Dear Dr. Tightwad: I was pleased when my 12-year-old son announced that he wanted to earn money this summer by doing yard work.
He created neat fliers on the computer and stuffed them in mailboxes. When he didn't get any responses right away, I suggested he follow up by knocking on doors.That's when he chickened out and wanted me to come with him to break the ice. I finally agreed, and he got some jobs, but I'm wondering if I should have let him speak up for himself.
Answer: As long as you don't end up mowing lawns, there's nothing wrong with lending your son a hand (or, in this case, a mouth).
Although obviously a go-getter, he's still only 12 years old. Being bashful about speaking up is just one of the pitfalls that often trip up budding entrepreneurs.
Other areas in which they could use some help:
- TARGETING THEIR MARKET. Kids tend to blanket the neighborhood with fliers instead of focusing in on the people who would want their services most.
- PRICING THEIR WORK. They often charge too much or too little because they don't bother to find out the going rate ahead of time.
- TOOTING THEIR OWN HORN. They're often at a loss on how to boost their businesses. Here are some suggestions.
They could write a resume listing their school achievements and offering references.
They could do a little something extra on the job - such as picking up toys after their baby-sitting charges have played with them - so they'll get repeat business.
They could offer a bonus, such as a half-price hedge trim, to clients who recommend them to a new customer.
Parental input is welcome. After all, even adult-run businesses have marketing directors.
Dear Dr. Tightwad: I'd like to share a real-life success story about how to get your kids to stop bugging you to buy something.
During the recent NBA playoffs, I was visiting my hometown of Indianapolis with my family. My 11-year-old daughter, a big Pacers fan, was desperate to go to a game.
I told her ticket prices would be out of sight, but she didn't want to believe Dad. While shopping one day we were near Market Square Arena, so on impulse I look her over to a guy who was scalping a couple of tickets.
"How much?" I asked. "One hundred bucks each," he said.
"Do you want to buy one with your own money?" I asked my daughter.
"Nope," she replied.
And that was that.