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    KidpreneursWorkbook11 200326 113308

    Uploaded by

    Michelle de Holleben

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    © All Rights Reserved
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    of 66
    GP BD x , al ie ADAM & MATTHEW TOREN W ENEURSORG Welcome! Whether you have read our award-winning book, Kidpreneurs: Young Entrepreneurs with BIG Ideas before, or you'te seeing the book for the first time along with again, “never too early to start your entrepreneurial journey,"and we're honored to be here with you at the beginning, is workbook, we are thrilled to welcome you to the Kidpreneurs family! As we say time and Throughout this workbook, you will have the opportunity to take the points presented in the Kidpreneurs book and really dig in and begin practicing some of what you learned. The worksheets and forms throughout this workbook will help guide you through the process of becoming a young entrepreneur, and the text wil dive a little deeper into sorne important entrepreneurial concepts, Have fun with the workbook, and stay in touch, We'd love to hear about how you're doing in your entrepreneurial adventures! To your success! ‘Adam Toren € Matthew Toren ope This Kidproneus Werbook Copyright® and belongs to Busines Pls Media Group LC and protected under USA and intemational law This Workbook sntended ony as an introduction to basic ideas and concept ony Itshould not be rested as a dfritve guide, nr should ite considered to cover every aes of concer orbe regarded as legal ave, ‘Youmay view, copy and print pages from the quie only 1 fr persanal us, provided that you maintain allcopyrght adam, and other propriety rights crotices You may nt otherwise use reproduce, dovnload, sere post, broadcast, wansm moi, sll or make avallble tothe public content remthe idpreneurs Workbook without the pir witten approval of Business Aus Mel Group LLC. ‘Questions, Comments o eat: ipreneursorg 23120V6 Carefree Hoy Suite 118 Phoerix, AZ 85086 Emails infoskdpreneursorg 2 (0S rtorrencuns wane nappew works0ox 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) elie alin ieee eae ee a INTRODUCTION f Congratulations! You are on your way to becoming an entrepreneur. There are not many more exciting things you can do than starting your own business, and this workbook is designed to get you off to a great start. As you begin your adventure into entrepreneurship, there are a few important things to keep in mind: Overnight Success Is Rare Remember that being an entrepreneur is more like a marathon than a sprint. In other words, it takes time to experience success. If you expect to become rich ‘overnight, you'll be disappointed. However, if you have realistic goals and expect to achieve those goals with hard work and patience, you can become very success- ful as an entrepreneur. Long term success is often about how you start out, So, be sure to go through this whole workbook, take your time, and really learn the concepts. After your business is going strong, you'll be glad you started off on the right foot! Using This Workbook This workbook is designed to be completed from start to finish. Try not to skip around or pass over any parts cof the workbook. You might miss some important infor- mation that will help you succeed as a Kidpreneur. ‘Although the contents of this book are protected by copyright, we do allow you to make copies of the worksheets throughout the book for your ovin use. This is a good idea if you think you'll start more than one business over time. Most entrepreneurs do! Be Careful Who You Listen To Every entrepreneur experiences naysayers along their journey. Naysayers are those people who douit that ‘anything will work. They might tell you that having your own business is too risky; they might say that your ideas will never work; they might even put you down for wanting to build your own business Remember this: every great business in history had its naysayers. But the entrepreneurs behind those businesses didn’t let the negativity get to them. They believed in their dreams and made them a realty. If someone has experienced success as a business own- €r, they might be someone you want to listen to. IF not, be careful ofthe advice you take from them. Believe in yourself and your ideas, and dedicate yourself ‘to making them happen. Don't let the naysayers get ‘you down. Go for it! a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) 3 TW “Build your own dreams, or someone else will hire you to build theirs.” —FARRAH GRAY Parr I: BECOMING AN ENTREPRENEUR: Section 1: What's Your Big Idea The frst thing you need to become an entrepreneur is an idea. Every company in the world started in someone's head as an idea before it was built into a business. So, what's your idea? If you don't have one yet, don't worry. The following worksheets are designed to help you think of ideas and begin testing them to see if they would be 3 good fit for you as a business. When coming up with an idea for your business, i's important to think about the things in your life that interest you most. Hopefully, you'll have your business for a long time, and you want to spend your time doing something that you lke to do. The more you enjoy what you're doing, the less it seems like work. Let's get started! What are your hobbies and interests? What do you enjoy doing most? And what skills or talents do you have? List your answers below. What types of businesses could be created from the hobbies, skills