Top Tips for Tiny Tycoons
If you haven’t heard about the Fiver Challenge, be prepared to see your kids develop a whole new set of skills whilst having fun! Promoted by Young Enterprise, the Fiver Challenge allows junior school pupils across the UK to see how much money they can make from £5 by setting up their own business. The profits are reinvested in the school, and many pupils find that they benefit from increased confidence and commercial awareness.
However, any of us that have been in business know that it isn’t as simple as coming up with an idea and watching the pounds roll in. Here are my top tips for any budding Bransons:
Focus on what you can add to the business, rather than what you can sell
Having seen the Fiver Challenge first hand as a parent, one of the best bits of advice I can give is to think about what skills you can bring to the challenge. Activities like washing cars or mowing lawns have very little cost; meaning that you have more money left over from your £5 to put back into the business. On the other hand, buying pens to sell to other pupils at a school fete means that you will be very limited, as your customers won’t want to pay more than they can get the pens for at the local shop.
Watch every penny that you spend
It might sound boring, but even the biggest businesses do this! Make sure that you only spend what you absolutely have to. Whilst you might prefer the more expensive red bucket to wash cars with, you might find that you make more money if you can find two cheaper ones for the same price, and persuade a friend to help you out with the washing!
Think about how you can spread the word
If no-one knows about your business, then no-one will give you their money. Make sure that you ask your teacher if the school can help you promote your business. Also, think about whether you can ask local shops if you can put a poster up in their window, and if your family have any friends that might be interested in your business and what you are doing.
The most important thing…
ENJOY IT! Running a business can be hard work but it’s great fun – enjoy every moment of it!
Author of The Startup Coach & The Franchising Handbook.
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