Want to start a business with your child? It’s a fun way to teach life skills and build confidence. Here’s how to help your 8-year-old turn their interests into a small business:
- Start with their hobbies: What do they love doing? Drawing, building, or solving problems?
- Brainstorm ideas together: Use simple tools like the SCAMPER method to think creatively.
- Test the idea: Make sure it’s fun, manageable, and fits their schedule.
- Start small: Kits like the “My Lil Startup Slime Business Kit” can simplify the process.
Teaching kids entrepreneurship early helps them develop problem-solving, money management, and communication skills - all while having fun. Ready to get started? Let’s dive in!
7-Year-Old Entrepreneur: From Ideas to Sales – A Journey to Success 🎉
Finding Business Ideas Based on Your Child's Interests
Your child's favorite activities can be a treasure trove of business ideas. By tapping into what excites them, you can help them turn their passions into ventures they'll genuinely enjoy.
Turning Hobbies into Business Ideas
Start by paying attention to what lights up your child's world. Whether it's drawing, building, helping others, or solving puzzles, these interests can be the foundation for a thriving business.
Here are some ways to uncover potential:
- Watch what they naturally gravitate toward during their free time.
- Listen to the ideas they share or the dreams they talk about.
- Have open conversations about their creative aspirations.
Successful Kid Business Examples
Real-world stories show how kids can transform their interests into profitable ventures. Take this advice:
"Come up with something that is new so that you can surround the market on your own."
- Charlie Kobdish, who launched his food business at just 10 years old
Here are some inspiring examples of young entrepreneurs:
| Kid Entrepreneur | Age | Business Idea | Success Story |
|---|---|---|---|
| Riley Kinnane-Peterson | 5 | Gunner & Lux | Turned her yard sale jewelry stand into a thriving online business |
| Carson Kropfl | 11 | Locker-friendly Skateboard | Created a compact skateboard, landing a deal on Shark Tank |
| Jahkil Jackson | 8 | Project I Am | Launched an initiative to provide supplies for homeless people in his town |
Interest Discovery Methods
Once you've identified your child's passions, it's time to explore how these interests can lead to entrepreneurial ideas. Here are some methods to guide the process:
Creative Exploration
- Organize mini-workshops where they can try out various activities.
- Encourage them to experiment with crafts, projects, or hobbies.
- Let them assist with family tasks to uncover hidden talents.
Problem-Solving Activities
- Ask them to identify small challenges they encounter daily.
- Brainstorm practical solutions to these problems together.
- Discuss ways they could contribute to their school or community.
Skill Development
- Help them learn new skills related to their interests.
- Encourage them to practice sharing and presenting their ideas.
- Introduce basic business concepts through fun, hands-on activities.
Kid-Friendly Brainstorming Methods
Explore engaging ways to help your 8-year-old entrepreneur come up with creative business ideas.
Finding Problems to Solve
The first step in nurturing a young entrepreneur is teaching them how to spot everyday challenges. This skill lays the foundation for creating useful business solutions. Encourage your child to observe their surroundings and think like a problem solver.
Ask them questions such as:
- What tasks do you or your friends find tricky or annoying?
- How could daily activities be made easier or more enjoyable?
- What services might busy parents in our neighborhood need?
By guiding them to focus on practical needs in the community, you can help them uncover opportunities. For instance, they might notice that many neighbors struggle with yard work during certain seasons or that older residents could use help with basic tech tasks like setting up a phone or using apps. Once they’ve identified problems, you can introduce structured methods to generate ideas quickly.
Quick Idea Generation
The SCAMPER technique is a fantastic way to help kids approach challenges from fresh perspectives. It encourages creative thinking and can lead to some clever business ideas:
| Letter | Stands For | Kid-Friendly Question |
|---|---|---|
| S | Substitute | What if we used something different? |
| C | Combine | What two things could we mix together? |
| A | Adapt | How could we change this to work better? |
| M | Modify | What if we made it bigger or smaller? |
| P | Put to other uses | What else could we do with this? |
| E | Eliminate | What could we take away? |
| R | Reverse | What if we did it backwards? |
This approach makes brainstorming fun and helps kids see the world in new ways.
Business Idea Games
Here are a few playful activities to spark their entrepreneurial spirit:
Problem-Solution Match
Create cards with common problems (e.g., busy parents) and potential solutions (e.g., grocery shopping assistance). Mix and match the cards to come up with creative ideas.
