Posted by Alex Jackson on 19th Apr 2019
This one’s directed to all the soon to be anxious parents out there dreading the impending summer break and their teenage children being home from school for two months. Yes, summer is just around the corner and it can be a real challenge to keep them occupied and out of trouble. Likely they have their own plans for how to spend the summer and are likely expecting that you will be financing these planned activities. The phrase “want some money? Well then get a job!” Invariably springs to mind in a situation like this but I want to suggest you try something a bit different this year. Instead of telling your kids to get a job why not help them to create their own business instead? I am not talking about the lemonade stand or the neighborhood car wash I am talking about teaching your kids the ropes of resale and getting them going with their own small business. Now try not to look at this as an extra set of hands to help out with your business but more of a new venture you are investing your time, capital or both into to getting off the ground. Getting your kids started in their own home-based business is a fantastic way for you to spend some quality time with your kids while teaching them some valuable life skills. Your kids getting a summer job is one thing, and I will not knock it, they can and will learn the basics of being a responsible adult with their first job. Starting their own business is quite a different thing and teaches you a multitude of important skills that you cannot gain from any entry level summer job. Think about what skills you have acquired from running your own business? You’re in charge of sales, purchasing, shipping, marketing, accounting, inventory control and In most cases, you’re doing all of these jobs simultaneously. So just how involved should you be in this process?
The best is to lead by example. One of the best book I’ve read as a parent is “Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” by Robert T. Kiyosaki. The main point in this book is that as parents, we teach our kids what we know. Which is why so many kids follow their parent’s footsteps. Robert describes what rich people teach their kids about starting business as opposed to getting a job. If you don’t believe us, read the book.
In more practical terms. teach them the basics show them how and where your selling, get them setup to sell and then step back and watch them go. Don’t micromanage them and run the risk of them losing interest instead let them learn the ropes themselves but do encourage them to ask questions if they are hitting a wall in some aspect of their business. If you want to get them started dollar wise why not give them a few hundred dollars initial investment, have them pick out their own merchandise and then have them pay you back while they keep the profits be sure to emphasize the importance of reinvesting some of those profits back into their businesses as well. Foxliquidation offers a wide array of smaller lots perfect for these aspiring young entrepreneurs have them pick out one of our lots and tack it onto your next order or perhaps have them select one of our small wholesale lots which you can order any time and no order minimums would apply. This summer instead of telling your kids to get a job sit them down look them in the eyes and say “kid you’re going to be on Shark Tank one day with your next venture and this is your very first step.”
So it’s March and you’re ready to start up your business. Maybe Uncle Sam was generous to you this tax season and you want to take that tax refund and invest it in your business. That is a fantastic idea, take that money and make it grow! But then a realization hits you, where can I put all [...]
Ever talk to an accountant or a financial advisor? Heck you have probably gotten this bit of advice from financial talking heads on TV and it can be summed up in one word… diversify! There’s a lot to be said for diversification in any type of business and resale is no different. Whether you’re a grizzled veteran with years [...]