The younger they start, the more time and energy they can afford to make mistakes, build networks, think and absorb great ideas, and essentially work towards success. However, teaching your kids about business does not come without some form of resistance, whether it’s their innately short attention span or their limitations to grasp fundamental concepts. Here are some tips to teaching your children on how to establish their own company.
Relay the Benefits of Starting One
Kids can easily refuse your teachings about business since they intrinsically believe that they are too young to learn it. They cannot yet envision what they’d need the information for in the future hence they will usually treat any lessons as nothing but a dull part of their day.
Telling them the benefits of having their own business some day will encourage them to focus better and to learn it in a more proactive approach. They already know what’s in it for them thus they can envision things like more money for their piggy banks and being able to buy the toys they want anytime.
Guide Them, Not Order Them Around
A vast majority of well-intentioned parents end up ordering their kids around instead of guiding them. This sucks out all the fun from the activity and makes it feel like a chore and if there’s one thing kids dislike, it’s doing chores. When they are reading business-related books, be on standby to explain to them concepts and terms they do not yet fully comprehend.
Allow them to pick topics about business instead of forcing them to read specific titles and posts.
There’s no better teacher in life than firsthand experience. The only problem is, kids don’t usually have the financial capacity to start a business. They don’t have any primary source of income except for the occasional holiday gifts they get from grandparents, uncles, and aunts. Financing their business expenses encourages them to pursue their idea. Of course, you want to first ensure they have a business plan and that they are going into the business seriously.\
Teach Them About SEO
Kids today are more inclined to start a business that has something to do with technology. Online businesses are on the rise ever since the dot com bubble.
Teaching them about proper search engine optimization techniques at a young age will give them the foundation to create quality content that is highly visible to its target market. Helping them establish an online business is easy and simple, especially with the available hardware and software tools today.
Teach Them How to Manage Their Money
Giving them the responsibility to budget their money is a simple yet powerful skill for business ownership and management. It teaches them about cash flow and how to best allocate their financial resources to make more money from it. Avoid immediately bailing them out whenever they want a very expensive toy or gadget. Instead, encourage them to chalk up a plan and start saving.
Help Them Start Today
Whether it’s a lemonade stand or an online store that sells kid’s art, you have to teach them about initiative and that anything can be done through persistence and dedication.
For an online business, the expenses are minimal as monthly hosting plans and domain names cost less than $30. Of course, you’ll have to upgrade to better tools as your site begins to expand and cater to more people.
Teaching your kids how to build a business from the ground up will take months if not years to come to fruition. Still, stay on the path and practice patience and understanding whenever you and your kids encounter a hurdle.
Joel House runs a leading Brisbane SEO Agency – Black Shirt Marketing. When he is not growing businesses across Queensland, he has his head in books to ensure he is on the cutting edge of digital marketing.