Earning Money: The Great Summer Adventure (page 2)

Earning Money: The Great Summer Adventure

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Updated on May 21, 2014

How do you know if you're idea will fly? Kiefer suggests asking these questions.

  • Who are the customers for this product or service?
  • Who or what is your competition?
  • What will attract customers to your product or service?
  • How much will people pay for this product or service (ask around to find out what others are charging in your area)?
  • Where will they buy your product or get the service (location, location, location)?

Once you decide on a great business idea, it's time to get the word out there. In The Kid’s Guide to Money, Otfinoski shares these ideas about how to spread the word:

  • Tell friends and family. To drum up those first clients, your child can offer a service or product at a discount. Encourage your child to tactfully bring up the service. It is good to start out with familiar friends and family members because your child will feel more comfortable with them.
  • Distribute fliers. Design the fliers on your personal computer for a professional look. They should include the name of the business, what service or product your child provides as well as his name and phone number. Distribute them in your neighborhood, at local stores, and community bulletin boards.
  • Advertise. While this costs money, it also gets the information about the business out to lots of people at once. Keep the ad short and to the point and run it for several weeks.
  • Obtain free publicity. Media outlets are always looking for interesting stories, and one might interview if the business is unusual or successful.

Another great way to ensure that the jobs, and money, keep rolling in is to serve repeat customers. If a next-door neighbor pays your child to wash his car once, it is smart to ask whether he would like a car wash every week or two. Add extra incentive for repeat clients by offering a discount off the normal price (if, for example, the regular charge is $5, offer $3.50 a wash).

Repeat clients can refer your child’s business to people they know. For example, if your 8-year-old did a fantastic job caring a neighbor’s pets for a week, ask if the family would be willing to recommend your child’s services to their friends and family.

Starting a summer business can be fun, and, with a bit of effort, it's a great way to make money and gain a sense of responsibility.

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