By Stacia Pierce, CEO and Founder of LifeCoach2Women.Entrepreneur/Life Coach/Motivational Speaker/Mentor
Summer is quickly approaching and while high school and college students are counting down the days until they have 3 months of freedom, their parents are likely wondering what’s the best way to encourage their kids to get off the couch, put down the remote and have a productive summer?
Here are my top tips to spark your child’s entrepreneurial spirit and help them become tomorrow’s leaders…today.
1) Talk with your child about their passions and what they are already good at
There’s something there that they can monetize right now. For instance, if young Sally loves playing with kids and taking care of babies, consider running a babysitting business. Or if Bobby is really handy around the house and likes the outdoors, maybe he’ll be interested in running a lawn care service. Maybe you’ve got a whiz kid on your hands who has already tossed around some business ideas. Be open to the brainstorming process and talk with your teens and college age children about their ideas for business ventures. Encourage them to pursue their dreams.
As parents, it’s good to stay open-minded about your kid’s passion. It’s better to help them pursue a dream than to force your own dream on them.
Check out these online opportunities:
· If your child is crafty, they can open an Etsy store and sell handmade items https://www.etsy.com/
· If your child is a good with kids and of age, they can join websites like Care.com as a freelance caregiver.
· If your child is good with social media marketing, have them create a YouTube channel and start reviewing their favorite products. With more views, they can partner with Google to earn advertisement revenues. https://www.youtube.com/
· If your child is handy they can start a handyman business and promote it online as well. Easy-to-build websites templates are available such as www.freewebsitetemplates.com
2) Keep an open and supportive mind
I run across a lot of young entrepreneurs whose parents are telling them to get a “real job.” If your child is showing passion to launch his or her own business—let them! They’ll figure it out. Don’t dampen their drive. Let them get out there and show what they’ve got. Support your child’s decision by getting the business materials to help them run their business better. Several successful entrepreneurs have gotten their first business loan from parents. If this option fits, go for it. Whatever action you take will impact your kid’s confidence, so infuse positive reinforcement into their entrepreneurial efforts and it will pay off big time!
3) Invest in your kids’ dreams and teach them to invest as well.My family visits the bookstore weekly
Invest in books, conferences, courses and other training material that enhance your thinking and sharpen your skills. As a teen, I went to conferences with my father and learned lessons from top businessmen — lessons that I still use right now in my own business.
4) If you own a business, hire your child.Not only is this a great tax break, but it can also begin teaching them how to run a business
Let your child explore the different areas of your business and develop a genuine interest. I will repeat this important point: Don’t force your vision onto your kids. Rather, allow them to try something new if they want. They may want to join you as a partner or go off on their own. Either way, having exposure to running a business is great overall experience.
5) Open a bank account for your young entrepreneur
Put the account in both your name and theirs. Go over the bank statements with them monthly. Let them see their money grow when they put away savings and help them track their spending when buying supplies or training materials for their business. This will give them a sense of responsibility and learn how to invest back into their company.
6) Think about all that you wish you knew before you started a business
Now, take this opportunity to empower your child, teen or young adult with all the information, opportunities and skills you wished you had, so that they can bypass the pitfalls and speed up their success!