and interests you've listed above? List 3-4 examples. Of the business ideas listed above, which one do you think is the best? Why? If you already had an idea in mind for a business, list that here. G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 5 TU Once you have an idea in mind, you'll need to make sure itis something people want or need. After al, the purpose of your business is to make money, and you won't do well if no one wants what you have to offer. Think about who will use your product or service. What other options do they have ~ who is your competition? What will make your idea different from the other competitors in the market? Why will people want to choose your product or service over others? There are a lot of ways to make your business more attractive to customers than that of your competitors. You might have a better quality product; maybe your customer service is much better; or perhaps you charge less than others. Who is your “target market?" A target market is the group of people who are mast likely to buy from you. Is your target market made up of kids or adults? Are boys more likely to use your product or service than girls? Describe your ideal customer below. What other options do people have for what you provide? (Who are your competitors?) Why will people choose to buy from you instead of someone else? What will make your product or service different? 6 LY rtorrencuns wane nappa worKB0oK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) elie alin ieee eae ee a Section 3: Learning Story #1 - Alex's In-Home Dog Wash Alex loved dogs, especially his own dog, Beaux. And he liked living in a big apartment building with lots of great neighbors. What he didn't like much was taking Beaux out to go patty every day. Still, heading down to the "dog potty” area was a chance to talk with some of his neighbors and pet their dogs. Alex noticed that the one thing that no one liked was how muddy the dogs would get in the dirt area when it rained. Even if they showed up clean and smelling fresh, by the time they were done, their paws - and sometimes their whole coat and tail - were filthy. Alex had been thinking of business ideas for a while, and he knew it was important to fill a real need with any business he was to start. He also knew that making a business out of something he enjoyed would make it fun, and that was important to him. One rainy day, he was taking Beaux to do his business, and he saw Mrs, Scott with her little white dog, Lilly. Alex noticed that Lilly's feet were already brown with mud, and she was about to get her tail all muddy too. Mrs. Scott just shook her head. “Well, so much for her beautiful white coat,” she said to Alex as he walked up. "Guess it's bath time for you, Lilly ~ again!” she complained. As Alex bent down to pet Lilly, he suddenly had a brilliant idea. “L would be willing to wash Lilly for you, Mrs. Scott," he said excitedly to the older lady. “Oh, 'd love that,” she replied, "How much would you charge me?” Alex thought for a moment and then said, "How about $10?" He knew that was a lot less than the groomers charge, yet it was a good amount for the time it would take to get Lilly back to her clean, white self again. Mrs, Scott happily agreed to pay the $10, and after getting his mom's permission, Alex headed over to Mrs. Scott's apartment to give Lily a bath, Once he was done, Mrs. Scott paid him and said that she would be happy to tell other dog owners in the building about his great service if he wanted her to. Of course he did! And before he knew it, Alex had a real business. In fact, he got so busy that he had to hire his friend ‘Angela to help on the weekends, a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) u. TW Section 3: Learning Story #1 - Alex's In-Home Dog Wash - Questions What was the need that Alex identified in the story? Who is Alex's ideal customer? Describe his target market. What other services or products might Alex add to his business to increase the money he brings in (his revenue)? IF this was your business, what are some ways you would get the word out to other dog owners in the building? Who is Alex’s competition? What other options do people have for dog grooming? 8 LF rtorreneuns wane nappew worKBOoK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) elie alin ieee eae ee a Fann ls Become a ENTREPRENEUR Section 4: It's Your Turn! Now it's time for you to test out the idea you came up with earlier. Remember, just because you think something is a creat idea doesn’t mean people will buy it. I's important to make sure people have a need for what you're selling, and more importantly, if they are willing to buy it from you. Think again about who you think your target audience is and how your business will help them. Ask yourself what you think people would be willing to pay for what you want to offer, Complete the questions below, then survey 10 people (neighbors, friends, family, ete.) using the Needs Survey on the next page. 1. Describe your idea in detail below. 2. What need does your product or service fill? What problem are you solving for people who buy from you? 3. How much do you plan to sell your product or service for? (You'll get to learn if this is a good price after you complete the survey on the next page) a KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 9 WU MARKET SURVEY Dear Friends, Family and Neighbors, | have an idea for a new business, and I'd like to ask for your help in determining if the idea is something you would use, Please take a few minutes to complete the survey below with your opinions about my idea, My business idea: Please answer the following questions: 1. Isthe business described above something you would use? Yes No 2. Please explain briefly why you would or would not use this business: 3. Ifyou would use the business described here, how often would you use it? 4, What do you use currently to fill the need this product/service solves? 