We’re so excited to have you part of the Kids’ Entrepreneur Market! The idea of selling your products and services to people you don’t know may sound intimating at first. Here are some sure-fire tips to help you prepare for the event. With some preparation, you’ll be on your way to becoming a confident and successful entrepreneur!
Decide What to Sell
To get started, brainstorm business ideas by writing down things you enjoy making and doing. These ideas will evolve into products or services that you can offer. Think about a product that solves a problem, something people would want to buy, or just something you love to do. Also consider the materials you use and the lasting impact it will have on the environment. Finding ways to repurpose materials can create a unique product as well as save on costs. Questions to consider:
- Are there items that are commonly thrown away that you can reuse to make something new?
- Are there clothes that you have outgrown or source that can be refashioned to make new?
- Are there broken items you can repurpose the materials from, like wood from furniture, electronics?
Here is a list of 50+ ideas and a free resources to help get you started.
Create a Business Plan
Having a business plan will help you think about your business goals, strategies, and possible hurdles. Creating one will help you run and grow your business. Questions to consider:
- YOUR IDEA: What is your big business idea? What makes your idea different and how will it stand out from the competition?
- BRANDING: What is your business name? Is it unique, memorable, easy to pronounce?
- TARGET MARKET: Who are your customers? Kids, teens, adults?
- PRICING: How much will you charge? What is your competition charging? How much profit do you want to make?
Manage Your Money
Making your own money is an exciting part of starting your own business. You’ll want to keep a careful record of the money you make and spend to calculate how profitable your business is. With all the extra money you’ll earn, you can start thinking about ways to save it, spend it, or invest it back into your business. During the market, it’s a good idea to accept different forms of payment like cash and Venmo, so you are not turning any customers away. Venmo Teen could be a good option if you are between ages 13-17.
Price To Sell
Figuring out the right pricing can be tricky. You’ll want to price high enough to make a profit, but not so high that it detracts buyers. It’s helpful to do some research on the price of similar items and consider your cost in making the product before deciding on your price. You are bound to run into competition, especially if you are selling commonly sold items like jewelry and baked goods. Consider how your products will be different and what extra value you can add to your customers.
Market Yourself
The best way to get sales for your business is to share what you’re doing! Take some time to think about what you are offering, how it benefits others, and why it’s meaningful to you. Practicing your sales pitch with your family ahead of time can help you draw customers to the event and talk to customers as they come to your booth. Send emails, texts, make flyers or use these printable/sharble flyers to get the word out to as many people as you know. Including but not limited to:
- Family
- Friends
- Neighbors
- Schools
- Sports Teams
- Spiritual Communities
- Clubs
- Co-Ops
- Businesses
Social media is a great way to market your business and reach a large audience. Be sure to post regular updates on all your social accounts to announce:
- That you are participating in the Kids’ Entrepreneur Market – you can share the event page in your post.
- Your preparation process: 1. Making your inventory. 2. Making signage/marketing for your booth 3. The final products to expect at the market. Share your photos on the Facebook event page and Instagram. Be sure to tag us @KidsEntrepreneurMarket.
Tips for Parents
This is an amazing opportunity for your kids to learn and experience invaluable life-long lessons as an entrepreneur, first-hand. To help your child get the most of this experience, here are some important things to remember:
The kids are in charge!
Parents are welcome to help their kids set up their booth, but after that, the kids are responsible for ALL the selling. That means answering all questions and taking payments. Parents are encouraged to stay a comfortable distance away while the kids are selling to avoid engaging with customers on their behalf, giving the kids an opportunity to have a conversation, and even make mistakes to learn from. Be sure your child’s offering is not overly complex to handle independently. If they are unable to handle the transaction themselves, consider simplifying their offering. It might be tempting to step in when your child gets stuck, especially when they are looking at you, seeking support. In that moment, give them a minute (and an encouraging smile) and you might be surprised what they figure it out on their own. Let them know you are a loving presence, but encourage autonomy as much as possible.