Tip #1: Find an idea by focusing on skills, passions & problems
- Best business ideas come from what you know, what you enjoy doing and problems you identify in everyday life
- Keep it simple. Don’t reinvent the wheel
Tip #2: Be customer focused
- Great entrepreneurs keep their customers front and center. Talk to your customers to understand:
- Is there a need for my product
- What are people willing to pay
- What is the best way to promote my product
Tip #3: Sell, sell, sell
- You don’t have a business unless you make sales
- Sales is a numbers game, focused on persistence. Great way to teach kids to rub off rejection and keep their eye on the prize
Tip #3: Cash flow is king
- Kids are lucky because they can get money at the best possible rates from the Bank of Mom & Dad. But this is a great opportunity to teach kids basic money skills
- Make sure what you are earning not only covers your cost of goods and other expenses, but leaves you something at the end – this is your profit.
- Can you take this profit, reinvest it in your business to sell even more product and make even more money? Now you are staring to think like an entrepreneur!
Tip #5: Be flexible
- A plan is just a plan. Unexpected things pop up all the time in business.
- Your business will evolve
- Success can sometimes follow failure. Fail fast and fail cheap. And continue to adapt
The best business ideas leverage a passion, skill or fill a need.
Adults are always short on time. Here are a five businesses that make money by making life more convenient for grownup:
1) Sell old items on Ebay
3) Dog Walking
4) Lawn Mowing
5) Pool Cleaning
Are you a tech geek, great with a glue gun, handy with a spatula or an ace in school? Here are five ideas that can put your skills to work:
1) Sell a craft product on Etsy
2) Sell baked goods to neighbors
3) Teach grownups about surfing the web
4) Start a tech support business