Now that we’ve got your attention, we’ll level with you: none of us here at The Sherwood Group had lemonade stands when we were kids, and we don’t know of anyone who did. So. . . we’re pretty sure they’re a myth.
That said, a lot of children run small businesses.
Kids organize syndicates of friends and siblings to do needful tasks around their neighborhoods: mowing lawns, babysitting, walking dogs, selling donuts. If you and your elementary school friends were entrepreneurs, then don’t worry: everything you need to know about running a business, you learned in kindergarten and grade school.
1. Identify a need.
First, think about how businesses like that begin. If it snows where a kid’s from, then the kids notice that people hate getting out into the cold and shoveling their driveways. If there are a lot of busy professionals in the area, then the kids start by thinking about the children and pets who need to be taken care of. A kid understands that people need a service that he or sheo can provide, and being a little capitalist, a kid understands that he or she can make money off of that need.
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Even then, of course, some businesses succeed where others fail. The successful ones are the ones that build a professional network. They identify potential clients, usually neighbors, and advertise aggressively, often until they stop getting invited over. They build up a base of clients who trust them, which grows by word of mouth. They know other small business owners who occasionally put work their way, and collaborate on large projects.
3. Allocate revenues.
At the end of the day, they negotiate a price. Fortunately, overhead for such ventures is low. Most of the money can go toward salaries – and, ultimately, toward that new computer game the CEO has had his eye on.
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This article is published by Will Sherwood | The Sherwood Group |Website Design | Graphic Design | Marketing Communications: The Sherwood Group has over 30 years of experience working with all sorts of companies, small and large. Our clients range from entrepreneurs to Fortune 500 firms, in nearly every business sector, from across the street to around the world (and yes, even Europe, China, and South America). Our goal is to create advertising, graphic design, website design, and marketing communication that still looks fresh and relevant 10-15 years later. Our mission is to stir your imagination and leave your competition shaken and wondering, Now what do we do?” We are located in Myrtle Beach, South Carolina.
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