This article on Children’s Entrepreneur Market is aimed at educating you about this market solely for kids. We will be enlightening you on the participation and parents code of conduct for this market. In addition, we will be discussing on the kind of products that can be sold in this market. Lastly, tips for success and tips for parents in the Children’s Entrepreneur Market will be discussed as well.
About Children’s Entrepreneur Market
The Children’s Entrepreneur Market was established in the year 2017 with just 3 locations. Over the years, they have however hosted 59 markets in Utah with up to 10,000 youths in participation. In 2023, the market has indeed expanded to 6 additional states due to the high demand for this real-world experience. Arizona, Texas, Colorado, Tennessee, Michigan and Pennsylvania are the six additional states in which they aid young entrepreneurs grow. On the 1st of each month through the end of the following month, registration for the markets is open to all.
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Participation in the Children’s Entrepreneur Market
In order to be able to participate in this real-world experience, there are certain requirements that must be met. A child must be up to the age of 5 to 16 years and have the capacity to run the booth without interference by the parents to the customers. Parental assistance is allowed when necessary but the child must be capable of preparing, cooking, and serving the food. In addition, the child must have the capacity of taking, satisfying orders and answering questions. Furthermore, it is required of the child that he should be able to take payment and make change.
Your child will pare down the offering or wait for later when they have the capacity if they can’t carry out these requirements with little help. Also, children with disabilities or functional needs are not left out. Regardless of their condition, they are allowed to participate with the necessary parental assistance. Note that a notification should be made to us in this light during check-in.
Parents Code of Conduct at the Children’s Entrepreneur Market
Parents are allowed to take orders, handle food or collect money but they must not answer any questions. Do not ever engage the customers directly though you can assist your kid when necessary. All parents are barred from helping their kids prepare, cook or serve food. Whatever method of payment that you choose should be taught to your child beforehand because parents are not allowed to take payments.
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Every adult in your team should be made to know this rules and agree to it. If you want to make this an amazing learning experience for your kid, just make yourself busy and act like you are not there. Note that there is a great risk of your child not participating in the future when these rules are violated.
Kinds of Product to be Sold at the Children’s Entrepreneur Market
Anything ranging from store-bought, food, handmade, games or services can be sold by the children in this market. However, there are certain things not allowed such as raw food. Also, animals are not allowed unless personal insurance is provided and approval gotten from the event manager. In addition, goods being sold on behalf of the children’s parents will not be permitted. Therefore, an active role in the acquisition or making of the product is expected of the children.
Registration
Registration for all children that may wish to participate in this market should be done online. For the 1st market for the year, a sum of $20 is paid while $15 is paid for subsequent markets in that year. Note that even if cancellation occurs, there will be no waiting lists or standby booths available. There are no exceptions to the law of no refunds as refunds won’t be made for any reason. In addition, no registration is transferrable.
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Check-In
A car is not permitted to pull up in the market space to unload items but you can make use of a wagon instead. Do not enter into the market space even if you are early, just form a line at the check-in stand. You are at liberty to check in together with someone you will love to be next to. There is no assigning of booths in advance and you cannot choose where you will like to stay. In order to accord respect to the venue’s requirements, unloading and parking should be done in the specified areas.
Booths
All your belongings are expected to fit in within the space of the booth which happens to be a 10 x 10 space. Regardless of the number of children selling in a booth, only one registration can be made per booth. The selling of several products by children in the same booth is allowed. It is expected that children should come with all their own supplies such as table, canopy and chairs. Umbrellas can work and canopies are also recommended but should be weighted down.
A trash can should be provided by the children to customers if they are selling anything edible. There is no provision or access whatsoever to power. You will be allowed to come along with a generator but will be placed on the perimeter so as to reduce noise. Lastly, there is a very strict rule of no dogs allowed in the booths.
Selling
The capability of children to run the booth and also be present throughout the selling period is the market’s main requirement. Walking of the aisles to sell is a big no as children must make sales at their booth. Gloves should be worn by kids selling food and shouting to attract customers is not allowed. A Sold Out sign should be displayed on your table if you sell out as you are not permitted to break down your booth till the end. Though parental assistance can be allowed when necessary, they are not permitted to directly engage customers. Furthermore, a “be back soon” sign must also be placed on the table if a child leaves the booth and parents are not permitted at all to sell for them.
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Clean Up
It is recommended that your booth space should be left clean as there are no dumpsters on the site. Therefore, you should take the responsibility of hauling out all of your own trash.
Tips for Success in the Children’s Entrepreneur Market
Decide on what to sell
The first step towards success in any business is the determination of what you wish to sell. A product that meets current trends, solves a problem or something you love doing should be decided on. Regardless of whatever you finally decide to sell, it should be something that people will buy.
Draft out a business plan
Drafting out objectives for the growth of your business serves as a vital aspect of having a successful business. In order to spend wisely and have a measure on your performance, write out your objectives. A business template is made available to help the children and parents should offer guidance and critical thinking on each question.
Try your best in managing your money well
It is recommended that you keep accurate records and know how to separate your personal money from business money. In addition, you should consider various forms of payment so no customer has to be lost. Consider what you will also do with your earnings as you can choose to save it, invest it back in your business, or spend it.
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Take into consideration the pricing of your goods
It can be a little bit complicated to set the right prices for your goods. You might choose to set your prices very low and end up selling out a lot but not making enough money. Though if you choose to set it too high, people may not be able to buy and you will wind up selling less. Therefore, a good consideration and homework should be done so you can make a profit.
Make your brand unique
There is a huge chance that you will meet competition no matter the item you decide to sell. So it’s only the extra value that they see in yours that can make them pick yours over another. Therefore, ensure your business is presented in a unique way so as to make your buyer’s experience memorable.
Don’t eat your inventory no matter how tempting
The amazing nature of your product can be quite tempting and you might feel like eating but don’t do that. You might also want to give out to friends for free but this kind of attitude can eat away your profits. Therefore, you are encouraged to reserve your inventory for paying customers.
Draw attention to your booth
In order to stand out in a market full of other booths, a good marketing strategy will be needed to draw attention to your booth. People’s interest can be gotten by decorating your booth with balloons, bright colors or decorative paper.
Tips for Parents in the Children’s Entrepreneur Market
The participation of children in the Children’s Entrepreneur Market gives them not just a fun experience but a unique real-world experience. Therefore, certain tips are necessary to be followed by the parents to ensure total enjoyment of this experience. Parents are encouraged to stay at a comfortable distance and occupy themselves with the reading of a book or something. In addition, make sure that total control of things is left to the children as they are in charge. Do not give into the temptation of sulking over your children and doing everything for them but rather offer them guidance when necessary.
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Conclusion
Indeed, this article on Children’s Entrepreneur Market has taught us a lot on this fun and educating experience for the kids. Parents are encouraged to allow their kids participate and learn from this invaluable life-long learning experience. Young entrepreneurs are brought together and nurtured to growth in this amazing event.