Innovation Station
Set up a space with Post-it notes where your child can jot down ideas whenever inspiration strikes. This ongoing activity keeps the creativity flowing.
Community Helper Hunt
Take a walk around your neighborhood and look for areas where help is needed. For example, they might notice seniors who could use tech support or small businesses that need help managing their social media.
These activities not only make brainstorming exciting but also teach kids to think practically while having fun.
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Testing If Business Ideas Will Work
Now it's time to figure out which business ideas your 8-year-old can realistically handle.
Making Sure It's Fun and Profitable
A successful business for a child should align with their interests and skills - this keeps it enjoyable while also making it sustainable. Take Mikaila Ulmer, for example. She mixed her great-grandmother's lemonade recipe with her passion for protecting honeybees and ended up creating a thriving flaxseed lemonade business. Similarly, Isabel and Caroline Bercaw turned their love for bath-time fun into a booming bath bomb company.
Here’s a quick framework to help evaluate ideas:
| Aspect | Questions to Ask | Example |
|---|---|---|
| Interest Level | Will they enjoy doing this over time? | Making slime vs. pulling weeds |
| Skill Match | Does it use their talents? | Using art skills for custom cards |
| Growth Potential | Can the business grow with them? | YouTube channel vs. one-time sale |
| Learning Value | What skills will they develop? | Math, creativity, communication |
Checking Time Requirements
A business idea should work with your child’s schedule, not against it. School, after-school activities, and family time all need to fit in.
Here are some factors to think about:
- School hours and homework
- Extracurricular activities
- Seasonal demands (like summer-only businesses)
- Family support and involvement
- Starting small and scaling up over time
Once you figure out how much time they can commit, it’s time to consider the financial side of things.
Understanding Startup Costs
Budgeting is key to ensuring the business is manageable. Here’s an example of startup costs for a lemonade stand:
| Expense Category | Typical Costs |
|---|---|
| Raw Materials | Fresh lemons ($2/lb) |
| Equipment | Pitcher, cups, signs |
| Marketing | Posters, social media |
| Permits | If required by local laws |
To make the business profitable, aim for a 60-80% profit margin. Keep these factors in mind when setting prices:
- Initial investment
- Ongoing supply costs
- Pricing that appeals to the target customer
- Local market conditions
The goal is to choose a business your child can manage mostly on their own, with minimal input from adults. For instance, Isha Pani (cookbook author and YouTuber) and Ben Hampton (social media influencer) started small and gradually expanded their businesses.
Starting Your Business with My Lil Startup
Getting Started with the Slime Kit
The My Lil Startup Slime Business Kit is the perfect way for your young entrepreneur to kick off their first venture. Priced at $39.95, the kit provides everything needed to craft 20 slimes, complete with decorative glitter, charms, beads, and even glow powder to make each creation stand out.
Here’s what’s included in the starter kit:
| Component | Purpose |
|---|---|
| Slime-making materials | Create 20 unique slimes |
| Marketing flyers | Promote the business |
| Thank you cards | Build customer relationships |
| Sales tracker | Monitor business performance |
| Step-by-step guide | Easy-to-follow instructions |
| Parent guide | Support your child's entrepreneurial journey |
"My kid is a passionate kidpreneur, so when I saw this turn-key kit that also teaches him about entrepreneurship, it checked all the boxes."
Improving Your Business
Once your child gets the hang of running their slime business, the next step is to fine-tune their approach based on customer feedback. One young entrepreneur, Elliot, shared his experience:
"Easy and so much fun! I've sold lemonade, cookies, almost everything, and this box made it so easy, and I loved making the slime."
To grow the business, consider these tips:
- Set a price of $5 per slime, which can lead to a potential $100 profit after covering the kit's cost.
- Use the included marketing materials to spread the word and attract customers.
- Unlock the excitement of the "Top Secret Envelope" after reaching $50 in sales.
Fine-tuning these strategies will not only increase sales but also help your child learn valuable lessons about running a small business.
Tracking Money and Sales
Once your child’s business is up and running, keeping track of finances becomes essential. The kit’s sales tracker makes it easy to log daily sales, manage inventory, and understand customer preferences - all while keeping the process fun and engaging. This tool introduces basic business metrics in a way that’s simple and enjoyable for kids.