5. Lam thinking of charging $ Do you think that price is: Too high Just right Too low & How much do you pay for the product/service you currently use? 7. Any other feedback you'd like to offer? Thank you for your help! 10) iiorreneuns waxe r HAPPEN WORKBOOK ©2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) TOW We talk with 2 lot of Kidpreneurs all over the world, and we're always amazed at their accomplishments and their desire to succeed in business. One of the things we love to see most is when a Kidpreneur takes that passion and uses it to give back, in addition to building their business. At 14, Asya Gonzalez, the founder of Stinky Feet Gurlz, is a great example of a kid with great business sense as well as 2 big heart. We were lucky enough to get the chance to ask Asya a few questions. How did you come up with the idea for Stinky Feet Gurlz? And what does the name mean? I have alwoys loved to draw. I draw and design every chance I can get: I saw a doodle in my mom'sjournal and | thought it wasso cute I redrew itand gave it some life. My mom loved itand encouraged me to draw it better and better until we now have Weezie, the first of several Stinky Feet Guriz. In what ways have your parents supported or guided you in your business ventures? They are always coming up with new ideas for new companies and are very creative. They've supported me in coming up with ideas, and they handle the financial part ofthe business. Everyone has a different definition of success, and yours might change over time, but what would you say is ‘your personal definition of success right now? My personal definition of successis doing something that will help other people who are in need, and helping them succeed in return 'm sure money will always follow my hard working efforts, but itis truly my desire to help others. a KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) N WU “If opportunity doesn't knock, build a door.” —MILTON BERLE Did you ever wonder where some companies get their names? Some of the most successful companies in the world have some pretty funny sounding names. Take Google or Apple for example. I all you knew about those companies was their names, you'd have no idea what they do. You might think one was toy for little kids and the other was a produce company. On the other hand, the name of a company like iRobot tells you right away what they do. And if you weren't sure, the tagline they use is, We are the robot company,” We bet you can guess whet their company is all about. So, which is better? Should your business name make it clear what you do, or is it more important to come up with a name that's catchy and can be easily remembered? The answer is: it's up to you. There are many enormously successful companies in bath categories, and even the experts don't agree, except to say that you should “go with your gut" and use your instinet about which is better. So, let's come up with a name for your new company! 1. List 5-8 words that describe what your business does: 2. List several words that describe a benefit of your product or servi 3. What words can you think of that are catchy and memorable — even if they aren't real words? Have some fun with this! G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 13 TU me SUCCESS. ar 2 Serine UF ES Section 2: Test Out Your Name Now it's time to create some names and get feedback on them. Using the ideas you listed on the previous page, think of some possible names for your business. Many entrepreneurs choose company names that include their own name or the city or state where they live. Whether this is a good idea for your business or not depends on what your business is and what you hope to accomplish in the future. For example, if you offer a very personal service, attaching your own name to it could be a great idea. But if your business is selling @ product, you might want to think of a name that goes better with what you're selling. Likewise, it you are sure you'll never want to offer what you sell outside the city where you live, it would be okay to include your city name in your business name. But if you ever want to expand your offering, consider leaving location names out. List several ideas for names for your business here: Once you have a few name ideas, present them to your family, friends and neighbors and get their feedback. Social media isa great place for this step as well. If you have a Facebook account, for example, post three possible names ‘and ask your connections there which they like best. Fun Facts About Business Names © LEGO takes its name from the Danish feg godt, which means to play well. * The maker of Oreo Cookies and many other snack foods, Nabisco, combined its original name, National Biscuit Company, to come up with something much more catchy. ‘* Have you ever owned a pair of Reebok shoes? They get their name from the word rhebok, which is an African antelope. * Depending on where you live, you might have Comcast as your cable TV company. They combined two words— Communications and Broadcast—to form their company name. 14-0) orrencuns waxe