5 Ways to Teach Your Children by Selling Wreaths
Did you know that allowing your children to dip their toes into entrepreneurship at an early stage can have an enormous impact on their future?
Selling wreaths for Wreaths of Maine has plenty of rewards besides the extra cash. It also teaches valuable skills such as planning, record keeping and socializing, which are all essential to building successful careers when people enter the workforce.
Childhood is the perfect time to develop business skills. In a recent study conducted by the Organisation for Economic Co-operation and Development in which 29,000 15-year-olds were polled shows there is a very low financial literacy level among young people. The study, in which 13 economies participated, found that 1 in 7 students fail to make simple everyday financial decisions, and only 1 in 10 knows how to assess financial risks.
Encouraging kids to experience business in a small scale at an early age is something every parent should consider. Through selling wreaths, you can teach your children to become little entrepreneurs using these five simple tips:
1. Help them plan and organize
From naming the business and setting a budget to pricing, marketing and selling, your children will get a first-hand experience of the basic flow of a functioning business. It will give them an idea of the stages a person goes through in order to put up a business, and maintain it through active marketing and selling.
2. Teach them about financial records
You can help your kids familiarize themselves with basic documents and records to keep things in good order. Teach them how to keep an accurate count of bills and coins using a journal or spreadsheet. Help them set up a bank account to start saving, and help them understand what terms such as “withdrawal,” “deposit” and “balance” means.
3. Encourage your children to socialize
Selling requires engaging people and convincing them to buy a product or service. Frequent verbal communication will not only help your kids develop sales skills, it will build self-confidence. By helping your children hone their people skills, you’ll be setting them up for a bright future.
4. Introduce and simplify the bucketing method
“Bucketing” is a popular concept among adults. Having separate accounts for long-term savings, car payments, house payments or vacations can be taught and translated to a simpler form such as marking envelopes or piggy banks for different spending purposes – for example, buying a new doll or video game, saving up for a big-dollar purchase or donating to charity.
5. Teach the value of money and a strong work ethic
No work means NO money. If your kids learn they’ve got items people are willing to buy, they will also learn how to earn and use money to enjoy life. Save the money, and it could be enjoyed in the future. It’s all about making your child understand that money can be earned if a person is willing to work for it.
Ready to teach your kids the value of money and the rewards of earning? Wreaths of Maine helps children earn cash by selling wreaths with very low to zero capital. Visit here to learn more.