Today's Businesses for Kids

A 1994 Gallup poll revealed that 7 out of 10 high school kids wanted to start their own businesses. Some of these kids don't wait until they're adults to get going on their dream. They may demonstrate their entrepreneurial spirit of innovation, self-reliance, and hard work by starting a business while they're still kids.

There's good reason for the high level of interest in being an entrepreneur. Some kids may have seen their parents downsized from corporate America and want to avoid being in a similar situation later in life. They may think that when they grow up, they'll have their own companies and create their own job security. And what better way to prepare for that status than to start a business while they're still kids.

Today there are good reasons why kids can and should get started early in pursuing their dreams of owning their own businesses.

• Opportunities are there. Thanks to expanded computer programs in the schools and the reduction in the price of home computers, kids today are almost all computer-literate. Computer technology has made it possible for kids, like many adults, to start up businesses without leaving home.
• Information and help is available. Kids aren't left entirely to their own devices. They can get assistance from many organizations and other sources to learn business skills and get started.

Talent's Needed for Running a Business

Adults know that entrepreneurs are a breed apart and must possess certain attributes to succeed. Before your child starts a business, she should ask herself whether she has what it takes to make it in business. Here are some questions your child should ask herself if she thinks she wants to start a business:

• Is she a responsible person? No one (other than you) will be there to remind her of what has to be done. Being in business means keeping promises to customers that she'll do what she says she'll do. For example, if she promises to walk a neighbor's dog every afternoon, she must be there, even if it's bad weather, if she doesn't feel good, or if there's a big game after school.
• Does she have the special skills that her business entails? If she wants to teach computer use to seniors at a senior center, does she know how to operate the word-processing program on the center's computer? If she plans to make jewelry, is she artistically inclined?
• Is she organized? Being in business requires a child to keep things straight. She must be able to know what to bill, to collect money, to buy supplies, and to schedule jobs at times that can be kept.
• Does she have the time needed for the business? Today, kids are highly scheduled with after-school activities, such as piano lessons and basketball practice. These activities may not leave much time for other things, including running a business. Your child must have some idea of when she'll conduct business. After school? On the weekends? Only in the summer?

Ideas for Businesses That Kids Can Start

After some second thoughts, your child might decide that he prefers to go out and get a job working for someone else. Or, he may think that he has what it takes to be his own boss and wants to start his own business. The opportunities are boundless.

The type of business kids can start is limited only by a few things: their imagination, the money it takes to start the business, their talents, and their ability (or inability) to get around. Maybe your child already has a good idea of what he wants to do. Here's a sampling of the ideas that have already been put into practice by enterprising youth:

• One talented teenager started (with the help of her mother and financing from interested people) manufacturing a successful line of clothing she designed.
• Another perceptive teen recognized a growing market niche for Christian religious products for kids her own age. She created an online catazine (a combination catalog and magazine) to sell T-shirts, jewelry, and other items.
• One 10-year-old (with the help of his father) started a toy company to manufacture a water toy of his design that has already sold more than a million units worldwide. Three years later, his company was bought out by Wild Planet Toys for millions.
• A number of kids are getting into computer and Internet-related businesses, designing Web sites, setting up computer systems, and teaching computer use.
• One teenager who immigrated from El Salvador at age 8 started a customized framing business that provides frames for special occasions. With more work than she can handle, she continues to advertise by distributing flyers in malls, schools, grocery stores, and even laundromats.

But if your child doesn't have any idea of what he'd like to do, here are some businesses that kids can start with virtually no seed money:

• Car cleaning. This business provides car washing and inside cleaning. It may be impossible to get your child to clean your car, but she may be more than willing to do it for the neighbors if they'll pay her for it.
• Computer instruction. This business provides teaching of computer literacy. It might focus on senior citizens or other groups in need of help, or it might be private tutoring for other kids who are having trouble catching on.
• House sitting. This business provides mail and newspaper pickup, waters house plants, and keeps an eye on things. I used to pay $20 a day for a teenager to sleep in my house (and eat whatever he found), walk my dogs, collect the mail, bring in the newspaper, and generally give the house a lived-in look.
• Making jewelry and crafts. This business makes and sells jewelry and craft items to sell to craft stores and at craft fairs. Use things around the house (if parents approve) to get started, and then reinvest sales proceeds in supplies for new projects. One girl who did this just to make pocket money in high school later went on to a career with Avon designing their costume jewelry.
• Lawn and garden care. This business provides lawn mowing, leaf raking, weeding, and other garden services. If your child uses his own mower and other equipment, he can charge more than if he uses the homeowner's equipment. It's easy to find out what the going rate is in your area for this type of service by asking around.
• Party assistance. This business provides maid service to neighbors during their parties and offers assistance in setting up, collecting glasses and plates, washing dishes, and performing other related tasks. Your child should charge either an hourly rate or quote a flat fee per party.
• Pet care. This business provides dog walking, cat litter changing, pet feeding, cage cleaning, and other pet care services. These services can be performed on a regular basis or just when customers are away from home.
• Tutoring. This business provides academic help in subjects in which your kid shines. While kids usually can't charge the same hourly rate as grown-ups, they make great teachers because they can relate to other kids. A high school math whiz can provide after-school help to someone in a lower grade.

Excerpted from The Complete Idiot's Guide to Money-Smart Kids © 1999 by Barbara Weltman. All rights reserved including the right of reproduction in whole or in part in any form. Used by arrangement with Alpha Books, a member of Penguin Group (USA) Inc.

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