HaPPeW WoRKBOOK ©2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) TTT Section iguring Expenses Although you don't need a lot of money to start many businesses, pretty much every business costs some money to start and run. Figuring out your expenses is an important step in the beginning of a business, and its also important to track your expenses regularly once you're up and running. Whether your business is a success depends on the profit you end up making, Since profit is the price you charge your customers minus your expenses, having an accurate accounting of expenses is the only way to know if your business is turning a profit. Thankfully, tracking your expenses and profit does not have to be difficult. I's really just a matter of listing everything you spend money on for your business. Keep track of the money coming in and the money going out, and you'l know always know where you stand financially What are some things you'll have to buy to start your business? (Examples might be: pens, paper, merchandise to sell, a case to carry your products, a sign, a website, etc) List everything you can think of in the chart below: Startup Costs Item Cost x= a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) 15 TW PARE Section 3: Figuring Expenses {cont. Now that you know what it will cost to start your business, i's time to figure out your ongoing expenses. With your parents’ permission, you might want to go online to research the cost of the items you list below. Once you've started your business, what will be your ongoing expenses? List everything you can think of in the chart below: Monthly Expenses Item Cost = “You will use this figure on the Finances page. 16 {9 raoprencuns wane rr HAPPEN WORKBOOK ©2015 KIKPRENEURS (BUSINESS PLUS MEDIA GROUP LIC) TE Mackenzie Gass got the idea to recycle existing material, in this case jeans, into an unexpected new product: purses! We spoke with Mackenzie about how she got the idea, when she started doing it, and how she sells her fun, fashionable purses. How old were you when you started making your first purse? | was 12 years old when I began making the More Than Jeans purses. What gave you the idea to create your designs and tun into a business? ‘My mom was looking ata craft magazine ond found the basis ofthe ideo. The two of us found a way that we could ‘add to the idea by putting different colorful designs and straps on the purses. After we made a few, 0 couple of my family members said I should be selling them and the idea was born! What has been your biggest challenge in getting started, and how have you overcome it? My biggest challenge has been staying with the idea, because I've questioned whether or not people would actually purchase them. I'd often wonder if the idea could actually be successful. | overcame the challenge when a lot of people came up to me when walking around the mall and say how cute the purses were. Also | tested the idea by selling them at a Craft Fair! had good success and several sales atthe fair, which built my beliefin the idea and led to starting my store on Etsy Have your parents helped you with your business, and if so, what have they taught you? My parents have helped me out a lotof the way. My mom taught me that we have to keep the idea of the purses interesting and new. My dad would often help me on certain ways to present my product to different people. Both of. ‘my porents tought me that when opportunity comes you seize the moment right away and not later. What advice would you give other young Kidpreneurs who want to start their own business like you did? The advice | would lke to give to other Kidpreneurs is that they should not give up on their ideas. If someone soys “n0,"just keep looking for different ways to improve your product, but do not give up on it! a KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 7 TW Have you heard stories about startup companies getting investors and raising millions of dollars? It happens all the time, but for most entrepreneurs, finding this kind of investment isn’t necessary ~ or possible. IF you added up your expenses on the last two pages and are wondering where you'll come up with the money, finding an investor might be a good option. This could be a parent, another family member, a friend who has saved up some allowance, or even a local business person interested in helping a Kidpreneur start his or her first business. No matter who you approach for an investment in your business, it’s important to be professional and be prepared. Below are questions for which an investor will want answers. Be as accurate and thorough as possible when answering. How much money do you need? Consider your startup costs as well as your first few months of business here. What exactly will you use the money for? Don't just write “startup costs" or “expenses” Provide details about how your investor's money will be used. Be sure to account for the total amount you're asking for. How long do you estimate it will take for your investor to get his or her money back? What are you willing to give your investor as an incentive to invest? Will the investor own part of your business ‘and get paid 2 percentage of profits forever? Or will you promise a specific return on his or her investment? (Example: Invest $500 and get paid back $750 ($500 initial investment + 50% profit) over the next year] eee seirnireeiaahesiiinniomaninn 18 [0) iormencuns waxe r HAPPEN WORKBOOK ©2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) TTT succes Section 4: What