What could beat the beste Geschenkideen für 16 Jährigen Jungen than helping him start a business venture?
That most kids are hooked to their screens is no secret. Whether it is TV, computer, or video games, kids pour endless hours into entertainment without any productivity.
However, it is not uncommon for some kids to show a keen interest in the world of business very early in their life. In fact, kids as young as 15 are becoming inventors and scientists and bringing a lot of changes to their community.
If your kid is interested in taking a shot in the world of business, why not help them start a small business?
Not sure where and how to begin?
Here are some practical ways to introduce your kid to entrepreneurship.
Identify what your kid is passionate about
Some children are natural with pets; some have exceptional crafting skills, makeup, or styling. Furthermore, some kids have a knack for technical skills, designing new things, or a passion for sustainable living. In addition, this current generation of kids has extraordinary skills in developing apps and anything related to technology.
The options to start a small business are endless. However, these are the top favorites:
- Selling crafts on Etsy or Shopify
- Teaching or tutoring online
- Pet-walking or pet-sitting business
Help assemble the right gear, set goals
For some, a computer is all that is necessary to start a small business. However, some businesses naturally require tools and even additional skills. For instance, starting a photography business will require the basics such as an entry-level camera and tripod, among others.
In addition to assembling the right gear, setting goals is important. The goals should be actionable and doable, so your kid does not get disappointed. In addition, setting financial goals will also motivate your kid to work consistently.
Introduce skills for communication and money management
Every successful businessperson talks about effective communication, and for a good reason. The right communication with clients can be indispensable for the overall growth and sustainability of business ventures.
So help your kid to be an active listener and also hone the skills to explain his business. Not everyone is born with the communication skills to present business propositions to potential buyers and investors.
In addition, learning the basics of money management is an invaluable life skill. You can get your kid started on budgeting, calculating profits, and overhead expenses.
Many online platforms, such as Skillshare, offer outstanding courses on every topic.
Legal requirements and taxes
In the US and almost anywhere in the world, business establishments are subject to legal requirements. This means that a child-run business must also comply with issues such as permits and licensing. In this regard, a county clerk’s office or the local/city-county clerk’s office is a good place to consult.
In the beginning, an LLC is always a good place to start. A Limited Liability Company is an option for private and small companies, as it does not put a lot of pressure on the fledgling company.
Furthermore, any type of business that clock in an income of $400 or more are liable to pay taxes. You can, of course, declare your child a dependent even after their tax filing. Most kids would not have a good grasp of tax returns or Form 1040 Schedule C. So; you can help them with the tax returns and filing to avoid any legal problems.
In the beginning, making a profit should not be the sole goal for any small business. You can help your kid get a head start on the dynamics of launching and running a business successfully.
Regardless of whether your child’s business brings in the dollars or not, few things can be more fulfilling than being their own boss. So get them started today; who knows if their passion can turn into the next big thing in business.