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Building a Business for Your Kids with Your Kids Ideas

Step by Step On Building Your Kids Business for Profit

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Building a Business for Your Kids with Your Kids Ideas

Step by Step On Building Your Kids Business for Profit

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Katerena V. Lovett MHS, CI, SSD, AMF

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Table of Contents

DedicationIntroductionPreface1…Building Character and Self-Esteem2…Choosing Your Idea3…Brainstorming Your Idea4…Making a List of Things You Need5…Brainstorming Marketing Ideas6…Locating Your Products Supplies7…Organization Is a Must8…Whether or Not to Open a Web SitePage | 5

9…Local Places to Offer Your Product10…Time Management for Parents and Kids11…Money Management Tips12…When to and How to Expand13…Outside Sources Advice Assistance14…Outside Sources for Financial Assistance15…In Conclusion: Putting it All TogetherDedication:

Dedicated to Not Only My Kids but All Kids:Zachariah, Veronica, Mariah and Porshauy

I attribute this book to my own kids and grandkids and for encouraging me to believe in them and ultimately believing in all I have taught then was not only valuable, but achievable, beyond their years. A lesson I learned from them was, a goal and ideas to so many kids, that may feel for any reason that “they cannot do this” will not help them grow but discourage, them to grow, as young adults.

Any kid, that can breathe, can dream and build their own business, no matter if it is just to sell to their friends and family, or even expand to their own website business or storefront. In addition, I strongly encourage parents and guardians of disabled children and chronically ill and

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terminally ill children to reach for the stars and let them know there is a “rainbow” with a pot of gold at the end of the road, no matter how far it seems.

Introduction

This book was brought to life, by my kids and grandkids, who not only inspire me to grow, when I think I may fail, but also, to not be afraid to try, because as they say “if you don’t try you will certainly fail”.

As adults we teach our kids how to…when to…why not…where to…who to…” but often as adults we shut off those mechanisms and follow the lead of others, failing the inner child in all of us.

There is nothing more enjoyable than watching a child, learn, teach others valuable lessons, laugh at their own errors, learn from their mistakes, get frustrated and learn from their mistakes to find solutions. This is one of the best lessons we can teach our children as real lesson of how hard adult life will be. It is called building character and self-discipline.

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Preface

As parents we want the best for our kids, we want to protect them, to make sure we can build as much character as we can to ensure their chances of success in life are up and beyond

Kids are a very valuable asset to the community and often they are unheard and yet they create ideas that are the self-limitations they will set themselves, as they have learned from their life experiences and even their peer relationships. invaluable to the community.

Mark Zuckerberg, founder and CEO of Facebook was merely 16 when he founded what is now a multi-billion-dollar company. And there are many other companies founded by kids. It is a valuable lesson to teach our kids the business world at a young age and to also teach them that if even they make spending money and do not go on to be a millionaire they are making good lessons to build on to as they grow into young adults and it may also benefit on the decisions they make as adults.

There are kids that are fashion oriented, future chefs, engineers, web site builders, and even crafters, and with technology there are so many opportunities to grow a small home based business to a larger company with unlimited potential and capita.

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Step 1…Building Character and Self-Esteem

Self- esteem is a valuable asset that many kids and young teens lack as a result of inner struggles, lack of Page | 9

self-confidence, encouragement and even peer pressure. Building a business from an idea they create, whether it is successful or fails is valuable to teach them to use what they dream, create, imagine and even try to make become a reality.

As parents our kids are inspired by who they see in their lives, parents, siblings, family members, friends, role models and even those they see on television. But there are so very talented and frustrated kids with too much time on their hands and not enough resources to tap into these ideas.

By building character we are able to encourage and teach our kids; business skills, math skills, logic, communication, leadership, time and money management skills. Character is a strong sense of self whether it is good or bad character can be developed by encouraging our kids to be afraid to step outside the box and paint and create their own business. Imagine the kids actually being interested in what you are saying as opposed to feeling as though you are trying to force your ideas onto them.