About Investors? (cont.) {An investor needs to know that you take starting a business seriously and that you'll work hard to make your company a success. Before approaching an investor, complete this workbook, filling in every section, Some investors will want to see a detailed business plan: explaining your idea in detail, outlining the market, including your competition, detailing how you plan to conduct business, and projections of how much and by when you'll make a profit. Below isa list of business plan sections that most investors will want to review. Worksheets for each of these areas is provided in the next few pages. Use the book to show investors what your idea is and how thoroughly you've prepared for starting a business. They'll be impressed that at such a young age, you've taken the time to perform “due diligence” on your idea. Topics to cover in your business plan: * Business Overview—This is a summary of what your business is and who is involved * Market Analysis-in this section, you'l ist details about to whom you plan to sel, and you'll discuss your competitors and how you plan to compete in the market. * Marketing Plan—How will you attract customers and get the word out about your product or service? * Sales & Service Process—What happens after you get @ customer? This section will explain how you plan to run the operations of your business. * Finances—Taking information from Section 2, you'll show your projected costs and your projected sales and profits in this part of your plan. * Capital Request—Here is where you list any investments you have received and show the amount you're requesting. Note: Even if you don't plan on looking for an investor for your business, it's a goad idea to complete the business plan pages that follow. Doing so will help you get clear on your goals for your business and ensure you've thought of everything you need, a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) 19 TW Business Overview Business Name: Business Description: Business Location: Type of Business: Business Structure: Owners: Name & Age Title Ownership % eee seirnrninesiiianionseninn 20) worrencurs mane ir happen woRKe00K ©2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LIC) TT Market Analysis Our Customers ~ The Customers in Our Target Market How old are they? What gender are they? In what area do they live? What is the income level of our customers? What solution(s) are customers in our target market currently using? Our Competition Who are our top three competitors? What perception do our potential customers have of them? How do their prices compare to our prices? What do they do well? What weak areas do they demonstrate? How will we win the battle for customers over our competition in our market? 8 KIDPRENEURS MAKE /T HAPPEN WORKBOOK ®201S KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) TU Marketing Plan We will use the following sales methods to sell our product/service: We will market our business using the following methods: Soo 22 (1) worrencurs mane ir happen worKe00K ©2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LIC) TT Sales € Service Process Our Sales Process When a customer places an order or buys from us, we follow this process to fulfil their order: Our Suppliers/Contractors Name: Location: Items provided} work performed: Name: Location: Items provided] work performed: Name: Location: Items provided/work performed: G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 23 TU Finances Economics of a Single Sale Income from each sale: 8 (a) Our cost for each sale: $8. Our gross profit per sale: 8. © Sales Projections Average number of projected sales per day: 8) Average number of projected sales per week: © Average number of projected sales per month: (0) Average revenue per day: (A xB =_) 8 Average revenue per week: (Ax C= _) $ ‘Average revenue per month: (A x D =_) $8 Average gross profit per day: (Ex B= __) 8 Average gross profit per week: (ExC = _) $s Average gross profit per month: (E x D =_) $. 0 Fixed Monthly Costs: $__ “From Setting Up for Success, Section 3 - Figuring Expenses Projected Monthly Profit: (F- G = _) $. Capital Request 24 (0) raorrenuns ware nappew woRKe0oK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) TOW Total Startup Capital Required: s Startup Capital will be financed as follows: Personal Savings $. Family $. Friends $. Loans $. Investors Ss Total financing: $_ An investment in this business will be used for the following: G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 25 TU iGHT - CARTER KipPpRENEUR SPOTL Carter Kostler saw some statistics about childhood obesity that disturbed him, So he decided to innovate a solution from something he saw in his own home... fruit-infused water, From observing his mom make delicious and healthy fruit infusions in large pitchers at home, and his desire to help kids have a better solution for tasty drinks, he came up with his original prototype for the Define Bottle, at age thirteen. We caught up with Carter and asked him some questions about his Define Bottles and the journey to create them, How old were you when you got the idea for Define Bottle? Icame up with the idea for the Define Bottle when I was 13 years old. What gave you the idea to create them and how did you make that idea into a business? I wanted to come up with a healthy, natural way for people to hydrate when on the go. The first thing I did was ‘create a few sketches of my idea, then I presented it to my parents. Fortunately, they thought it was a great idea and supported going forward with it I felt like it really became a business when we had product and | was up late fulfilling orders. It was great seeing the orders come in and knowing that there were customers out there that wonted to order a product that Invented. How much were your parents involved your business planning? What did they teach you? Although | had a great ideo, I needed my parents’ help navigating through all ofthe steps to bring my product to market My parents were great, and we all discussed every step so [knew what was going on and could give my input. As got older | was allowed to make more decisions independently. 