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Your Young Entrepreneur
Help Your Child Start a Business
By Kendeyl Johansen
Stahl credits his parents with helping him succeed. "My parents have been extremely supportive in everything I do," he says. "They work hard every day to give me the opportunities to pursue interesting and creative endeavors." Stahl's parents allowed him to take a year and chase his dream without requiring him to make a profit. They encouraged him to write his book, a project that took three years. "They supported that and that means a lot to me," he says.
You can nurture your child's dream by asking questions to help form a business plan. Which hours is your child willing to work? Would weekends be best, or one night per week after school? Help kids decide on an hourly rate or flat rate per job, such as $15 to mow a lawn. If your child isn't driving, help her find a way to get to and from work. McLaws rides his bike to jobs that are too far away for walking, or sometimes his mother drops him off. "Students need to be supplemented by adult help but not too much help so as to squelch their creativity," Stahl says.
Don't forget to publicize the new business. Barcon's babysitting club asked a parent to help design flyers, which the 12-year-olds posted in stores and group mail delivery areas. The club also prospered by word-of-mouth referrals. "My mom helped me make flyers and I delivered them door-to-door," says Jacob McLaws.