To me it was very enlightening to really listen to what they had envisioned, why they felt this way, how they planned to accomplish this idea on paper to make it happen and to watch my kids grow as a result.

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It was also a time my kids and I were on the same page as far as, not only a time I was doing all the talking but also a time as to when I was actively listening and learning about my kids and their ideas and frustrations they felt they did not have a voice, no one listened to them and the excitement they shared as well as the frustration we learned to work out as we went along in their business venture.

We as a team also learned to; make mistakes, how to change them to positive ideas rather than trash the entire idea.

One example was, when we made the order for the business cards, we made an error in not googling the name we picked out, did not check out other sites for cheaper prices, did not search for promo codes that also save money and did not see the error until they arrived that the name did not link in any way to the item we were selling.

Back to ground zero and we had to re-order, pay again, a profit loss, and then came the long wait but the ideas, failures, mistakes and successes we made as a team, helped us to realize as a team, we could make a book to help others learn from us and help others along the way. Thus, we, building character, we also learned self-esteem, and that trial and error is not the end of the road but rather learning to build new roads to success.

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Step 2…Choosing Your Idea

There are different choices that need to be made as to the ides you and the kids you are helping create, to make a business happen. Make sure your idea and your name match up or the idea will totally get lost.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 3…Brainstorming your Idea…What is the business we are trying to achieve?

When you try to think about your name of the business, make sure the name matched up with the idea or the whole idea and business can fail as a result. We made up a name for my daughter’s business and we were so caught up in the idea of the name she liked that once we ordered the product and the business cards and the car magnets, we realized there was no link so it was not only financially a loss but also frustrating in every sense and we had to start all over again. Had we made better management on my thinking process it would have been less time and money loss and frustration over all.______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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____________________________________________________________________________________________________Step 4…Making a List of What Things You Need…What product and or name relates to your idea?

It is a good idea to make a list of the things you will need to make sure you do not over order, order the wrong items, underestimate the amount of product you will sell, as to make sure you have enough product or containers for your business.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 5…Brainstorming Marketing Ideas…How much start up do we need?

Marketing is one of the simpler and yet harder part of your business. It can be as simple as starting a web site to finding a local store to offer your product, to getting a vendor s permit to sell your product on a corner to selling at a Farmers Market, swap meet of fair.

But you must also brain storm an idea to make sure people know who you are, where you are, what you offer,

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as well, as what where they can find your product or service.__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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__________________________________________________________________ Step 6…Locating Your Products Supplies…Who will our Suppliers be?

There are many suppliers online that say they are the cheapest or the best but there is a lot of trial and error in the area of buying online and me and my kids can so agree on that as we have bought what we thought was the best and cheapest, and in some cases felt a little or in some cases more money was better when in fact it was not the case. It was another case of trial and error.

Which was time consuming and a waste of our precious time waiting for the new replacement items to arrive and then make the product as we had orders we had to delay to make because of our mistake. So this is why you can use the space below to list, rate, and make notes of important issues such as; cost, shipping costs and the amount of time it will take to receive the product.

As some shippers come from locally and others come from overseas or China and the time and cost outweigh the product being so low. Some companies offer a review section which is often priceless to small businesses such as our as we do not have a warehouse full of supplies.

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________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Step 7…Organization Is a Must…How long do we expect to make this happen?

We must put aside time to make sure each step is in place and to make sure we are doing all the steps as a business can fail if we do not follow through with organization and structuring our time and energy. A great idea can fall to the wayside if you do not have all your

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ducks in order. Organize, also, who will do what, when, where and how to not assume you have it all figured out.

Also how long do you expect, reasonably, to go from your idea to the very first sale or day of service depending on you and your kids. Remember to be realistic, as a service may take less time or more time than a product. Measure the variables and be honest with yourselves.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 19

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 8…Whether or Not to Open a Web SiteHow much time per day or week are we willing to commit, (be honest and realistic) as an Online Business Can Explode?