1am involved with all aspects of the business from customer service and sales, right down to riding my bike to the post office to drop off packages. What advice would you give other Kidpreneurs who want to start their own business like you did? My best advice would be to prepare and have your family’s support It's important to know from the beginning that there area lot of highs and lows, and there is no such thing as overnight success. Also, expect the unexpected! 26 (0) riormeneuns ware nappew worRKB0oK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) TTT Pp. ART 3: MARKETING Your Bustness Section 1: Finding Customers You know that every business needs customers. What many people don't know is how to get those customers to notice you and buy from you. You can have the best idea ever, but if no one knows about it, your business will fal. Fortunately, there are many free and low-cost ways to reach any target market. The key is to find the best methods for reaching your market. Once you decide on which methods you'll use to market your business, you can create a plan to get your name out and start doing real business. Before choosing which methods you'll use to market your business, you have to know where to find your customers and how to communicate your message to your market. Knowing who your target market is helps you identify who to market to, and knowing more about them - their needs, wants, and what they ike and don't like ~ helps you find them. For example, if your product or service is aimed at helping the elderly, you probably wouldn't posta fiyer in an arcade. On the other hand, if tweens and teens are your target market, an arcade might be a great place to find them. Where are the people in your target market likely to shop? What do the people in your target market like to do for fun? Which websites are the people in your target market likely to use frequently? G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 27 TU Section 2: Marketing And Sales Methods Now that you know more about your potential customers and where you're likely to find them, you can identify the methods that will work best for marketing to your target audience. Using the list below, identify the methods that you plan to use to market and sell your product or service to your customer base. Marketing Channels: Place a checkmark next to all the marketing methods you plan to use, Online Solutions I Facebook business page I Twitter 7 Linkedin o a 7 Pinterest OF Instagram oF Other Social Media 3 Blogging 7 Online ads Qgau0aaa Sales Channels: Offline Solutions Word of mouth Flyers Posters Business Cards Promotional items foumper stickers tshirts, ete) Local magazine ads Local newspaper ads Radio ads Place a checkmark next to all the ways you plan to sell to your target market. GF Website CF Outside table or booth OF Telephone sales TF In-store display 3 Deor-to-door (homes) I Door-to-door (businesses) SF At school (to friends) 7 Flea market | Swap meet 1 School fair OF Direct mail OF From your garage I From your own store 28 0) riormeneuns ware nappew woRKBOoK 2016 KIDPRENEURS (@USINESS PLLS MEDIA GROUP Lic) TTT Section 3: It's All About Filling Needs Once you know where to find your customers, the next step in devising a marketing strategy is understanding your customers’ needs and how your product or service will help fill those needs. How will your business help your customers in a way that matters to them? Will your product or service solve a problem for people? TYes O No What problem are you solving for people? Will your product or service save people time? Yes No How does your business help people save time? Does your product or service help your customers save money? Yes No How are you saving people money with your product or service? Does your business make people feel good in some way? Yes No How do you make people feel good when they use your product or service? a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) 29 TW jane § ManneTese YOUR BUSTS Section 4: Learning Story #2 - Alex Has a Setback You'll remember our friend Alex from the story in Part 1. He had the idea to start a dog washing business for the dog ‘owners in his apartment building, His first customer, Mrs, Seott, was very happy with his work washing her dog, and she recommended Alex to many others in the building, When we last checked in on Alex he had even hired his friend, Angela, to help with his business. Things were going great! There was one thing Alex hadn't planned for though. He forgot that a large number of the people in his building leave for the summer and would not be there to use his dog washing service, When the month of May came around, his business started to slow down a lot, and by the first of June ~ just when he had more time because of summer. vacation - he was wondering what he was going to do with all the extra time he had. Alex decided to talk with his mom about his problem, saying, “Mom, | was really busy with my dog wash business, but now that everyone has left for the summer, i's really slow. 