Ways to earn money for students can start with a very simple idea. For Chayse, that idea was lollies — or candy for our American readers — and a plan to turn fifty dollars into his very own Candy Man business.
This is Part 1 of Chayse’s Candy Man story. Before the selling, the soccer grounds and the very heavy money jar, there had to be a plan.
Ways to Earn Money for Students: Chayse Plans a Candy Business
All kids love lollies. Chayse too really loves lollies! So it came as no surprise to see Chayse planning an enterprise that revolved around lollies.
Now Chayse is only four years old, so he needed a little help formulating his plan. Initially, he liked the idea of buying a heap of lollies, but I think he was thinking that he was going to be the one eating them!
Eventually, after much explaining, it became clear to him that he would be selling them, not eating them himself. His brothers and sisters all thought his enterprise idea was pretty cool and I’m sure were thinking, “Why didn’t I think of that!”
A Simple Business Plan for a Four-Year-Old
We don’t have a video of Chayse explaining his business plan. In fact, there isn’t much to it, so I’ll just explain it for you here.
We lent Chayse $50 to run his business. He planned to buy large bags of lollies from the supermarket, bag them up into small mixed bags, then sell them for twice what he paid.
His market would be all the hungry kids who play and watch soccer games on Saturday mornings at the local soccer fields.
For a four-year-old, that was a pretty good business plan. Product, start-up capital, packaging, pricing, customers and a selling location. Not bad for a little Candy Man!
Why This Is One of the Simplest Ways to Earn Money for Students
When families think about kids business ideas, it is easy to overcomplicate things. But children often learn best when the idea is simple enough for them to understand and exciting enough for them to care about.
Chayse understood lollies. He understood that kids liked lollies. He understood that soccer grounds were full of kids. With a little help from us, he could begin to understand buying, selling, profit and customers.
That is why simple projects can become powerful money lessons for kids. Children do not just hear words like “profit” and “investment”; they get to experience what those words mean.
From Pocket Money to Enterprise
Many children earn or receive pocket money each week, and there is nothing wrong with that. But when children create a small enterprise, they begin to see money differently.
Instead of waiting for money to arrive, they start looking for opportunities. They begin asking questions like:
- What could I sell?
- Who would buy it?
- How much will it cost me?
- How much could I sell it for?
- What will I do if it works?
These are the sorts of questions that help children develop confidence, initiative and responsibility.
Entrepreneur Cameron Herold makes a similar point in his TED talk, Let’s raise kids to be entrepreneurs. Children can learn entrepreneurial thinking when they are encouraged to look for opportunities and create value.
Chayse’s Goal: Double His Money
If Chayse’s enterprise went to plan, he would double his money or get a 100% return. That would put a smile on any young four-year-old’s face.
Of course, before he could make any money, he still had to buy the lollies, package them, carry them around and sell them to real customers. That is where the real learning would begin.
The image above actually shows the next stage of Chayse’s Candy Man journey, when his plan moved from an idea into action. First came the goal, the $50 start-up capital and the discussion about what he could sell. Then came the exciting part — buying the lollies, sorting them into bags and getting ready to find his first customers.
The Candy Man Business Series
This post is Part 1 of Chayse’s Candy Man journey. You can follow the full series here:
- Part 1: Chayse Plans a Candy Business — Chayse comes up with the idea and receives $50 start-up capital.
- Part 2: Entrepreneurship Ideas for Students: The Candy Man Entrepreneur — Chayse buys the lollies, prepares the bags and gets ready to sell.
- Part 3: Business Ideas for Students: Chayse the Candy Man — Chayse sells his lolly bags at the soccer grounds and makes a profit.
Key Takeaway: Ways to Earn Money for Students Can Start Small
Key takeaway: Ways to earn money for students do not need to be complicated. Chayse’s Candy Man idea started with something he loved, a clear market, a simple product and a small amount of start-up money.
We will keep you updated with how his money-making enterprise goes.
Next up is Kit planning an enterprise. Kit is so excited that he reminds me of our late over-zealous Jack Russell Terrier when she used to go out for a walk!
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