Business Plan for Kids

Business Plans for Kids - Small Business Warrior

Business Plan for Kids

Teaching kids about entrepreneurship creates an opportunity for them to explore their imagination, passions and intellectuality. It exposes children to an alternative option where they can possibly manifest their dreams by creating their own company. Working in a field they love at an already established company is usually the option by default.
 
Entrepreneurship education is rarely taught (if at all) in primary and secondary schools. Some children do not have the opportunity to learn about owning and operating a small business until they attend college. Teaching children about small business ownership at an early age can give them a head start for their futures.
 
Business plans are very detailed and covers many elements of a new business. A business plan is used as a guide through each state of starting and managing your business. How you will structure, run and grow your company will be included in the business plan. Business plans also can help you get funding or bring on new business partners.
 
For your rising Kidpreneur star, I am attaching below a micro business plan consisting of a few questions for your child to complete. It covers the possible need for their business, potential customers, advertising, industry competition and financial costs. 
 
  1. What problem do you want to solve by creating a new product or service?
  2. What will be the name of your new business?
  3. Who are your customers?
  4. How are you going to tell your customers about your new product or service?
  5. What are the costs to create, maintain and deliver your new product or service?
  6. Who are your competitors? How much do your competitors charge for their product or service?
  7. How much will you charge your customers for your new product or service?
  8. How much will you make in profit for your product or service? (Price you will charge customers minus your costs)

Good luck to your future Kidpreneur!

 
Dream Big,

La Shawn, Small Business Warrior

Business Plan for Kids

2 thoughts on “Business Plan for Kids

  1. This is what i needed for a long time. I’m an inspiring teen entrepreneur. Need to work on how to execute my business ideas.

    1. Thank you so much for your comment! I’m proud of you for even thinking about making your dreams a reality! I hope these questions will help you in the beginning stages of your ideation and formation of your new business. Please be sure to continue to visit this page in the future for additional tips (Bookmark this page 😉 ) And please feel free to contact me via email, FB or IG with any questions. All the best future CEO!

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