It may be easy to underestimate someone who's not old enough to drive a car or vote, but many kids today have a strong work ethic and are willing to be creative to achieve success. The knowledge, passion and skills they've acquired, both in school and through their daily interaction with technology, make them perfect candidates for entrepreneurship.
Starting a business has a host of benefits for a young mind. A child or teen can learn the importance of financial responsibility, how to build professional relationships and how to be independent. But depending on their age, they likely won't be able to get a business off the ground by themselves.
If you've always wanted to start a business yourself, why not take the opportunity to encourage your young entrepreneur and launch a company together? Here are a few ideas for businesses you can start with your children. [See Related Story: 9 Amazing (Very) Young Entrepreneurs]
If your teen excels in a specific subject or has exceptional grades, encourage him or her to assist those in need of help through tutoring services. Your child can get paid for his or her knowledge and time spent helping others learn a skill or subject matter. This type of business is scalable, and live videoconferencing and electronic payments can bring your child's skills online as well.
Social media consultant
Kids are absorbing tons of social media knowledge at a young age. They're becoming YouTube and Instagram stars with millions of followers for just being themselves. This could be invaluable knowledge for small businesses in your area. Encourage your child to apply his or her understanding of social platforms to consult for local shops and restaurants.
As long as houses come with lawns and outdoor maintenance, there will be a need for landscapers.The simplicity of the job, from mowing the lawn to trimming trees, means it can open doors to college degrees in the field, which can lead to jobs with theme parks or college campuses.
Babysitting or dog walking
Technology has brought traditional job choices for teens into the modern age. Sites like SitterCity, Care.com and Rover.com have made it easy for people to hire and pay child or pet sitters. Encourage your child to gain some experience by babysitting for family members or neighbors. After they've gotten some experience, they can set up an online account to allow them to truly grow their business in an accessible way.
Etsy shop owner
Sites like Etsy have transformed the way crafters bring their talent to the world. They no longer have to rely on fairs and events to show off their creations; instead, they can sell their products online to customers around the world. If your child has a knack for crafting and creativity, Etsy may offer a great business opportunity. Etsy has a comprehensive guide on fees and owning your own business, along with guidelines for minors.
Cooking and baking
Bringing your child's passion for cooking or baking to the world can prove to be fruitful. There are competition shows on Food Network dedicated to the skills of young teens, as well as Shark Tank entrepreneurs who have used their baking skills to satiate the palates of people (and dogs!). Depending on your home state's regulations, it could be fairly simple for you and your child to start a home catering or bakery business.
Your child's business doesn't necessarily need to check off the for-profit box. If you and your child are passionate about a social cause, starting a nonprofit charity may be a great start. There are hundreds of ways to raise money to profit those in need. Sit down and have a conversation about how to raise money for the cause. It is also a great opportunity to teach your child about the 501(c)(3) tax exemption and how it works.
Public interest in upcycling and recycling clothing and other items has led to the success of stores such as ReStore and vintage clothing shops. Collect unwanted items from neighbors, friends and family members, restore items to better quality, and sell them for fair prices. It's a great way to be green and make some money from previously unwanted items.
Whatever new opportunity you and your child choose, this is a great time to teach the importance of work-life balance, responsibility and the importance of taxes. Encourage young entrepreneurs to try their best and seek success with their new business. Even if it doesn't turn out as planned, you can show them that adversity is a part of life, and that failure is an opportunity to retool an idea or open a door to a new opportunity.