Lesson Plan - Get It!
Many kids have made some money with lemonade stands or bake sales, but some take it one step further and create a successful business.
Watch the video below to see how four brothers did just that!
- What does it take to start and run a business?
It takes some thinking, time, and effort, but you can if you want to do it!
Read the following step-by-step guide. Give extra attention to the charts, graphs, and timelines, clarifying the information. You'll be asked to interpret them in the next section!
THINK! It starts with thinking about products and services people need or want.
Think of a problem that needs to be solved.
That's what Lily Born did. She saw her grandfather struggling to drink from a cup due to Parkinson's disease. So she created a new kind of cup for him. Check out The Kangaroo Cup: a story of innovation.
Think of something you're good at and like doing a lot.
- How can you turn that into a business?
Robert Nay loved playing video games and had an idea for a new one. He got books from the library to learn how to code. Now, he has his own business called Nay Games and is the inventor of a viral game called Bubble Ball.
Think of a product you would love to have but no one else is making or selling.
Alina Morse thought it would be great if kids could have healthy candy. She and her family began creating Zollipops, sugar-free, fruit-flavored lollipops that won't hurt teeth.
Think of something you can do right now that doesn't require special skills or costly materials.
You can wash cars, clean garages, mow lawns, or walk dogs. Ask around.
- What jobs do your neighbors need to do around their houses?
Think of a product you can get cheaply and re-sell online for a profit.
- Can you shop at a discount or thrift store or go to yard sales?
You'll often find great deals on things you can sell on eBay or other websites.
Do some research.
Find out how much people want or need your product.
To do this, you could take a survey of friends and family. If you want to know if people are more likely to use a new computer game or a tutoring website, you could ask people how they mainly use their computers.
Your results might look like this
List all the needed materials and determine how much they will cost.
Find out if your parents, grandparents, siblings, or friends can help you with the costs of getting started.
Supplies will likely be your biggest cost if you sell a product. Lily Born needed moldable plastic to make her cups. Alina needed all the ingredients for her healthy candy.
If you're going to wash cars, you'll need a few things, such as the following.
You may also need money for advertising.
- Will you make signs, send out emails, or advertise on Facebook or Google?
Decide how much time you're willing to put into your business.
Besides money for materials, you'll also need time to create your product or provide your service.
- How much time will it take?
- Is there anyone willing to help you?
- If your business is successful, will you have to put in more time as it grows?
Discuss your plan with your family. If you've thought it through this far, they'll be pretty impressed at how much work you've done!
Discuss how much work you think the business will take and ask your family if they agree. Maybe they will think of something you did not.
Then, get to work!
With the right business plan and a good work ethic, everything is possible!
Now that you've explored the six steps in starting a business, move to the Got It? page to show off what you learned!