There are many web sites that are out there and all offer to start up for free or for low cost but there are often hidden fees and or set up charges. And many do not offer the foot traffic you need. Or they may not offer a shopping cart that offers your customers the opportunity to shop and add a wish list and referrals.

If it is successful it needs to be considered that maybe it will become too big and so maybe a local flea market or craft sale or even a local store to sell your product or offer your service. Choose wisely as, money is great, but you have to have the time to offer the service or produce the product.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 20

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 9…Local Places to Offer Your ProductOrganization Is a Must to Know Where to Market

If you are trying to make a money making hobby there are local craft markets, flea markets, yard sales, local stores that offer spaces, and even farmers markets. But you have to be organized as to know how much you

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will need to bring, what days and times they offer, what papers do you need to submit be ready to get a space…

Do you want to take orders then fill them or have them ready for immediate sales, or do you want to go to the internet to expand sales? But the organization consists of how much time and product do you need. Or so you offer a service, what do you need and how much time and how much should you charge?____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 22

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 10…Time Management for Parents and Kids

As parents we are often topped out for time we spend with our kids, but if you add a business there will be more than time, there will also be patience, organizing, decision making and making the product or offering the service. So time management needs to be realistic.

Consider the age of the kids, the time they have or are willing to offer, the energy they can contribute, the mental strength of the kid(s) involved. Do this before you see the dollar signs in the forefront.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 11…Money Management Tips

Make sure up front there is one banker, especially with older kids, s money in the bank looks great but there are other issues, do you have enough money in the bank to reorder the needed supplies or product, in the event time is short and demand is high. Do you have enough to cover an emergency or to add to your business and or Page | 24

monthly expenses such as; phone, advertising, marketing, salaries, product, etc. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 25

_____________________________________________________________________________________________________________________________________________________________________Step 12…When to and How to Expand

If there is growth, as a team you all must decide to grow or stay the same, as the demand may get bigger than the ability to keep up and then you as a team must decide if it is going to work or not.

The money always looks better than the time that will be required to accomplish the goal. But there need to be many team players, that need to step up and add time as well as even money if the situation calls for it. But everyone has to be on board. This is when parents need to get together with kids to make sure everyone is on the same page.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 26

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 13… Outside Sources Advice Assistance

The YMCA is a good place to start looking for resources and also a local business company may have retired company officers that offer services such as Urban League and other services that offer often free and very valuable advice on running a company.

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Churches may also offer classes or workshops and never forget the local colleges offer a lot of often free or inexpensive services.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 14…Outside Sources for Financial Assistance

Small Business loans are sometimes available, there are grants that require a few word. Local businesses may offer a product or two or even sponsor your group.

Sell old items for a few dollars, offer services to friends and family for a few dollars, and don’t forget www.Gofundme.com and other places that offer financial assistance.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Step 15…Outside Sources Financial Assistance

There are some resources that offer assistance if you can show need, or even experience but you have to be able to research what you need to accomplish the financial gain, so some times it is all about the foot work and reading other people’s success stories to see where they were able to secure their funding. ____________________________________________________________________________________________________________________Page | 30

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________________________________________________________________Step 15…In Conclusion: Putting it All Together

The reason I made lines available to you is to allow you to brain storm ides and not so as we did too often, we had notes everywhere and organization was often sabotaged as a result of not remembering where, the notes we kept, leads we had , good ideas to utilize, resources available to me…

This is so when you and your kid(s) are taking note or getting ideas they will all be in one place and organized, thus saving time and money as well as frustration.

Do not be afraid to work with ideas, make changes, learn from trial and error and always ask friends and family for advice and offer them the product or service before you introduce it to the rest of the world. But most of all work as a team, assign roles and make decisions based on the company ideas and allow for error and improvement.

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Notes…______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Page | 33

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Be sure to check out my kids Veronica and Zachariah and granddaughter Marriah’s kid’s products out at our website www.gourmetnaturalbodybutters.com and see you and your kids, “Kids Biz” come to life.

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