How to Support Your Kid’s Business Ideas

From dog walking to running a lemonade stand to mowing lawns in your neighborhood, kids have a ton of great business ideas to share. A kid’s business ideas can be a great way to help them develop their interests, have some independence, and learn important life lessons. 

As a parent, you probably want to find ways to encourage and assist your child in their endeavors while also keeping them safe. Read on for some ways you can support your kid’s business ideas and help them build their business and life know-how along the way. 

Help them find their passion 

What are your kid’s interests? What are their strengths? This is a great time to talk to your child about what they enjoy doing, what they think they are good at, and what makes them excited about a particular business idea. 

Remind them that choosing something that’s fun, challenging, and hard work will usually feel very rewarding. You may also talk to them about how a kid can have many business ideas, some may work better than others, and they can always start over if this one doesn’t work out. 

Teach them about money

One of the most important ways you can support your kid and their business ideas is to use this as an opportunity to teach them about money, including how to fund a business, managing money responsibly, saving vs. spending, and so forth. It’s also important to make clear that a business isn’t just about making money. It can also be about serving a community, sharing ideas, being creative, and finding purpose.  

If your child is interested, you can also talk to them about different ways people save and invest their money. You could show them how savings accounts at a bank can earn interest, or even open a custodial savings account for them. Investments are one way to help grow your money  for the future. 

Involve family and friends

Get the whole family involved in your kid’s business.  Your friends may even want to help too, especially if they are entrepreneurs. Whether you are helping your child brainstorm ideas, create signage, market their business around town, or sell a product, making it a family affair will bring you closer and help you grow together.  

Nurture their independence 

As a parent, it’s important that you support but also safeguard your kid and their business ideas. Let them take the lead, but clearly communicate rules around when and where the business will happen, what to do if they encounter strangers, how to ask for help, what to do if they run into trouble, and so on. If their business is online, you’ll want to carefully consider different ways to keep them safe. You can be a supportive parent by letting your kid thrive within your boundaries.  

The bottom line

Supporting your kid’s business ideas and watching them bring an idea to life, find purpose, and have fun is one of the joys of being a parent. In order to be the best support system you can be, it’s important to teach them important lessons along the way, involve anyone who can help them succeed—such as private wealth management advisors for financial advice—and set rules that will help them thrive.