Starting Your Own Business: A Guide for Young Entrepreneurs

Children can be amazing entrepreneurs! With creativity, observation, and determination, you can start a successful business even at a young age. This guide will help you understand how to start your own business and prepare for a children’s business fair.

Quick Start Checklist

✅ Pick a business idea you’re excited about
✅ Check if people would buy your product
✅ Make a plan and set your prices
✅ Create sample products
✅ Practice your sales pitch
✅ Register for a fair
✅ Prepare your display

Finding Your Business Idea

There are many ways to come up with a business idea:

Create something new: Invent a product that doesn’t exist yet
Improve something existing: Make a better version of something that’s already out there
Provide a needed service: Offer to help people with something they need done
Buy and sell: Find items you can purchase and resell at a fair price

The most important thing is to observe the world around you. What problems do you see that need solving? What could make people’s lives easier or more fun?

Steps to Start Your Business

1. Choose Your Idea

Think about what you’re good at and what interests you. Do you like making crafts? Are you good with computers? Do you enjoy helping people?

Get ideas from the list of businesses from previous years of our fair.

2. Research Your Market

Ask these important questions:

Who are your customers? Think about their age, what they like, and where they shop
What would they pay? Ask friends and family what price seems fair
Who else sells similar things? Look at other businesses and think about how yours can be different
How many might you sell? Start with a reasonable number you can manage
Where will you get supplies? Find reliable sources for your materials

3. Make a Simple Plan

Write down:

What you’ll sell
Who will buy it
How much it will cost to make
How much you’ll charge
How you’ll promote your business
How you’ll display your products on your table

4. Create a Name and Logo

Pick a name that’s easy to remember and describes what you do. Design a simple logo that represents your business.

5. Make or Source Your Product

If you’re making something, gather your materials and create some samples. If you’re providing a service, practice until you’re good at it.

6. Set Your Prices

Follow these steps to set a fair price:

Add up your costs:
- Cost of materials
- Time spent making each item (value your time!)
- Any tools or equipment you need
- Packaging costs
Calculate your selling price:
- Take your total costs
- Add 50-100% extra for profit
- Round to a nice number (like $10 instead of $9.47)
- Compare with similar products
Test your price:
- Ask potential customers if they would pay this price
- Make sure you can still make a profit
- Have some items at different price points

7. Create a Display

Your display is your store! Make it attractive and professional:

Basic Display Items:

A big, clear sign with your business name
Price tags or a price list
Business cards or flyers (if allowed)
A neat tablecloth
Levels or stands to show products at different heights
A sample product people can touch or try

Arrange Your Table:

Put your best products at eye level
Keep extra stock hidden under the table
Leave space for customers to pick up items
Make sure prices are easy to read
Have your cash box in a safe spot

Practice Your Sales Pitch:

What are you selling?
How did you come up with this idea?
What makes your product unique?
How is it made? How long does it take?
What problem does it solve?

Remember: A clean, organized display helps sell your products!

Joining a Children’s Business Fair

1. Find a Fair Near You

The Sharon Children’s Business Fair registration is here.

There are other Children’s Business Fairs in our area. You can participate in as many as you want.

2. Prepare Your Application

You might need to:

Describe your business idea
Explain what you’ll sell
Show how your table will look

3. Get Ready for the Big Day

Practice explaining your business in a few sentences
Make enough products to sell
Have a cash box with change
Bring everything you need for your display
Dress professionally

4. During the Fair

Stand up and smile at customers
Explain your product or service clearly
Thank everyone who visits your booth
Keep track of what sells best

Preparation Timeline

1 Month Before:

Register for the fair
Finalize your product design
Order supplies and materials
Start making inventory

2 Weeks Before:

Create your display items
Make your signs
Practice your sales pitch
Set up a practice display at home

1 Day Before:

Pack all your supplies
Count your starting inventory
Get change for your cash box
Charge any devices you need
Get a good night’s sleep!

Fair Day Morning:

Arrive early to set up
Arrange your display
Put on your name tag
Get ready to sell!

Keys to Success

Observation: Pay attention to what people need and want.

Creativity: Think of new solutions or ways to improve existing ones.

Focus: Stick with your idea even when it gets challenging.

Determination: Don’t give up when things get hard - entrepreneurs face problems and solve them!

Remember, even if your first business isn’t perfect, you’ll learn so much from the experience. Many successful business owners started when they were kids just like you!

Good luck with your business adventure!