How To Teach Your Kids The Fundamentals of Starting Their Own E-Commerce Business
Starting an e-commerce store is easier than many people think. In fact, there are many ways to get started.
In this Substack, I will share some tips and advice on teaching your kids about starting their own e-commerce business while they are still young, so they can have fun while learning valuable skills that will help them throughout life.
Remember: The Internet is a strange and wonderful place full of information, but also lots of places that can be dangerous for minors. So, be around to monitor your kids when they are online, and also always use parental control applications to filter and block unsafe sites.
I had to mention that first.
Now that we are sure to put safety before everything else, let’s get started on teaching your kids the fundamentals of starting their own e-commerce store!
Explain the concept of e-commerce.
E-commerce is the buying and selling of products or services over the internet.
To help your kids understand e-commerce, explain what it is and how it works.
Next, talk about some of its benefits to both consumers and businesses alike--for example, you can buy things from anywhere in the world with just a few clicks on your computer screen; this convenience makes it easier for people with busy schedules who don't want to spend hours at shopping malls or stores searching for what they need (and maybe not finding it).
You could also explain how e-commerce has helped small businesses grow by making them more accessible than ever.
Anyone can start an online store today without needing any special equipment beyond a computer.
Finally, discuss why this business model has become so popular:
E-commerce is booming because it offers several advantages over traditional retail.
First, it's convenient: You can shop online at any time of day or night in the comfort of your home without worrying about driving or parking.
Second, it's easier to find items with e-commerce: You must search through shelves and racks in physical retail stores to find what you want. With e-commerce, all that information is right there on your screen, so you don't have to spend as much time figuring out what you need.
Third, e-commerce is cheaper than traditional retail: It costs less money for companies (and sometimes consumers) to sell products online than offline because they don't need employees or physical locations.
Fourth, e-commerce gives customers more control over their shopping experience: They can compare prices between different websites easily and quickly and make purchases from anywhere in the world without going anywhere first.
The benefits of teaching kids entrepreneurship
There are several benefits to teaching your kids about entrepreneurship, including:
They can learn how to make money.
They can start their own business and become self-employed, giving them the skills they need to be successful entrepreneurs later in life.
Teaching children how to manage money is an integral part of any education plan, and it's imperative if you want your child to build a robust financial future for themselves. To illustrate, knowing how much something costs and how much profit there is after expenses are taken into account will help him understand what it takes for businesses (and individuals) not just to survive but to thrive as well.
Show your kids examples of successful e-commerce stores.
Showing your kids examples of successful e-commerce stores is a great way to get them excited about the possibilities in the online world.
You can show your kids examples of successful e-commerce stores in all sorts of different ways.
Here are some ideas:
-Navigate through successful e-commerce sites with them so they can get a better understanding of the significance of layout, aesthetics, product descriptions, and more.
-Show them customer reviews from people shopping online and sharing their experiences.
-Tell them about some of your favorite online stores and why you love them!
Create a brand and set goals.
Create a brand that is memorable, easy to spell, and easy to say.
Define your target audience. Are you selling products for children? Is it for adults? Do you want to sell internationally or just domestically? Your target audience will help determine the languages and currencies of your store, as well as what kinds of products work best with their needs.
Set goals for your store--and yourself. For example: "I want my kids' artwork to sell in all 50 states within five years." Or maybe something else, such asl: "I'm going to teach my kids how to make treasure boxes so they can sell something unique and handcrafted."
Help your kids decide what to sell and how to price their products.
Once you've decided to let your kids start an e-commerce store, the next step is helping them decide what to sell and how much to charge for it.
For instance, letting them know how much money they have will help keep them focused on getting their business up and running as quickly as possible and help them avoid unnecessary spending.
Next, let them start researching products that would be profitable for an e-commerce store.
You can also suggest some ideas if none come naturally (for example: "What about selling those toys you haven’t played with since your birthday party three years ago?").
You can also teach your kids about making a profit by getting them involved in pricing items for sale on Amazon or eBay to start (since these are large marketplaces with a built-in audience).
Encourage them to think about how much they would charge someone else for an item if they were selling it themselves--and then compare this with what Amazon or eBay are charging that same customer.
Once you've narrowed down what types of items would sell well online, consider the following:
Demand
Competitor’s price point
Availability
Quality control concerns (i.e., making sure there aren't any safety issues)
Remember to give your kids a budget to spend on their store.
It's important to teach your kids how to manage their money by investing it in a business.
Finally, explain how advertising and marketing are essential to running an e-commerce store (and any other business).
Encourage your kids to find a way to stand out from their competitors.
The best way to do this is by being different: Have them document their unique selling proposition (USP such as having more features or a more durable product).
Get creative: Encourage your kids to think outside the box, and use their imagination when designing their store.
Make it fun: You want your children's e-commerce store to reflect who they are as individuals, so don't make them feel like it's something they have no control or ownership over; instead, let them choose what kind of products will go on sale during launch week (or even better: Let them create those products themselves).
Plus, if they can make any money from their efforts--even just enough to put into a savings account every week--it'll reinforce the idea that hard work pays off.
Set up your online presence.
The first step is getting a domain name and hosting plan. They can do this by themselves or with your help--the process is pretty straightforward and doesn't require any technical knowledge to complete.
Then, once their site is up and running, they'll need to choose a platform for building their e-commerce store (like Shopify) and customize their theme accordingly (which might take some trial and error).
Finally, they'll want an email address for people who want more information about products or services offered by the business (such as info@storenameheremailaddress).
Here are a few more resources to help them start successfully:
In summary
I hope this Substack has helped give you some initial guidance around teaching your kids about e-commerce and how to launch their store.
The most important thing is to make it fun and engaging for them.
Until next time, your friend Parrotfish. 🤝