Raise your teens summer profit potential
Farrah Gray/NNPA Columnist
Issue date: 5/24/09 Section: Business
With the school year over in June and financial resources lacking, millions of parents are asking - how can my teen or young adult make money this summer?
Okay, maybe its somewhere between having a neighborhood lemonade stand and working at a real job, so what should a young teen do? Many states have laws that limit when teens can get a job and how long they are allowed to work per week, so how are they expected to make the money for clothes, dates, cars, etc.? The answer: Go into business - become an entrepreneur.
Have confidence in your teen to succeed. I know it can be done because I lived it - by the time I was 6 years old I sold homemade body lotion and hand-painted rocks as bookends door-to-door. At age 7, I was carrying business cards reading ''21st Century CEO.'' At 8, I became co-founder of Urban Neighborhood Enterprise Economic Club (U.N.E.E.C.) on Chicago's tough Southside. It took hard work, an ability to listen and a persistent drive with smart decisions to succeed.
Before going into a list of ideas for your teen's new business venture, let's go over a few rules to ensure some level of success:
1. A teen must be able to promote something of value to potential customers and clients.
2. A teen must be able to make a profit with the business. They need to be able to set prices - and stick to it (and be able to collect money) - above their costs.
3. A teen must know one of the most important rules of marketing - to satisfy the customer! They must offer a quality service or product to build customers.
4. A teen must avoid serious errors - in actions of judgment - in running the business. If they do something wrong, regardless of whose fault, it can cause anger, disappointment, or bad publicity. Make sure they face disappointment immediately and learn to correct it.
5. A teen must be prepared to work long hours at establishing the business. It's called work for a reason - he/she needs to be dedicated to establish the business.
Okay, maybe its somewhere between having a neighborhood lemonade stand and working at a real job, so what should a young teen do? Many states have laws that limit when teens can get a job and how long they are allowed to work per week, so how are they expected to make the money for clothes, dates, cars, etc.? The answer: Go into business - become an entrepreneur.
Have confidence in your teen to succeed. I know it can be done because I lived it - by the time I was 6 years old I sold homemade body lotion and hand-painted rocks as bookends door-to-door. At age 7, I was carrying business cards reading ''21st Century CEO.'' At 8, I became co-founder of Urban Neighborhood Enterprise Economic Club (U.N.E.E.C.) on Chicago's tough Southside. It took hard work, an ability to listen and a persistent drive with smart decisions to succeed.
Before going into a list of ideas for your teen's new business venture, let's go over a few rules to ensure some level of success:
1. A teen must be able to promote something of value to potential customers and clients.
2. A teen must be able to make a profit with the business. They need to be able to set prices - and stick to it (and be able to collect money) - above their costs.
3. A teen must know one of the most important rules of marketing - to satisfy the customer! They must offer a quality service or product to build customers.
4. A teen must avoid serious errors - in actions of judgment - in running the business. If they do something wrong, regardless of whose fault, it can cause anger, disappointment, or bad publicity. Make sure they face disappointment immediately and learn to correct it.
5. A teen must be prepared to work long hours at establishing the business. It's called work for a reason - he/she needs to be dedicated to establish the business.
Viewing Comments 1 - 1 of 1
Eugenia Drye
Eugenia
posted 5/26/09 @ 12:10 AM EST
Great article! Our 9-year-old is opening up a lemonade/icy cup stand this summer. Between her parents being entrepreneurs and her aunt/uncle running a wellness center, she is eager, plan-oriented and driven. (Continued…)
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