Summer vacation is officially here in T-2 days! Wow! This school year has flown by! If you are like me, you want your kids to do something besides sleep in and play video games. While the majority of my kids are older now and are starting to get jobs and not be dependent on me for entertainment, I do have a couple who will still be at the house the majority of the time.
When you have 7 kids, it is really hard to do anything during summer vacation. Every year I have so many fun things I would like to do with them but, well…money. The reality is that anything out there fun-wise gets expensive real fast when you have a bunch of kids.
I don’t know about you, but when you always have to say no to the things your kids ask to do you start to feel a bit like a lousy parent. So, as I was laying in bed last night, I started to think about how we could change all of that this summer.
I didn’t just want a way for me to make more money because then it would just be me being busier and having less time with the kids. I wanted something that the kids would enjoy doing. Something that would keep them entertained as well as provide spending money for the little things they wanted and help fund some of the bigger excursions they were requesting.
As an added bonus, it would help them gain a sense of pride from earning their own money. Not to mention, it might help slow the never-ending requests to go here or there or buy this or that since they would have an idea of the work that went into earning that money!
I HAVE A PLAN…
As a business owner and I try to teach the kids to be self-reliant and think outside of the box to accomplish their goals. Running their own business would be a perfect way to do this! My kids are really capable kids, not to mention crazy creative! They could totally handle this!
So, while the kids were on the way to school this morning, I gave them a run down of what I was thinking. Everyone was on board! I even had to give myself a pat on the back as my older two started asking about what the initial investment would be and how much we should expect to see on profit!
I will keep everyone posted as they progress. But, in the meantime, here are some things to consider if you would like to help your kids earn some money this summer with their own business!
DECIDE ON WHAT TYPE OF BUSINESS YOUR KIDS WILL DO
While I thought of the craft making idea, I could have just as easily had my kids sit down and brainstorm some ideas. I have learned from previous experience that it’s best to guide them through this process or else you get some crazy expensive or complicated ideas. Take into mind what your kids are good at and what they enjoy doing. If they enjoy doing whatever their business is, they will stay more motivated until they actually see some money. I say more motivated because, let’s face it, until you get to the money part, no matter how fun it is, it still feels a little like work at some point. Since you will most likely have given them the initial investment, you want them to follow through with minimal nagging from you.
KEEP IN MIND ABILITY LEVEL AND ATTENTION SPAN
You want your kids to have ownership in their business. Therefore, you want them to be able to make or do what they need to without a lot of help from you. I mean who wants to help you get get started in a neighborhood lawn mowing business, if they have only mowed your lawn twice and require your guidance to complete the job correctly. I want to be able to explain how things work and what the expectations are, and let them handle things.
Which leads to attention span… My kids are older (12, 15 and most likely my just turned 18 year olds as well), but I still didn’t just let them have free-reign on choices. I used my dear friend Pinterest to pin a bunch of choices on a board that I thought would work both budget and ability wise, and told them to pick a few favorites to start with.
DON’T MAKE THINGS TOO COMPLICATED
When you want kids to work independently, don’t over complicate things. I want my kids to understand that it takes money to make money. They will have a percentage that goes to pay off what I put into their business, a share for them, a portion for big trips to be saved for and a portion for buying more materials.
You also don’t want to over complicate what they are doing. For example, at first my kids will have three different keychains they will make. The keychains are easy to make, look professional and don’t cost a lot to produce. All three keychain styles can be made by one kid or they can work together to make them. Regardless, the projects won’t take a lot of time, and their customers will receive a quality product for their money.
Hopefully, the kids will have a good response this venture. They are already planning a trip to a water park. I think that will be a great way to reward all their hard work!
What do you plan to do with your kids this summer? Does anyone else have kiddos starting their own business?
