FORUM Credit Union sponsors contest for entrepreneurial kids
Are you interested in teaching your child about financial responsibility? A new program from FORUM Credit Union can help.
FORUM is sponsoring a contest for kids who want to start their own business. Contestants can win $100 for their idea.
The program helps youths 8-19 with every step in the process.
Step 1: Idea
The first step to any business is to come up with an idea. Children can start a business by expanding on their talents and interests or by simply targeting an area in which they want to make money. Some business ideas based on ages are:
Art skills – crafting, painting, scrapbooking
House work – painting, cleaning
Step 2: Marketing
Depending on the business idea, marketing can simply mean finding a customer through friends and family. For older kids, it may be passing out flyers, using social media to showcase their products, and even business cards.
- Business Cards
- Social Media Presence
- Word of Mouth
Step 3: Administration
Running a business can seem pretty intimidating for anyone, and like any new business owner, children will learn from their successes and mistakes. Most children can easily run a small business with the help of an adult. For more robust businesses, it would be important to:
- Make a Business Plan
- Track and Manage Expenses
- Keep a Customer or Client List
Step 4: Financial
Once a business has been established, it's important for children to have a plan for the money they make. A great and easy concept to teach kids is the Three Money Principles of Save, Spend, and Share.
What to include in your video:
1. Your first name and business name
2. A description of your business
3. What you have learned from running your own business
Submitting your video: