5 Ways to Teach Kids Business Skills This Summer - Loanables

5 Ways to Teach Kids Business Skills This Summer

Looking for some ways to teach your kids about business this summer? Here are our top 5 ideas along with the business concepts to teach!

1)    Lemonade Stand with a Twist: We will start with the obvious. Setting up a lemonade stand can be a great way for kids to learn the basics of business. But, consider how you can make yours more unique! What if you sold snow cones, cotton candy or popcorn? You might get more takers with bigger smiles on their faces! This can teach kids the importance of differentiating yourself from the competition, or providing a unique product. It may also require a little investment up front, like purchasing or renting the equipment, which further teaches kids that there are costs to getting started in business. These costs need to be considered in the pricing of the end product. Help them price competitively and appropriately to cover all costs and have some profit!

2)    Provide a Service: For older kids, a great way to teach business skills is to provide a service like pet sitting or lawn care services. Start by figuring out which service offering is best for your kiddo. Help them research responsibilities and reasonable price points for what they will offer. Then, have the budding entrepreneur create a flyer to post in the neighborhood. Or, utilize their tech skills by posting their services on NextDoor. Finally, help them learn how to respond and follow up with potential customers, keeping dates and instructions straight. Some kids may need some direct parental supervision as they get these businesses going! Since this doesn’t involve selling a product, use this to teach kids about the value of their time.

Grandparent Weekend3)    Rent out Things They Own: Let the kids take a look at their toy bins and play items in the garage. Find a few things they could live without for a day or a week in exchange for some cold, hard cash. Then, snap a pic and post them for rent on Loanables.com. Bikes & toys can be grouped into packages for grandparents to use when their families come to town. Use this opportunity to teach kids about return on investment (ROI). {You purchase something for x money, then rent it out y times for z money. What was your ROI?}

4)    Sell Items They’ve Made: Farmers Markets, Makers Markets and various vendor shows are popping up all over town. Or gather a group of people to start your own! Find a fun activity like making bath bombs or other handmade items and sell them in a booth. There is no better way to learn to sell than to be face to face with customer after customer in this type of environment. These projects can show kids how they have the skills to create something of value (that others will pay money for). They just need to tap into their own creativity!

 

5)    Send them to a Business Skills Camp: Moolah U is Austin’s Original Pop-Up Business Camp, providing a unique opportunity to learn about money. Campers bring their creative ideas to the group, which researches and determines what will be most profitable. Through experiential learning and as-needed guidance, teams create and market their products to patrons at local area restaurants. They make real money and learn responsibility and accountability in this hands-on business building experience! Check out camp locations and dates here.

UPDATE: Moolah U has offered a $25 discount for Loanablog readers! To save on your camp registration use code SHARE2017

, May 16, 2017. No Comments on 5 Ways to Teach Kids Business Skills This Summer. Category: How to Make Money.

About Kristine

Kristine is an entrepreneur and business consultant. She invented a handy little gadget called My Bag Belt and uses her creative thinking to help other small businesses through their unique marketing challenges.

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