A big part of learning how to manage money is making your own in the first place. With their sense of curiosity and willingness to take risks, kids are natural entrepreneurs. When you combine their innate mastery of digital tools and apps, there’s no shortage of opportunities for kids to start up their own ecommerce business. Here are some ideas on how kids can make money online and some helpful tips to get them started!
3 LIFE SKILLS YOUR KIDS CAN LEARN FROM MAKING MONEY ONLINE
Starting an online business isn’t only great for your kids being able to contribute to their education fund or save up for that new gaming console, but they’ll also learn some pretty cool life lessons along the way.
1. Business 101
On the most practical level, the best way to learn how a business operates is by running your own. No matter if your child decides to sell homemade jewellery online, or make slime on their own YouTube channel, they’ll have the opportunity to learn about what it costs to run a business and how profit margins work. It’ll also give them the opportunity to think about how they want to brand themselves, analyze the marketplace, and how to finance their startup costs.
2. Forge their own career path
The traditional career path has gone the way of MySpace, and today more and more small businesses are popping up in Canada. Kids who run their own business online learn that a job opportunity is what you make it. They’re more likely to be confident in taking risks, or try different careers without worrying about settling on one job for their adult life. After all, who says you can’t create makeup YouTube tutorials and help solve the global water crisis?
3. Develop communication skills
The average kid is already a pretty good sales person. Any parent who has argued back-and-forth about a later bedtime would agree. But when kids run their own business, it takes those negotiation skills to another level. Now they’re in the real world learning to deal with customers, how to communicate effectively, and even how to negotiate on price.
7 ONLINE BUSINESS IDEAS FOR KIDS
Here are seven online business ideas your kids can try themselves. However, we do suggest that your budding entrepreneur bounce any business ideas they have off you first. That way, you can help guide them if their idea doesn’t sound feasible or needs your support to get it off the ground.
1. Sell crafts or jewellery online
If your kid is naturally crafty, then making jewellery or crafts and selling them online is a great small business idea. An Etsy site is a popular way to sell your wares. Zandra Cunningham did just this when she created her own lip balm at 9-years-old. Fast forward a few years and she’s now a TEDx speaker, author, and philanthropist—as well as owning her own beauty brand! Parents should also be aware of the sign up rules for sites like Etsy. Kids need to be at least 13-years-old and have the permission of a parent.
2. Make YouTube videos
Kids are pretty tech savvy and now most laptops come with a built-in camera so it doesn’t take much investment to set themselves up as a YouTube creator. There are a lot of kids out there doing it. Ryan’s World has an impressive 28.6 million subscribers and started when the 9-year-old began unboxing and reviewing toys on YouTube. Kids can create videos based on any subject they’re passionate about, whether it be a makeup tutorial, or building worlds in Minecraft, like Canadian YouTuber GamerGirl. Kids and teens can make money through ads or sponsorship. Parents should also be involved in setting up a YouTube channel to help protect their privacy and manage expectations.
3. Streaming
Similar to being a content creator, if your kid loves watching streamlined live content on sites like Twitch, they should consider creating their own. Twitch was designed to bring gamers and content creators together through live-streaming games. The platform can be monetized to make money through donations from Twitch users, brand partnerships, or subscriptions. Canadian Twitch user, Shroud (Mike Grzesiek), first started playing Counter-Strike:Global Offensive and is now one of the world’s most watched (and lucrative) streamers.
4. Sell vintage
The days of feeling embarrassed about wearing hand-me-downs are gone. Vintage clothing is back and thrifting is in. If your kid has a passion for all things fashion and can spot a retro pair of Adidas trainers or ‘80s Levis, they could make money selling vintage clothing online. Sites like thredUP and Depop make finding their customers easier.
5. Photography
Budding photographers with a decent smartphone and access to editing software can make a little money selling their images as stock photography. While they may not quite be ready to licence original images to Shutterstock, kids should check out sites EyeEm, 123rf, or Foap to make money from their talents.
6. Sell digital products
If your kid or teen loves writing, they could design and sell an e-book or publish their own books. Storyjumper lets kids create and publish their own books, as well as read books written by other children. While those with a great eye for design could also create and sell original artwork or posters on sites like Etsy. There are plenty of free or cheap illustrator tools to help, such as Photoshop or Canva. Toronto-based Leeloo started drawing pictures like this cool Raptors logo when she was just 7-years-old and sold them on t-shirts. Leeloodles designs are now sold online and through the Drake General Store.
7. Sell old toys online
Does your child have a collection of Thomas the Tank Engine trains you spent hundreds of dollars on, or an IKEA bin filled with My Little Ponies sitting in the basement? Your kids can turn their old toys, books, even clothes into cash by selling them online on sites like Kijiji or Facebook Marketplace. Parents will probably want to be involved in the process. This could mean posting it on social media on behalf of your child (Facebook requires you to be 13-years-old to have an account) and helping to facilitate the sale safely. But kids can still take photos, write up the ad, decide how much they want to sell it for, and negotiate the price.
