Your child can have many aspirations: a professional athlete, astronaut, firefighter, or even an entrepreneur. Starting a small company can teach children valuable skills that will help them learn money management, inventory management, staffing and scheduling. Most importantly, they can take pride in having a responsibility of their own. As a parent, you can be there for moral support and give an initial helping hand financially. Forbes.com
offers a few tips to the parents of these ambitious children.
- Let them follow their passion. Whether they want to sell lemonade or own a lawn care business, help guide them to be the most successful at what they are passionate about.
- Make a plan. Create a basic business plan that lays out business goals and finances.
- Be their investor. Help them get their business off the ground; this is also a great way to teach them about loans.
- Open a bank account. Open a checking or savings account for your child to separate business and personal finances. First Blue checking accounts or Passcard Savings accounts can be a great fit for a child’s first account.
For a child, starting a small business is a great way to make extra money. There are endless possibilities to the types of businesses they can start. Above all else, passion should fuel their decision; they should have fun with it and believe in what they are selling. To help your child decide what business they are going to pursue, talk to them about a few of the options KidMoney.About.com
suggests, such as:
- Dog walking
- Lemonade stand
- Household chores
To help your child get started, check out these tips
on different banking options for teens, and how to help your child manage their money. You can also visit any Capitol Federal® branch
to have a customer service representative help you get started.
« Back to Blog
Hobbies and Travel, Money Smart Kids, Strategies for Saving