Kid and teen entrepreneurs share their greatest tips to build your summer business successfully.
Running your own summer business does not have to be difficult. You are, after all, the boss. You get to make all the rules.
Having said that, you can learn a few things from those who have gone before you. Here are some excellent recommendations from young entrepreneurs to help you succeed in your summer business ventures.
Set a pricing to attract clients.
Samantha Martin, an eight-year-old from San Diego, formed the Dog Walkers Club in order to save enough money to acquire her own dog. She's still saving money for a puppy, but she started her summer business two summers ago and has now learnt the importance of pricing to attract consumers.
"I didn't want to make it very expensive for neighbours to test out my business," she explains. "Don't overprice your services at initially, because then everyone will go to the cheaper one." She provides prospective clients 50% off the first stroll so they may check out her service before paying full price.
Begin marketing early.
It is never too early to begin publicizing your company. Cafi Renals, a 16-year-old from Greenville, SC, runs a summer culinary class in which pupils prepare a daily menu consisting of an appetizer, a main dish, and a dessert.
She claims that one year she made the error of not advertising until the beginning of summer, and the camp filled up slowly since parents had already planned their children's summer activities.
"I wish I had realized how critical it is to market early," she says. "People arrange their summer vacations on their summer vacation dates, which is very important for a summer business. It helps to spread the news in the spring."
Keep some money aside for emergencies.
David Martin, Samantha's 9-year-old brother, also has his own business, Casa Verde Candles. He offers handcrafted candles and intends to build a website this summer. While his mother handled the orders for all of his candle-making supplies, he paid for everything himself.
He advises creating a financial cushion in case your first proposal does not prevail, especially if your personal money is at stake.
"Have some money saved up so that if your initial product line doesn't go so well, you can start over and try something fresh," he advises.
Extend your network outside your family.
Norah Kolb, a 16-year-old from Sandy Hook, Connecticut, is the creator of Ray-Board, a swimming kickboard she invented for a school project in eighth grade. She then proposed her proposal at a state-sponsored event, where she won $12,000 to develop higher-quality prototypes.
She launched a Kickstarter campaign in 2020, raising enough funds to begin production. She has been selling Ray-Board on her website and on Amazon since June, and her sales have totalled approximately $96,000.
She encourages other young entrepreneurs to venture outside of their comfort zone. "Don't be scared to ask adults for help," she advises.
"Don't be scared to ask adults for help," she advises. "It's not necessary for this to be your parents." She claims that she has got assistance from event judges, swim coaches, a patent attorney, and adults at her local pool, to mention a few.