'm probably going to have to let Angela go." “That would be a shame,” his mother said. "But it seems like you have some other options you aren't thinking of” “What do you mean, starta different business?" Alex said, feeling a little bummed out at the thought. “Well, you could do that, but | was thinking you could make some changes in your current business,” she replied “*Who says you have to limit yourself to the people in our building?” "But | don't really know anyone from around the neighborhood. It will be hard to get referrals.” Alex wasn't complaining, just thinking aloud, Then it hit him ~ he could use marketing to reach people who lived close by and ‘expand his business. Not only would he stay busy for the summer, but by the time people came back from their vacations away, he'd have an even bigger business! “Thanks mom!" Alex yelled as he rushed out of the kitchen to his room to create a marketing plan. 30 [09 riorreneuns wane nappew worRKBOoK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) TTT Parr 3 Manketive Your bi Ess Section 4: Learning Story #2 — Alex Has a Setback - Questions Thinking back to the original story about Alex. who is his ideal customer? How did Alex's customer base change once summer arrived? If you were Alex, which methods would you use to reach your expanded market territory? ‘What are some potential problems Alex might encounter with the expansion of his business? Which marketing methods might not be a good choice for Alex at this point? Why? a KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 31 TU PART Section 5: 7 Marketing Tips For Kidpreneurs Marketing is something many people spend their whole lives learning, As the world changes, markets change, and so do marketing methods. So marketing is something you're never finished learning. In general though, there are some tips to keep in mind when marketing, whatever methods you use. - Tell a story. Marketing is about telling stories to sell your products and services, You can't just ask people to buy from you. You need to show people why they should buy from you, and using a story to do that isa great start. Keep it simple. In today's fast-paced world, people don’t have time to try and figure out what you're trying to say with your marketing. They just want to know how what you're offering will help them, Consistency is king. You can't expect to see long-term results if you put out one piece of marketing and sit bback to wait for the sales to rollin. Marketing is an ongoing process that should never take a break Offer a guarantee. If you offer a high quality product or service, you should feel very comfortable standing boehind it. Offering a guarantee helps your potential customers feel safe buying from you. Use testimonials. Nothing sels a product or service better than a happy customer. If you know your ‘customers are happy with your company, ask them to provide a testimonial to use in your marketing, Ths is ‘one more way to make people feel safe buying your product or service. Use several methods. No marketing method works all the time for all people. Try several marketing methods and focus on the two or three methods that work best for your business and your target audience. Be authentic. Being authentic means your marketing is honest and real. People ike to do business with companies that are honest and upfront in their marketing. High pressure sales or making false claims will definitely hurt your business in the long term, 32 (0) riorreneuns wane nappew workB0oK 2016 KIDPRENEURS (@USINESSPLLS MEDIA GROUP Lic) TW jPOTLIGHT - RACHIEL ZETZ ” KipPRENEUR S! Rachel Zietz loved Lacrosse but got fed-up with the products on the market that were constantly falling apart and needing to be replaced or repaired, She kept thinking Lacrosse would be a whole lot more enjoyable with equipment that actually worked and lasted fora long time. So she did what any teenage Kidpreneur does... she decided to invent it herself! Her company Gladiator Lacrosse manufactures some of the highest quality Lacrosse goals and practice returmers on the market today. We caught up with this innovator to find out more about Gladiator Lacrosse and how Rachel made it come to life. How old were you when you started making your first piece of lacrosse equipment? | was 12 years old when Icreated my first two products: lacrosse goal and rebounder. What gave you the idea to create Gladiator Lacrosse and turn it into a business? came up with the idea when | was searching online for practice equipment. | noticed that all the rebounders/goals have previously owned were not able to stay in quality condition when | used them to practice. knew that any rebounder/goal ! was going to buy would do the same. Idecided to then create a version of a lacrosse rebounder/ goa! that would be able to stand up toll weather conditions and hardcore practicing. What has been your biggest challenge in getting started and how have you overcome it? ‘My biggest challenge in getting started with Gladiator Lacrosse would probably be managing my business while keeping up with school, competitive lacrosse, and other extra-curricular activities. Time management skills are very important when trying to balance everything, What advice would you give other young Kidpreneurs who like you, want to start their own business? ‘My main point of advice would