Homeschool project: family business?

Question

Anyone try this?

Two of my kids have talked about starting a business to earn more money for vacation funds (they want to go to Disneyworld, possibly Europe-- normally our vacation fund can pretty much only cover a few camping trips a year).

Well, of course, I think it'd be a great learning experience, regardless of the outcome; however, running a business is far from our area of expertise, and the start-up budget is very limited.

Anyone ever ventured into this area before? Any advice on how to get started-- or any advice at all? Any kid-friendly resources, since I expect them to do most of the research themselves? Thanks.

HSMom: We have a good friend who is a CPA who offered to help w/tax questions.

James: the good thing about being a homeschooler, you can go to Disneyworld during the off season on a Monday morning in September-- I hear the lines are much better then, lol.

Answer 1

My son, 12, started a lawn mowing business that was quite successful. But he got very upset when the Army (we're military) hired a contractor to mow all the lawns on post. He made about $6.00 a yard and sometimes he'd mow 5 a day and up to 20 a week! The kid always had more money in his wallet than me!!! :P I furnished the lawn mower but after the first tank made him buy his own gas to impress upon him that running a business isn't all profit.

My daughter, 9, has her own petcare business and is making $50+ in June for dogsitting for our neighbor!

I don't give my children allowances because I feel that they need to help around the house (they each have 2 small chores a day). I do take them out and buy them something every 2 weeks (for helping me around the house) when my husband get paid but sometimes we just simple afford it. Them running their own business has taught them that sometimes you do good and sometimes you just can't catch a break and they have become more sensible in their money transactions!

Good luck to you and your children. Oh, one more thing... you don't necessarily have to do taxes or get a business license. It all depends on how much money they make. So definately make sure you talk to your accountant. Best of luck to you!

Answer 2

You don't mention the age of the kids, but am assuming they are in early to mid teens. My daughter (age 13) is currently working on her business plan for the pet walking/yard clean up business she is planning to open next year. We live in an area where the majority of the neighbors have dual income homes, with pets left inside for the entire day. The houses all have small yards, so the animal needs long walks for exercise and cleaning the yards is something that must be done weekly because of HOA rules. She did an informal survey of neighbors to find out the interest level in services as well as to get a feel for what she could try to charge for her services.

Look around your neighborhood and see what most people need to do but don't have the time or availability for. Yards can be a year round job. If you live in an area where trash goes to central locations, picking up trash and recylables for people can be lucrative (a friend's son did this in an apartment building where the trash had to be taken down in elevators to a trash room. He went floor to floor every morning, taking the trash the tenents left by the door. He charged a flat "subscription fee" of $40 a month and had 60 families..not too bad for a 12 yr old). If your child is old enough to drive and you live in an area with a large retiree population, an errand running business could work. Or simple handyman type chores if you had kids adapt at basic things like hanging pictures, changing lightbulbs, mowing the lawn.

Answer 3

It depends on where you live, but in general, you're not checked on at all, except for in some instances, mandatory testing. Where I live, you need to meet with a teacher twice a year. They don't test your kids or anything; they just write down what your kids have been learning. In some places, there is absolutely no contact with anybody. Usually the public schools have nothing to do with homeschooling. And judges and law officials don't have anything to do with homeschooling. As for your last question, do you mean they can do nothing until age 17, then study to do the GED? Probably not. If you meant can you just do your studying then when you're 17, do the GED, if you want. Homeschoolers can obtain high school diplomas, if they wish, but it's not necessary to get into college.

Answer 4

Here's a suprisingly lucrative business with no real overhead: poop scooping. it's easy to clean up a yard in a few minutes.
I know, it sounds gross, but the kids can get $10-20 weekly from each client for just a few minutes work.
It's a task most homeowners dread, it's not a lot of money to avoid it.
On the other hand, if you're in the right kind of density neighborhood, at 15 minutes per house, they could make $40 - $80 for an hour's work.

Answer 5

As long a the kids are students, taxes are pretty simple, they can make X amount of dollars before they have to pay taxes.

Our children start paid jobs around ages 10 to 12.
Yard work, paper routes, pet care (people on vacations), snow removal, and such.
Then they move up to baby sitting, and maybe cleaning a house.
Their first full time job happens around ages 16 or 17, depending on their school/college schedule.

Depending on their ability level, we help them, or accompany them on a paper route.
They learn good work ethic's and the extra money gives them the needed skills to budget, and save for what they would like, or in this case help plan a vacation.

try:
http://www.christianhomebusinessconnection.com/teen-business-ideas.html

Answer 6

I second the ebay idea. My boys have started an ebay business as a summer project. They started with their "no longer cool" toys and have been brainstorming as to what they will do next.

I also second the off-peak Disney trips. We go in early May and never wait, in fact we have even stayed on a ride for another go round.

Answer 7

Some people get rich the E-BAY way.

For example, a friend of mind scours the thrift stores. Most recently he found a Roland Jupiter 8 keyboard for $20 that he could sell on E-Bay for $400+

He has found Fisher transitor amps for $30 he had sold on E-bay for $250

You have to know your stuff for this business.

I found a Bell and Howel 16mm FilmoSound projector for $20 which I kept. Original price $1,000. I can probably get $200-$400 for it on Ebay and they don't exist anymore except used.

My friend recently found JB Lansing Speakers in PERFECT shape, original cones from the 1960's for $20 a pair.

You can easily get $100 on E-bay

I produced record albums for bands that are selling USED in E-bay for $30 and I don't have any copies left (except two personal ones) to sell myself and once upon a time I had 200 copies brand new!

I didn't have one to give the singer so she paid $30 to buy it on E-BAY!

Absolutely TRUE story

A friend of mine had a collection of old FREE Fender and Gibson guitar catalogs from the 1950's, 1960's and 1970's

He sold a two page 1955 Fender Price list on E-bay for $30

I used to have those myself and people said "what are you doing with all this old stuff" and threw them out!

Reminds me of John Lennon telling his Auntie she'll be sorry she threw his old drawings out (one ORIGINAL John Lennon sketch is worth $1,000+)

Then, again, there is ALWAYS YE OLE LEMONADE STAND

It is summer in the Nothern Hemisphere!

Answer 8

You're going to have to check with an accountant about the tax requirements.

Start with your city's small business bureau.

I'd just do a search for "youth entrepreneurship".

Answer 9

I have not but i do not reccomend disney world. The lines last for hours. If you are planning on disneyland paris, check out astrix park nearby. Better rides fewer queues (30min max) and much cheaper.

Brainstorm for new ideas, then get a captial one card take out the £10,000 (no intrest for 1year) and you have a year to make even.

Answer 10

you should let them sell candy! you can go to walmart and buy packs and bags of candy or buy t-shirts and make funky designs on them. or take advantage of your child's talents or aptitudes!forexample, creating things or modifying things, people always love to buy hand made things especially from children, they find it "cute".