My two oldest kids recently started their own businesses. I know what you’re thinking. Homeschooling mom of six kids who blogs in her limited free time; where the heck does she find the time for more projects?!
I was very hesitant at first. But after witnessing some of the best pitches on why they should own their own business, we decided to invest. Just like one of the sharks on Shark Tank. After all, entrepreneurship provides many valuable lessons that my kids wouldn’t otherwise learn until later on in life.
The Secret to Getting Ahead is Getting Started
Last Valentine’s Day, my daughter, Kenzie, helped make chocolate covered strawberries. After proudly showing off her work and sharing it with friends and family, she got a ton of interest from people wanting to buy some from her next year. But after moving to a different state last summer, I knew shipping chocolate covered strawberries wouldn’t make for a very profitable business for a 7 year old.
After a weekend of brainstorming, and a whole lot of brand development, Kenzie & Co. was up and running with her first product, a Valentine’s Day marshmallow pop!
What started as a simple joy of helping in the kitchen turned into a full blown, money-making operation.
But of course, we couldn’t stop there.
Brody certainly didn’t want to be his little sister’s only employee. So he dove into his own research, scoped out the local competition, and after getting pup approval for his grain-free dog treats, Brody’s Biscuits was open for business!
Rather than depending solely on sales from friends and family, my kids decided to approach a wonderful friend of ours that happens to own a shop in our hometown supporting local small businesses. She graciously and enthusiastically agreed to let both kids sell their products in her store.
These kids really know how to hit the ground running!
Never Stop Learning
After their first month of being kid entrepreneurs, I had a few moments where I doubted my ability to keep up with the two of them. They have put in a lot of hard work, dedication, and self motivation to see the success they are seeing right now. I am so impressed with their commitment and drive to just get it done.
As a homeschooling family, we are always looking for outside-the-box ways to teach our kids valuable lessons. So far, our kids’ businesses have granted them the opportunity to learn and improve in five skilled areas. And boy, are they important!
1. Money Management
When starting from nothing, our kids had what we referred to as “startup costs.” They kept track of what they spent on supplies and the fees/licensing associated with becoming legal business owners in the state of Tennessee. Whatever costs associated with starting their company were expected to be paid back to their investor (Dad) when their business was profitable.
Aside from startup costs, each kid also has ongoing costs to keep track of. With help from their Greenlight debit cards, they are able to better monitor their spending and even put money into savings accounts that earn interest. We wanted them to understand the value of a dollar and the hard work that comes with earning those dollars.
I’m sure my kids aren’t the only ones that act like money is a never ending resource. After just a few weeks of having to earn their own money, both of them have gained a greater appreciation for it. They now reconsider a lot of their purchases because of the amount of time and effort that was required for them to afford that item. You can always make more money, however, you can’t make more time.
Within the first two weeks, Kenzie & Co. and Brody’s Biscuits were debt-free! Which is a huge accomplishment they should be proud of!
2. Self Confidence
There’s a great quote from Michelle Obama that says, “Your success will be determined by your own confidence and fortitude.”
Brody and Kenzie are so proud to have something with their name on it. Being praised by people in our community for their hard work in each of their businesses is really building their self confidence. I believe the more confident they are, the less likely they will be to listen to self doubt. Most of the time, the one person standing in the way of success is yourself. I want these kids to shoot for the stars and not settle for anything less!
3. Work Ethic
The first time you do anything is always the hardest. That first weekend really challenged their work ethic! They were trying to figure out the most efficient systems to get their product made and packaged. It was monotonous, tedious, and very time consuming. But they also learned how to be organized, how to manage their time better, and how to be resilient when problems arose.
It was tough pushing through until they were finished but that first payday Monday morning was so rewarding!
4. People Skills
The one question we are often asked as a homeschooling is, “aren’t you worried your kids won’t have any social skills?”
As business owners, they have many opportunities to practice making good eye contact, communicating clearly, and just being comfortable interacting with others. It is a skill I wish I would’ve mastered at a younger age!
5. Healthy Competition
Brody and Kenzie have always been two peas in a pod. So when they both wanted to start their own business, I was fearful that sibling rivalry would take over and pit them against each other.
But as usual, my kids surprise me. What I thought would turn into a competition of who could make the most money actually turned into two kids learning how to be better support systems to those they care about most. They want to learn about the other’s business and how to be helpful when fulfilling orders. But more importantly, cheer each other on.
They make me so proud!
Let’s Raise Kids to be Entrepreneurs
I have to say, I have been very impressed with the outcome of this crazy idea. Brody’s Biscuits and Kenzie & Co. have certainly been a whirlwind. Sometimes, my kitchen looks like an actual tornado tore through it. But what my kids have gained from this experience is making it so worthwhile. We need more kid entrepreneurs in this world! I hope you join us!