For those ready to take their slime empire to the next level, My Lil Startup offers additional bundles to support growth:
| Bundle Type | Price | Additional Features |
|---|---|---|
| Growth Bundle | $59.95 | Includes a tablecloth for a clean, polished setup |
| Mogul Bundle | $99.95 | Adds materials to make 40 more slimes |
These upgrades let your child focus on the creative and fun aspects of their business while continuing to build entrepreneurial skills.
Conclusion: Skills for Future Success
Main Points Review
Starting a business teaches kids essential life skills like managing money, communicating effectively, and thinking creatively. These experiences help them grow in key areas:
| Skill Category | Benefits |
|---|---|
| Financial Literacy | Learning how to manage money and understand financial concepts |
| Communication | Improving how they express ideas and connect with others |
| Personal Growth | Developing problem-solving abilities, creativity, and resilience |
The My Lil Startup Slime Business Kit offers a great way to introduce these concepts in a structured and fun way. As Chris & Melissa Smith of Super Parents put it:
"All the important lessons I want my children to learn, they are experiencing by running their own business"
These foundational skills prepare kids for their next entrepreneurial adventures.
Next Steps for Young Entrepreneurs
After gaining confidence with their first business, kids can take their entrepreneurial journey further by exploring new skills and opportunities:
Pitch Development Skills: Teach your child how to craft a compelling elevator pitch. This should highlight their big idea, how it solves a problem, and who their target audience is.
Community Engagement: Encourage them to get involved in activities like:
- Local startup incubators
- School-based entrepreneurship events
- Community pitch nights
- Business-themed summer camps
Gary Vaynerchuk, bestselling author and CEO of VaynerMedia, shared his thoughts on early entrepreneurship:
"I wish I had these tools when I was 7 or 10 years old"
His words highlight the importance of programs like Kidpreneurs Academy, which have already inspired over 250,000 young minds to embrace entrepreneurship. Empowering kids with these tools and experiences sets them up for a lifetime of success.
FAQs
How can I use the SCAMPER method to help my child come up with business ideas?
The SCAMPER method is a playful and engaging way to guide your child in brainstorming business ideas. Start by picking a product or service to focus on, then walk through the SCAMPER acronym to explore fresh possibilities:
- Substitute: What parts of it could be replaced or swapped with something else?
- Combine: Can you merge two ideas or features to create something new?
- Adapt: Could it be adjusted to solve a different problem or meet a new need?
- Modify: What changes could make it more appealing or effective?
- Put to other use: Is there a way to use it in a completely different or unexpected way?
- Eliminate: What can you remove to simplify or improve it?
- Reverse: What happens if you flip the process, design, or approach?
Encourage your child to jot down their thoughts for each step on vibrant sticky notes or in a notebook. Then, sit down together to discuss their ideas and highlight the ones that excite them the most. This back-and-forth not only fuels creativity but also boosts their confidence as they explore their potential as budding entrepreneurs!
How can I help my child come up with a business idea that's both fun and sustainable?
To help your child come up with a business idea that's both enjoyable and practical, start by focusing on what excites them. Kids are naturally more motivated when they’re doing something they love. Encourage them to think about their favorite hobbies, activities, or skills - whether it’s drawing, baking, or caring for animals. These interests can often spark ideas for a business they’ll genuinely enjoy working on.
Next, help them build key skills like communication, creativity, and problem-solving. These skills aren’t just useful for running a business - they’re valuable life lessons. You could use fun brainstorming tools, simple planning exercises, or even creative worksheets to make the process engaging and easy to follow.
Finally, keep the business idea simple and age-appropriate. For an 8-year-old, starting small is key. Focus on ideas that are easy to manage and fun to execute, like making handmade crafts, offering pet-sitting services, or running a classic lemonade stand. By starting with something they can handle, they’ll not only learn but also enjoy the experience every step of the way.
How can I help my child manage their business while keeping up with school and other activities?
Balancing a new business with school and other activities can be a rewarding yet tricky adventure for your child. A good starting point is to sit down together and map out a practical schedule. This should include time for schoolwork, business responsibilities, and, of course, fun and relaxation. Don’t forget to include breaks - nobody can run on full steam all the time!
Help your child learn to prioritize their tasks by focusing on what needs attention most each day. This keeps things manageable and ensures that both school and business commitments are met without feeling overwhelming. Involving them in the planning process is a great way to teach time management while giving them a sense of control and responsibility over their new venture.
And here’s an important reminder: it’s perfectly fine to ask for help. Whether they need to delegate smaller tasks or get advice, working with others can make their kidpreneur journey not only smoother but also more enjoyable.
