Creating a Plan for Your Kid’s Business

If you’ve ever started your own business, you know that most successful businesses start with a plan. A business plan which forces you to really think about what you’re doing and why. So, if your kid is starting a business- should they do the same thing?

View Episode Transcript

Featured Expert

Video Series

  • Kid Entrepreneurs with Ty Allan Jackson

    We all want our kids to be successful in life. But do they have that entrepreneurial spirit? How do you get their gears turning about the possibilities? Learn more from children's book author, Ty Allan Jackson.


Episode Transcript

Sunny Gault 0:00
If you've ever started your own business, you know that most businesses start with some sort of a plan, write a business plan, which really forces you to kind of think about your business and what you want to do, and why you want to do it. So if you're just starting a business, do they need a business plan? Is that a good idea? I'm Sunny with New Mommy Media. And I'm joined today by Ty Allan Jackson. He is a children's book author, as well as a motivational speaker. Hello, Ty, welcome to the show!

Ty Allan Jackson 0:27
Hey, Sunny, thanks for having me.

Sunny Gault 0:29
All right. So Ty in your book... which is now available on your website http://tyallanjackson.com, you talk about business plans. So let's dive into this. You know, like I said, in the intro, we're familiar with business plans, especially those of us who have started our own business. Do kids need a business plan if they want to see something through?

Ty Allan Jackson 0:48
I think anyone needs a business plan, if they're really serious about their endeavor, or started a business or just doing something that really matters to them. I think for two reasons. One, it gives you a basic simple structure of what really matters to you within creating this plan. But it also is psychologically forces you to make yourself to take yourself seriously, I think when you write your stuff down, it's kind of you telling your soul and your spirit, I kind of mean this. And you know, it's funny, when I go to the gym, I often see people with a notebook, and they're writing down after every set of what it is that they're doing. And you know what, I think that that the practicality of monitoring their success as they're going along, is really invaluable. I also look at the psychological aspect, like they're not playing around here, they're taking this seriously, they're just not going through the motions of jumping up and down or picking something up and putting something down. They're actually monitoring their success. And I think subconsciously, that kind of tells you, I mean, business here, I'm taking that seriously. So 100%, whether you're eight or 80, and you're starting your own business, you need a business plan.

Sunny Gault 1:59
That reminds me when you're talking about the notebook and what they keep track of, if I'm serious about trying to lose weight, I write down what I eat every day. And that's to keep me accountable, because I don't want to write down, you know, Snickers but it is it's accountability, it's planning, you know, it's all of that. So for our kids, I mean, you these business plans can get really, really elaborate, right? What do kids you know, need in their business plan? Or what would you recommend to get their wheels going?

Ty Allan Jackson 2:31
Well, I need to look no further than bringing out a copy of "Make Your Own Money", because there is a fantastic business plan, right inside the book that kids can defer to, to be able to get their ideas on point. And a business plan, the very first thing it starts with is an idea, because it all starts with the simplicity of what's the idea of my business. And then perhaps you know the name of your business, if you want to go that far. But I think the thing that I love in this particular business plan is that it goes to what's who's your target customer. And I think that's very often something that we mistake, like, we just are so excited about our product or service that we want to get it out into the world, and so the world can see it. But we don't often think about exactly who's the person that really will find my product or service the value, because then it's easier for me to target that specific person. I like to think that the world is our customer for every single thing it is that we do. Because no matter what it is, that could be duct tape, somebody in the world at some point in the world is going to need duct tape. So so you may not need it today. But you're going to need it tomorrow for whatever. But to know specifically that someone that works in the field that will need duct tape on a consistent regular basis. I'm gonna knock on that door. And I know exactly how to reach them. Because I know that they use this specific product or service all the time. So yeah, I just think it's really important to have a business plan, just so that it gives you the structure of not just what to do, but who to do it for.

Sunny Gault 4:00
Yeah, and I love and I'm not sure if technology has something to do with this now, but I feel like we can get a lot more niche with who our audiences are, you know, I deal with this, you know, just in my business all the time, I can really dial in and it doesn't have to be a product that's for everybody. You know, it can be more specific, you know, based on people's needs or wants and, and and that's okay, you know, you can serve that audience and serve that audience really well and feel good about that and still help a lot of people. So, I know we always think big and like everybody's gonna want it you know, but it doesn't have to be that if your kids are really passionate about something very specific because they love knitting and you know, actually knitting is a really big market, but you know what I'm saying? It's like go after that with everything you've got.

Ty Allan Jackson 4:44
Hey, if you can get 1% of the population to purchase your product, you're doing really, really well.

Sunny Gault 4:51
Yeah, exactly. Right. So we create our business plan now things could change in the business, right? And I'm kinda you know, it's not like nothing they're incorporating and doing all this stuff. But like, you know, I'm using the term business kind of loosely, but things can change, right? And it's okay to go back to a business plan later and be like, Well, we thought we were going to do this, but you know, what, then this opportunity became available. And again, I'm using real businesses as an example, because I've heard a lot of stories of people launching a business, they thought it was gonna go in this direction. And then it was a huge success but in a totally different direction. So we can adjust things as we go, right?

Ty Allan Jackson 5:27
Yeah, business plans should be written in pencil, not like, you know, we should we should be, we should be able to pivot and should your business should grow, you shouldn't have the same business and business plan, six months, six years, six decades in, because your growth changes and the market changes. So you know, it's really important, like, you know, hey, if you're a landscaping service, you're shoveling snow in the winter, and you're mowing lawns. In the summer, you're shifting and changing your business depending upon the market. And so 100% kids, whether you're selling lemonade stands, maybe you're doing slushies instead of lemonade, you know, on a hot day, or you're doing hot chocolate in the wintertime. So yeah, and you may not have thought about hot chocolate when you opened up your lemonade stand in July, but once November, December came around, and you know, there's a school event you have got a good have a hot chocolate. Wow. You know, I didn't even think of that. And now the growth of that business is gonna allow me to cross out my lemonade stand and now it's my beverage stand, you know? And so like, Yeah, so 100% You should always write your business plan in pencil unexpected change.

Sunny Gault 6:36
All right. Well, if you guys want to see that business plan here is Ty's book. It's called "Make Your Own Money". You can grab a copy on Ty's website http://tyallanjackson.com. And while you're there, head on over to https://newmommymedia.com. We've got more great videos like this. We also have a bunch of podcast episodes and blog posts as well. It's where real moms talk about real life.

Love our shows? Join our community and continue the conversation! Mighty Moms is our online support group, with parenting resources and helpful new mom stories you won’t find anywhere else! You’ll also have a chance to be featured on our shows.

Become a Mighty Mom!