Start your child’s business when they are young if you want to raise an entrepreneur. The entire business strategy is that young people can realize their entrepreneurial aspirations. Entrepreneurship can be taught. She is the CEO and co-founder of Futureproof, an organization that offers bootcamps and workshops to teach entrepreneurial skills to kids as young as 8 in the Gauteng, Western Cape, and KwaZulu Natal regions.

Illingworth advises parents who are assisting their child in starting their own business to broaden their perceptions of what their kids are capable of as a first step.

“Children’s businesses need not be any simpler or less complex than those run by adult entrepreneurs.

“Kids are capable of doing more than we anticipate, therefore they should be allowed the opportunity to try and experiment with business ideas and, who knows, maybe come up with the one that works. Solving problems is the fundamental component of any successful business.

Here are a few suggestions that they have observed to be effective for children who have participated in Futureproof’s program.

1. The Conventional Baking Industry

As long as parents are willing to share the oven and assist with supervision when it comes to baking, this idea is typically simple and quick to launch with minimal overhead and setup fees. Importantly, children must keep track of the expenses of all the supplies, baking pans, and packaging and include those when determining their price as these can easily turn into hidden costs and bankrupt the business.

For individuals who are just starting out and need to build their confidence, this is ideal. We have seen numerous variations on this theme, including one small company that even paid a parent a license fee for the exclusive use of the recipe and another that referred to colored meringues as “unicorn poop.”

2. The Car Wash Industry

For children who enjoy being outside, live in safe neighborhoods, or have access to a fleet of vehicles and a water source. The convenience component for adults is highly appealing, and this is also ideal for youngsters who are old enough to walk to the homes inside a complex.

The only heavy equipment required is a sponge, bucket, water, and soap. If the child wants an upsell, they can also add polish. Marketing is crucial; a poster with a pricing list or handwritten business cards will help this enterprise look more professional. The customers won’t be able to resist if you add a uniform or a bowtie to the display.

3. Dog-Walking Services

Finding the time in the day to get outside before dusk to give their pets their daily exercise is difficult for pet owners. With a few friends and some receptive pet owners, this is a good company that can grow quickly. Make sure youngsters have a good lead, poop-scoop, plastic bag, and water bottle to prevent animals from getting out of hand. Make a route map in advance and give a copy to the owners.

Establish a weekly timetable and adhere to it to assist manage the owner’s expectations. You should also have a one-page contract that safeguards both parties in the event of a dispute. We have observed dog walkers charging around R10.00 per pet per day. This is suitable for children older than 10 years of age.

4. Jewelry Made at Home

This company is imaginative and entertaining, and it’s ideal for the forthcoming Valentine’s Day season as well as subsequent holidays like Mother’s Day. Besides, one of our businesspeople created kits that children could purchase and assemble themselves to give it that unique touch.

These can be bracelets, hair clips, earrings, necklaces, or matching sets of all of the aforementioned. Local haberdasheries carry supplies, or you can make your own from scrap aluminum. Increasing customer attention usually requires creativity and the capacity to customize these products.

5. The Fashion Industry

Kids are seeking for colorful clothing that they can customize, much like the jewelry industry. A common favorite is a cap or t-shirt, maybe embellished with patches or other accessories to make it a “one of a kind” item. This year, two sisters launched a business where their grandmother sewed fingerless gloves in a variety of candy-floss hues and some in the required school colors so they could be worn to class.

Gran received a portion of the profits for each pair of gloves sold and was compensated using a straightforward cost-plus approach. The selection later expanded to include coordinating scarves and beanies that could be personalized with a label or pin at an extra fee. Gloves began at R20 per pair for the basic pairs.

6. The Recycling and Sorting Industry

Adults typically don’t have the time to complete this filthy but time-consuming task. Unbeknownst to most people, if kids are willing to help with the sorting, the recycling sector can be a valuable source of revenue. Once more, children could gather, sort, create a worm farm, and charge for these services in addition to the selling of recyclables.

For starters, a basic pricing list per kilogram of waste and a hessian bag with a baggage scale will do. However, keep in mind that you’ll also need a disposal method. An important advantage for this firm is a parent with a bakkie.

Source: small business ideas , small business in Singapore