Many kids have a great idea for running a business. But parents may be reluctant to support or fund the start-up costs for the business without a solid business plan. A good business plan lists the expected start-up costs, the purpose of the business, a marketing plan and the expected profit from the business. A party planning, babysitting or lawn care business are all examples of businesses that kids can do on their own.
- Skill level:
Come up with a mission statement or purpose for the business. For example, if you want to operate a babysitting service, state the service you will offer, the kind of care you want to provide and how your babysitting service will be different from others.
List the operating and start-up costs associated with beginning a business. This can include any training you need, such as CPR training if you are going to babysit, and the cost of marketing your business to people in your area. If you need additional equipment such as toys for a babysitting box or a lawnmower or weed eater, list those costs as well.
Create a marketing plan as part of your business plan. This can include creating flyers and business cards to deliver to neighbours, creating a website if you plan to sell things online or discounts for referrals to current clients.
Determine how much you will charge for your services. For babysitting you may charge per child per hour. For lawn care, you may charge per service and the size of the yard or have a monthly fee according to how often they want you to mow the lawn. If you are doing a party planning business, you should charge for party supplies as well as the time you are required to be at the party.
Put your proposal in a folder and present it to your parents. This is good practice for when you start a business as an adult. If you plan on paying the money back, tell them when you will do this and set up a payment plan with a set monthly payment.
Implement your plan and begin earning extra money. As you operate your business, you may see areas where you need to make adjustments, such as your fees or the costs of operating the business. Make these adjustments as needed.
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