be to make sure you are ready to commit. I believe that my business is my child; I have to constantly watch over it and help it grow to become something successful and meaningful in the world. You should also learn perseverance and determination, When someone tells you that you should not start a business because you're a kid, that you are making a mistake, or its too hard - that is when you prove to them that they are wrong and itis possible to start o business as a kid no matter what anyone says. a KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 33 TW “All of our dreams can come true if we just have the courage to pursue them.” —WALT DISNEY Section 1: The Lifeblood Of Your Business No business can survive without happy customers. If you don't deliver great customer service, you will always struggle in business, and you might not make it at all. On the other hand, if you do deliver great service to your customers, you'll see many benefits, including higher sales and profits. No company can make every single person happy with their products and services, but that should be the goal of every company. Providing a superior product or service is of course very important, but even if you have the best of what you offer, you won't be in business long if you don't take care of your customers. That's why we call them the lifeblood of your business. 10 Tips for Delivering Great Customer Service 1. Always be courteous and respectful. Treat your customers with respect, and always be polite, even if they are upset about something. 2. Be professional. Being professional means not taking customer service issues personally and never arguing with a customer 3. Listen. Your customers can tell you a lot about your business - if you listen. If there is a problem, rather than being defensive, consider that it might be a chance to improve. 4. Keep your commitments. Always do what you say you're going to do and by the time yau promise to do it. 5, Show appreciation. You would not have a business if it weren't for your customers, Recognize that fact, and show them how much you appreciate ther, 6. Be available. As much as possible, make sure you are available when your customers need you. It can be very frustrating trying to track down a business owner when you need something from their business. 7. Watch what you say. Never discuss a customer in front of another customer, and be aware of how you're speaking to your friends and others when customers may be close by. 8. Smile! Even when you are on the phone, a smile can come through. People like to deal with happy, friendly people, not grumps. So smile! 9. Ask for feedback. Asking your customers how well you're doing for them shows them you care, and you might get some great ideas to improve your business. 10. Go above and beyond. Doing more than @ customer expects is a great way to create a loyal customer for life. a KIDPRENEURS MAKE /T HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC) 35 TW Section 2: Learning Story #3 - A Big Problem Once Alex began marketing to people al around his neighborhood, business realy picked up. Not only were he and his friend Angela busy, but he had to hire one more friend, Justin, to help too. Alex’s mom had begun helping as well, taking calls and making appointments for the business. After paying Angela and Justin and covering monthly expenses, Alex was making a nice profit, and everything seemed to be going very well. Then, one day Alex took a call from an unhappy customer who had an appointment to have his dog washed earlier in the day. “No one showed up!" complained Mr. Mason, sounding pretty upset. “What time was your appointment, Mr. Mason?" Alex asked. “It was supposed to be at 9:00 this morning,” Mr. Mason said, still annoyed. “Oh,” said Alex, “Justin was scheduled for that appointment, Let me give you his number.” "Ok..." Mr. Mason replied. Alex gave Mr, Mason Justin's nurnber and later talked with Justin “You missed Mr. Mason's appointment today," Alex said to Justin “I know, my alatm didn't go off this morning, Sorry” Justin replied “Well did he call you? | gave him your number Alex was a little annoyed. “No, | didn't get a call from him. Hopefully he'll book another time, and | promise to be there when he does,” Justin said, He obviously felt bad about missing the appointment with Mr. Mason. Over the next few weeks, Alex took a few more calls from unhappy customers. Some had missed appointments, some weren't satisfied with the job that had been done, and one lady was mad that Angels had spilled a bottle of dog shampoo on her carpet. Alex liked all the business he was getting, but he knew he had a big problem. If people weren't happy, they would tell others, and it could really hurt his business. It was time for a plan of action to make sure every customer was satisfied every time! 36 [09 riorrencuns wane nappew worKB0oK 2016 KIDPRENEURS (aUSINESS PLLS MEDIA GROUP Lic) TTT Par &e Drurvens rowen Sexvice Section 2: Learning Story #3 - A Big Problem - Questions In the story, what problems did Alex's customers report having had? What do you think about the way Alex handled Mr. Mason's complaint? What would you have done differently? Alex is going to create an action plan to improve service. What do you think the plan should include? What are some possible complaints you can foresee coming from customers in your business? G KIDPRENEURS MAKE IT HAPPEN WORKBOOK 2015 KIDPRENEURS (BUSINESS PLUS MEDIA GROUP LLC.) 37 TU

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