a look at the business of kids today
There are few areas of modern business growing as rapidly and successfully as that of franchising.
It is a great way for young entrepreneurs to get their foot into the business world. It is not very difficult to do and the benefits can be far reaching.
Take an existing brand, expand it, put your own spin on the best of the ideas, and work a business model that has been proven to be successful.
Among the franchising opportunities in America today, few of them are as popular and youthful as that of the kid’s market.
Toy stores and other franchises geared toward the younger set are quickly becoming one of the top franchise markets of today’s world.
Perhaps it is because young businessmen are not so far removed being kids themselves that they can remember what children of all ages like to play with and what is likely to appeal to that set.
Whatever the reason, the fact cannot be denied that the kid’s market is to be taken seriously by the wise businessman. Those who do not take this market seriously are very likely to lose out on a great opportunity.
What makes the kid’s market so valuable in today’s business world is the fact that today, more than ever, kids are in control of their parents income.
This was not true fifteen or twenty years ago. Americans spend more than 100 billion dollars a year for their children’s necessities, not to mention their entertainment.
With this kind of money in the economy up for grabs, it’s no wonder the kids’ market is thriving. That number, according to many industry analysts, is only going to grow in the coming years, far ahead of the rate of inflation.
One of the reasons for this rapid growth in the industry could be the disappearance of the traditional one-working-parent family system.
While this is decried by some family experts, the fact remains that many families are now home to two working parents, trying to juggle career ans children rather than doing one or the other.
This leads to two things: more expendable income and less time with the children. This means children must fend for themselves when it comes to their entertainment many times, and this of course leads to greater amounts of spending in that area.
In addition to entertainment items, what cannot be ignored are the huge opportunities in the world of providing day care and extra-curricular activities for these young children.
Combined with the need for necessities, it has created a wide open world of franchise possibilities. The market cannot be ignored by anyone wishing to enter an industry with unlimited growth potential.
If you are someone who wants to go into business for yourself but aren’t sure what market to focus on, you could do worse than build something around the kids market.
It’s not going anywhere, and it could provide you and your family with a wonderful income for years to come.
Encourage Teen Business That Grow Into An Adult Business
Having a small business can be very challenging as well as enjoyable for kids. More than ten years ago, selling lemonades, cutting lawns, delivering newspapers, selling cookies and other forms of enterprises keep teenage entrepreneurs busy.
As the years pass by, young entrepreneurs evolved and some graduated from the traditional businesses of selling cookies and cutting lawns to become full fledge business people.
As these enterprising kids grow up, most of these enterprising kids continued their business and become successful at it.
One of the best examples of a teenage business that grows into an adult business is that little girl who used to sell cookies around the neighborhood and grew up to be the proud owner of two successful bakeshops across town.
From earning a few coins selling cookies each summer around the neighborhood, that little girl turned her business into something that brings about thousands of dollars in profit every year.
The secret of her success is that at an early age, she was already exposed to the nitty-gritty of finding good suppliers of ingredients for her small business and had established a good relationship with these suppliers.
Furthermore, when she was still a teenager and do not have any pressing needs to earn a living on her own, she had all the time to experiment in baking different types of cookies and pastries that she was able to come up with some really good recipes.
Advantages of Starting Young
There are many advantages of getting into business at a very young age. Teenage entrepreneurs learn their trade early and had more time to hone their business skills.
After years of engaging in their teenage businesses, these young people develop a system of their own when it comes to handling their business affairs.
These systems will then play a vital role when the teenager later on decide to pursue his or her teenage business and turn it into a full fledge adult business.
According to studies, most young entrepreneurs used the skills that they learned early on to expand their business when they get older.
As parents we need to encourage our kids when they display an entrepreneur sprit. Not that all kids will grow up to be in business but it ingrains in them an understanding of self-reliants.
Another advantage of starting a business at an early age is that teenage entrepreneurs gain loyal customers over the years.
It is not uncommon for people around the neighborhood to feel an affinity for the young entrepreneur thus they will not really think twice when it comes to supporting the younger entrepreneur.
Since teenage entrepreneurs have already established rapport and good relationships with their clients, keeping these clients will not really be hard for them.
In fact, some loyal clients will prove to be very useful when it comes to advertising the business expansion of the young entrepreneur. Note that a good word from a very satisfied customer will always bring in more business.
Now with the Internet young entrepreneurs literally have access to the world. Social networking sites such as My Space and Face Book are good training grounds to become a savvy online entrepreneur.
Your teenagers are great resources for your home business. They know what’s “HOT Now” and most of them have had computer training in school so as to help you with your online business.
Make that home business a family effort. Enjoy your business and your family at the same time.
How Do I Make Money Working From Home? Let Me Count the Ways . . . . .
Here in the USA, at least, it seems to be increasingly popular to find some way to earn a living from the comfort of your own home.
People – especially moms – are looking for ways to stay home with their kids and yet contribute to the family income.
They prowl the internet at night or on their lunch breaks, looking for just the right opportunity that fits their interests and family. Let me suggest their search may be too narrow.
More often than not, they are looking at and for some variation of internet marketing.
But they don’t have a clue how to market, the search engines offer literally millions of choices, and scams and rip-off artists are more common than sand fleas on the beach.
There are a lot of other ways to earn an income from home. Lets explore a few, and combine them with some internet activity. The synergy just might surprise you!
The first and most obvious choice would be to open your home to day-care.
