Business Plan for Kids

Business Plan for Kids

Lesson Details:
August 03, 2020

Video Transcription: Now let's go over very basic business planning the reason it's basic is because we don't want it to waste too much of our time and we don't want it to be counter productive which is sometimes it's confusing and if it's confusing it wastes time then that's not the purpose of it the purpose of it is to give us clarity and to kind of shape our vision a little bit this video is brought to you by Appy Pie’s Academy so let's go over a very simple it's not a formal document we just need to create a succinct strategy that's a little bit cohesive and what I teach is a only a three sentence business plan of course I teach a lot of business planning but I almost always tie people with a three sentence business plan because it helps to people to focus on the core of the business and what's important and every business has these three components of course your product or service how you how you will promote that product or service and how you will make money from that product or service the most important thing is that you do not get carried away do not go overboard what's really important is that these three components these three seven says that they work well together for example the marketing strategy that you choose is one that is effective for your product and the finance finances or modernization.

We're supposed to work also for your products so they should play together well that's the purpose of business planning and that's the idea of having a cohesive strategy so let's go over a couple of very basic examples just as you can see for yourself how simple this can be if you focus on the core aspects of the business let's do the first one long care business very popular business for kids and children so let's do that one okay that's obviously the first one it says a lawn care business or gardening or mowing you know lawn care mowing all those things and you can promote this business on Yelp posting local fires or even going to door-to-door very basic strategies but these are strategies that people can begin to execute and of course the monetization for this business is very simple as well people pay per job and they deal thing is to retain clients when you have regular clients you build a base of regular revenue that's weekly or monthly or however often people want that service and so you have a growing steady stream of revenue over time and that completes the business and if that the if you can execute this okay you'll get some clients if we can execute this really well you will get a lot of clients and if you execute this really well you'll have to get more kids to more lawns because there will be more work than there is to go around and that's the basis for actually making this a big business even though.

it's not a super exciting business it is a it's a needed service and there's a big market for this and this can become a big business now let's do another one if your child is good at creating crafts or little you know maybe with something with their hands perfect it can be something really simple - it could be a decoration on annotate on an existing product and just making it more creative more visual anything so you can create a product here I'm calling you the widget just for the sake of I don't you know I don't know what the product might be and the marketing is selling this product on Etsy very simple accessible for kids and the revenue will come from sales from transactions and of course if you can create product and find ways to sell them and find the market for them and demand and find ways to create them quickly then it becomes profitable and if you get into a compare a high demand niche for a product then there can be significant revenue how significant well some kids some people make six figures on Etsy alone and some people make seven figures on Etsy even so really the sky's the limit it's all about your execution start small in all these businesses work your way up and remember what I said you can make a lot of money with almost any business the goal is to make yourself anime entrepreneur in that business with all those success skills and the better you become at it the more your business will grow and so it's very simple but all starts with a very simple plan that you can begin to execute.

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