African-American Business and Careers Articles
Ways & Means: Summer Money Making
Ideas for Your Children
By Carolyn Brown, AOL BlackVoices columnist,
Posted: 2005-06-10 10:35:27
School will be out in a few weeks, but that doesn’t mean your children should stop learning new things. The summer is a great time to introduce them to the principles of money management and entrepreneurship.
If your son or daughter is looking for a way to make extra pocket money, there are many opportunities for them to launch small-scale, but educational (and potentially lucrative) business ventures. Of course, the work they do will depend on their ages. There is a big difference between what a 7-year-old and a 12-year-old can do, and the kind of business your child runs should be tied his or her areas of interest or reflect a favorite hobby. Also, due to labor and safety laws, in most cases children under age 14 cannot “go to work.” But this doesn’t mean they can’t learn the value of working for a reward.
Here are five easily undertaken and safe money-making ideas:
Car Wash
Your child could offer this service on his or her own or enlist the help of friends. One child could do the washing while the other does the waxing. Basic supplies are sponges, towels, soap, wax, bucket and a hose. Your child could easily earn $15 to $20 per car. The amounts could be anywhere around $5 for washing, another $5 for cleaning the interior, and $7 to $10 for waxing. For vans and large SUVs your child could add $5 dollars more to each of the three services.
Graphic Design Shop
If your child has artistic flair, creating greeting cards or flyers is a great gig. With some paper, colored pencils, paint and brushes your child could freestyle, giving each customer has an original design. Or, if you have a home computer and graphics program, your child could create a few key designs for birthday cards as well as invitations, announcements and more. If you don’t have a color printer, you can use a store that has printing services such as Kinko's or Staples. The income potential ranges from $2 per card to $25 for a set of 15. In addition to creating greeting cards, your child might want to consider coming up with artwork that could be framed and added to someone’s home décor. You could charge $10 to $20 per piece.
If your son or daughter is looking for a way to make extra pocket money, there are many opportunities for them to launch small-scale, but educational (and potentially lucrative) business ventures. Of course, the work they do will depend on their ages. There is a big difference between what a 7-year-old and a 12-year-old can do, and the kind of business your child runs should be tied his or her areas of interest or reflect a favorite hobby. Also, due to labor and safety laws, in most cases children under age 14 cannot “go to work.” But this doesn’t mean they can’t learn the value of working for a reward.
Here are five easily undertaken and safe money-making ideas:
Car Wash
Your child could offer this service on his or her own or enlist the help of friends. One child could do the washing while the other does the waxing. Basic supplies are sponges, towels, soap, wax, bucket and a hose. Your child could easily earn $15 to $20 per car. The amounts could be anywhere around $5 for washing, another $5 for cleaning the interior, and $7 to $10 for waxing. For vans and large SUVs your child could add $5 dollars more to each of the three services.
Graphic Design Shop
If your child has artistic flair, creating greeting cards or flyers is a great gig. With some paper, colored pencils, paint and brushes your child could freestyle, giving each customer has an original design. Or, if you have a home computer and graphics program, your child could create a few key designs for birthday cards as well as invitations, announcements and more. If you don’t have a color printer, you can use a store that has printing services such as Kinko's or Staples. The income potential ranges from $2 per card to $25 for a set of 15. In addition to creating greeting cards, your child might want to consider coming up with artwork that could be framed and added to someone’s home décor. You could charge $10 to $20 per piece.
Lawn Service
Depending on your neighborhood, your teen could make $20 an hour by mowing lawns. What you charge depends on whether you intend to use your own lawn mower or the client’s plus the cost of gas and oil. Even if there is no lawn, your child could have a service trimming bushes, removing weeds and cleaning up garbage or debris from in front of a client’s dwelling.
Pet Care
Your child can offer to watch over your neighbors’ dogs or cats when they go away on vacation. Or he or she can offer a pet wash and brush service. (Make sure to have them consult a pet care book on tips for handling, washing and brushing animals.) Add a few pampering ideas such as treats or toys. You could charge $10 to $15 per pet (more for bigger breeds). If your child is particularly comfortable handling dogs, consider having a dog-walking business, charging $5 per canine.
Depending on your neighborhood, your teen could make $20 an hour by mowing lawns. What you charge depends on whether you intend to use your own lawn mower or the client’s plus the cost of gas and oil. Even if there is no lawn, your child could have a service trimming bushes, removing weeds and cleaning up garbage or debris from in front of a client’s dwelling.
Pet Care
Your child can offer to watch over your neighbors’ dogs or cats when they go away on vacation. Or he or she can offer a pet wash and brush service. (Make sure to have them consult a pet care book on tips for handling, washing and brushing animals.) Add a few pampering ideas such as treats or toys. You could charge $10 to $15 per pet (more for bigger breeds). If your child is particularly comfortable handling dogs, consider having a dog-walking business, charging $5 per canine.
Hair Braiding
Given the rising costs and long waiting hours in a salon, potential clients would gladly pay your teen $50 to $100 for some cornrows. All that’s needed on your end is the time and talent. (The customer can supply his or her own hair if seeking extensions). The variation in price should be based on the length of the hair and number hours it takes to braid it.
With any business venture, it’s important to you sit with your child and create a budget. Write on a sheet of paper the upfront costs for supplies as well as ongoing costs, such as transportation and marketing materials (e.g., flyers or business cards). This way, your child can determine how much to charge in order to turn a profit. Don’t overlook local Dollar stores as a way to curtail the costs of supplies.
If you’re looking for solution that can help your kids learn entrepreneurship while buying yourself a few weeks of peace and quiet, you can look into a camp that teaches kids how to invest money or start a business. Youngbiz.com sponsors two weeklong boot camps and Junior Achievement has business education programs.
Letting your children start a business during the summer teaches them several valuable lessons. They learn the value of money, an appreciation for entrepreneurship and valuable lessons on saving money as opposed to spending their parents hard-earned cash.
About the Author
Carolyn M. Brown is a business finance writer and editor living in New Jersey. She is the author of ‘The Millionaires' Club’ and ‘Nobody's Business but Your Own.’
Given the rising costs and long waiting hours in a salon, potential clients would gladly pay your teen $50 to $100 for some cornrows. All that’s needed on your end is the time and talent. (The customer can supply his or her own hair if seeking extensions). The variation in price should be based on the length of the hair and number hours it takes to braid it.
With any business venture, it’s important to you sit with your child and create a budget. Write on a sheet of paper the upfront costs for supplies as well as ongoing costs, such as transportation and marketing materials (e.g., flyers or business cards). This way, your child can determine how much to charge in order to turn a profit. Don’t overlook local Dollar stores as a way to curtail the costs of supplies.
If you’re looking for solution that can help your kids learn entrepreneurship while buying yourself a few weeks of peace and quiet, you can look into a camp that teaches kids how to invest money or start a business. Youngbiz.com sponsors two weeklong boot camps and Junior Achievement has business education programs.
Letting your children start a business during the summer teaches them several valuable lessons. They learn the value of money, an appreciation for entrepreneurship and valuable lessons on saving money as opposed to spending their parents hard-earned cash.
About the Author
Carolyn M. Brown is a business finance writer and editor living in New Jersey. She is the author of ‘The Millionaires' Club’ and ‘Nobody's Business but Your Own.’
2005-05-31 09:37:09