After all, you are there with your own kids, so you might as well add a few, right? (Stop that laughing!) Depending on your constitution, family size and make-up, home and yard size, etc., this could be just the thing for you.
To run it like a business involves a whole lot more than feeding the kids and keeping them from playing in the street, but it works for many and it may work for you.
If you have older kids, involve them in the care of the younger ones as well as some of the business aspects. Think of it as on-the-job training in home and business management. It is invaluable training they cannot get elsewhere.
If you like to cook, you might look into something involving cooking or baking. There are candy-making businesses, catering businesses, cake decorating businesses, etc.
Some people supply home-baked goodies to local convenience stores, truck stops, sandwich shops and places like that.
Of course they have to go through the permit process, but that is normal for starting up a business. Some people create and bake treats for dogs and cats and sell them to pet stores.
These are also businesses that can involve your older children. They can help with preparation and clean-up. Teenagers can also learn bookkeeping and once they get their drivers license can make deliveries if necessary.
There are countless products that can be marketed through home parties. It’s not just for Avon and Tupperware anymore. Home furnishings and decorations, candles, rubber stamps, jewelry, children’s toys and clothing, and who knows what I haven’t of are all options.
This is popular with moms who are home all day with kids and feel the need to get out and have a conversation with another adult. They schedule evening parties in other people’s homes.
Their husbands are home with the kids, and they are able to socialize and make money at the same time. For many moms this is just ideal.
Some people are natural-born “cleanies.” They have figured out that other people do not like to clean houses and offices and are not much good at it either. So they come to the rescue – for a price.
Cleaning services do involve leaving your home, which is what some people don’t want to do, but if you have your own business, you are the boss and to some extent can set your own hours.
One parent can work day hours and one parent can work night hours. If you have teenagers, again you can involve them in the business, both in labor and paperwork.
Some people are naturally organized and can sell their skill to those who are “challenged.”
You would again have to leave your home, but you can set appointments for while your kids are in school and not make appointments on days when they have after-school activities that you quit work so you could attend. This too can be a great business for the right person to run from their home.
You could also turn your home into your business by converting part of it to a bed-and-breakfast. This would require permits and a check with zoning laws and all that.
To succeed, you would also have to have the gift of hospitality as well as many of the skills necessary for the other businesses mentioned above.
But if you like meeting new people and would enjoy opening up your home – for a price – then maybe you should look into it.
There are many, many other options including telecommuting, letter writing, teaching sign language to moms and babies, proof-reading, website and graphics design, greeting card design and verse writing, and on and on and on!
Now what about that internet part? Many businesses – even small local ones – find they do better if they have a website.
Websites can be put up and hosted for surprisingly little money. Some internet companies offer products that can be sold to customers you acquired through some of the above-mentioned businesses.
For instance, if you use a particular “green” cleaning product, maybe your daycare parents or the people who work in the offices you clean would be interested. Market your business on your website and market your website to your customers.
Print and offer coupons. Put your website on the traffic exchanges. There are even ones where you can earn while you surf! Talk about easy money – and you are earning exposure for your site, too!
Keep More of What You Make – Start A Home-based Business
The best advantages of owning a home-based business are you can turn non-deductible expenses into tax deductions.
The deductions you create for your Schedule C have a more significant impact on the total taxes you pay than do deductions on Schedule A.
Schedule C deductions not only reduce federal income tax, they also reduce self-employment tax, Medicare tax, and state and local taxes.
Some favorite tax deductions for home-based businesses include the following:
Meals and Entertainment can be 50% deductible when you are with prospective or existing clients, vendors, etc. If you are in a service business or sell products, most everyone is a potential client.
It is important to follow the simple documentation guidelines issued by the IRS and to understand there are limitations.
An example of a deduction you cannot take is dining out with your spouse. Even if you are business partners, the IRS says no to this. If together, you take a potential client to lunch then the meeting expense is deductible.
Trips must be mostly business-related to be deductible. If a small element of fun is involved, you will most likely have a completely deductible trip.
The deductions will not apply to a spouse who tags along, unless it is also a working trip for the spouse. Compliance with IRS regulations can be tricky, so it is best to check with your tax advisor before assuming your trip to Hawaii will be deductible.
Utilities and other expenses for the portion of your home or apartment you use exclusively for business are powerful deductions. Without a home-based business, the most one can deduct is interest and property taxes (on Schedule A).
In relation to a home-based business, a portion of utilities, maintenance, cleaning, lawn service, pest control, etc. can be deducted on a Schedule C.
Let us say you have three kids who are ages 10, 12, and 14. You can pay them to work in your business. (Children must be eight years old to be paid for working in a family-based business.)
Each child can earn up to $4,700 in 2002 without paying income tax. You also have the advantage of not paying Social Security or Medicare taxes on your dependent children who work in your business.
In this example, you have shifted $14,100 tax-free dollars to your kids. This is clearly better than allowance! There are rules, however.
The kids have to actually work and be paid fair (not excessive) wages for their services
These are just a few of the many tax advantages available to owners of home-based businesses.
It is strongly recommended you enlist a qualified tax advisor to help you learn how to document your expenses and how to legally take every deduction to which you are entitled.
This article has been provided by Vicky Collins, The Financial Center Director for the Direct Selling Women’s Association.
The Association offers a community web site where direct sellers enjoy 24-hour access to industry specific information and resources designed to help them successfully manage their direct selling business.
Discover this one-of-a-kind, all-inclusive business-building resource at www.mydswa.org or contact them at [email protected]
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