My husband, Rob, teaches Personal Finance and Consumer Math classes. One of the teens wants to start a business. This type of project is a great way to teach! Where do you start? Start at the library. Chances are the library will have books about starting a small business. Here are ideas for teens to consider. Does your child want to sell homemade jewelry on Etsy? Here is a link explaining how to open an Etsy shop. Here is the Young Entrepreneur’s Guide from the Small Business Association. Here is a great guide from Scholastic.
I sold goods on Amazon when I was raising money for teens when we went on a pilgrimage. I sold books and media: CDs, DVDs, and my husband vinyl collection. Additionally, we held loads of yard sales, which can be profitable. My experience is based on raising money for my church, VBS, the science camp, the pilgrimage, or my son’s missionary year. One idea was to host a toy, book, and media sale to raise money for VBS and Science Camp at church. I ran these sales in advance of the church’s big yard sale. Any goods unsold went to the yard sale.
Let your child dream a little. Let her do the research to see what the costs are to run a shop on Etsy, eBay, or Amazon. What does it cost to make the jewelry, soap, or knit hat? How much time does it take? What is her competition? Has she looked to see if there is a local farmer’s market? What are the costs for a booth? How much competition is there at the market? Has she considered Facebook Marketplace? Has she considered the costs to ship her goods? The process can make an interesting elective course for your portfolio—whether or not she starts her small business!
