Monday, January 20, 2014

Starting Your Own Business

Happy Martin Luther King Jr. Day everyone! Today I'm going to write about starting your own business. If you are in the 4th or 5th grade, your teacher(s) may be introducing this to Economics in school. I'm going to give you a little info on how to start your own business. Yes, as a child.

An Idea:
To have a business you'll need to come up with a snappy idea. It might be something you can make that no one made yet. Or it might be something you can make that you and your friends think tastes super good, or looks super good. That could be paintings, cookies, lemonade, or juice.

What People Want:
Next you have to look at other shops in your area. Look at what they sell, how they taste or look, and how much it is. You can interview people or let them take surveys in your community. If you want, you can even give the soon-to-be costumers some samples or sneak peeks of what you're selling.

A Place to Sell:
Choose a good spot to sell your goods. Once you choose a good spot, look at your surroundings. If a car parking service were to choose a place to service people, they'd choose a place with a lot of cars. If a snowboarding company were to choose a place to buy, they'd choose a place with a lot of snow and a lot of kids and adults. You could even sell your things in our outside of a shop, such as a coffee shop, once its okay with the manager.

Supplies and Money:
You need to make sure you have enough supplies to make your goods. There is something called a profit. A profit is when you make enough money to buy what you need, and sometimes over that much. A profit leads up to how much you price your products for. Look in other stores. If you sell something like cookies, see how much cookies would cost in another store. Then add up how much it would take to buy all your supplies for your goods. If you don't make enough of a profit, you can borrow money from people. Borrowing is when you take something such as money, but must pay it back when you are able to.

For people to be attracted to your service or good, you must advertise. Advertising is when you tell people about what you sell or do. Make a sign, create a website (with parents permission of course), make flyers, or tell people about it word-for-word. Tell people the address of where you sell your things. You may even come up with a great poem for your sign. If you happen to make a poem, make sure it describes your good that you sell at all the good angles. You also might want to use bright colors on your sign or flyer. That will make people attracted to it.

It is better to do business with friends, that way all the weight is only on your shoulders.
Grab your surfboard (and make sure you wear safety equipment and pack your brain with rules of the deep, dangerous waters so you won't get bruised by the ocean), and surf the web for more awesome ideas!

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