and can be a great tool for both parents and teachers to
help teach children about business, as well as financial goals and
Business Planning Resources
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