children's business plan template

3 Kid Business Plan Examples (Real Ones!)

By: Author Amanda L. Grossman

Posted on Last updated: May 8, 2024

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Need some examples to show kids and teens how to create a business plan? Kid business plan examples + a free template to create your own.

Teaching kids and teens to make a business plan?

It’s helpful to have some kid business plan examples to show the kids and teens who will be creating their very own (usually for the first time).

I happen to have created a kid business plan template – the Solid Gold Biz Plan.

So, I’m going to use that and two of the kid business ideas I came up with here, to show you kid business plan examples.

First up, let’s look at what a kid business plan needs to cover.

Teaching Kids to Make a Business Plan

Each business plan looks a bit different, but if you’re teaching kids about making one?

You’ll want to make sure these bases are covered:

• The problem you want to solve
• The ONE idea you’re going to create to solve it (product or service)
• Who you will target to buy your product/service
• How you’re going to tell that target audience about your product/service (marketing)
• How you’ll price your product service (combination of estimating your cost to create/maintain/deliver your product/service, what the competition is charging for a similar or same product/service, and what your customer can pay)

Now, let’s head into some kid business plan examples.

Kid Business Plan Example #1: Wig Styling

I put a call out for actual kid business plan examples that real kids and teens have filled out, and was SO excited to receive this one from Natalia.

Sixteen-year-old Natalia has wanted to sell styled wigs for 2-3 years and was given the opportunity to fill out a business plan at her school (love that!).

Her mother says,

“My daughter started cosplaying when she was about 12-13. Harley Quinn from Suicide Squad started it all! We started going to “comicons” and Animethons in our area, and she was HOOKED! She developed a passion for styling her own wigs because when they arrive/or are store bought, there is little detail. Natalia is a stickler for the finest details when it comes to wigs for characters. She's very precise.”

Her parents bought her some salon-quality cutting tools, and Natalia taught herself some unique techniques in styling.

She shares her idea + marketing work below.

Business Idea : Natalia wants to commission wigs, and has mostly done this for conventions and cosplay so far.  She’s even sold a couple already!

Marketing : Natalia wants to focus on cosplay stage play, and teens to adults at the moment. Her strategy to find these clients is through Amazon or Facebook – all online.

Pricing and Profit : Natalia has not nailed down her pricing yet (this will come with experience). She works for either a flat rate, or by the hour right now. Her average cost for materials is $80, and she sells the wig for $120. This means her profit is right around $40. This is a profit margin of 33.33% ($40/$120 * 100). Her plan is to invest most of this back into the business until she starts getting steady income from it. 

Alright! Let’s go to the next business plan example.

Kid Business Plan Example #2: Pet Photography Business

Let’s say your child wants to start up a pet photography business.

Problem You Want to Solve : People love their pets – they’re practically family members. They want to have photos of them in real life to both print out for their home and to post on social media networks like Facebook and Instagram. But it’s hard to take your own photos of yourself playing with your dog or to take animal photos at all (since they move) especially if you haven’t got the photography skills.

Your Target Client : Pet owners who feel like their pet is part of their family, or pet owners who like to spend extra money on their pets

How to tell the target Client about your product/service (marketing) : I can hang out at the local dog park and hand out my business card with the services printed on the back. I can also talk to a few pet sitters that I know, to see if they will help to spread the word.

Estimate cost of creating/maintaining/delivering this product/service :

• I don’t know of any competitors – everyone takes photos of people, not people with their pets. Local photographers charge around $150 for a portrait package with kids and teens.
• I don’t have a lot of experience with this, but am in the middle of a photography class at school.
• To get my first few clients and start getting experience, I am going to charge just $35 for a 30-minute pet photography session at the local dog park.
• I’ll also offer an “upsell” of any public location they’d like (within a 20-mile radius of my house), for just $15 more.
• As my experience grows and as the referrals start to come in, I’ll raise my prices.

Kid Business Plan Example #3: Bean Bag-Making Business

I love to use the business example from my own childhood that my friend and I created: to make and sell bean bags.

We didn’t fill out a business plan at the time (only 1 of the 1,327 mistakes we made – haha!), but if we had, it would’ve looked something like this:

Problem We Want to Solve : Kids get bored, and they might like a bean bag to play with.

Hint: this was one of the biggest problems with creating this product – it was really solving our own problem of trying to come up with something to do. We were bored, and my friend’s mother suggested we do this! Not only that, but we thought we could earn a quick buck).

Your Target Client : Kids.

How to tell the target Client about your product/service (marketing) : through yard sales

Hint: it was summertime when we started this, and our only avenue to sell was through a yard sale.

To create our product, we have to have:

• Needle and thread (yes…we were making them by hand!)

We can create one bean bag for around $0.05. We will sell our bean bags for $1.00.

I hope you found these kid business plan examples useful, and I'll be adding to them as I go. In fact, if your students or child/teen has a business plan example that they wouldn't mind sharing? Go ahead and email me so that I can add it into this article. That'll help others trying to fill out their own business plan!

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Free Printable Business Planning Kit for Kids

My second grader has an entrepreneurial streak. I want to encourage her to develop her ideas, and to think like a business owner. Even if her idea doesn’t come into fruition, who’s to say the next (or thousand) ideas later won’t be a success? Everyone has to start somewhere, right? And so, The Business Planning Kit for Kids was born!

I found limited resources aimed at kids to help guide and organize their thoughts when it comes to starting their own business. I get it, there’s probably not a huge market for it. So, I decided to take matters into my own hands and developed my own materials. Now, you may be thinking, what business do I have, making a business planning kit for kids? I don’t have a business degree. I do have a small business (not this blog, but maybe someday!) But this isn’t meant to be a serious endeavor, although it could be a good start to one. Mostly, I thought it would be a fun exercise for her to fill out the worksheets and really consider what it would take to make her idea real. 

The Business Planning Kit for Kids has an introduction, a page for brainstorming ideas, expense list, and glossary. But the meat of the document is the 4-page business plan itself. It asks all the basic who/what/where/when/why and how questions using terms kids can understand, with generous space to write their response. 

Knowing I struggled to find a good document to help my child think through her idea, I want to help other parents and share my Business Planning Kit for Kids with you all! Download it free today for personal use; all you have to do is subscribe to my email list on the sidebar of your screen. (I’m only planning on sending emails periodically for big announcements. No spam!) Once you sign up, you’ll receive an email with instructions and the password that will give you immediate access. Be sure to check your spam and other email tabs, and if you still don’t receive it within a few minutes, send me a comment and I’ll take care of it!

All I ask is that you please not post this document to other blogs and websites, nor may you sell it. Instead, please link back to this site. (Many thanks to you all in advance!) And just to be clear, teachers , you are welcome to use my document if you think it will be useful and educational for your class!

I’d love to hear how you’ve used it! Leave a comment and let me know how your child responded, and if you have any suggestions to improve it. I’ll post an update on this business venture when (if?) there’s progress to report!

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Business Plan Template for Kids

Use this business plan template for kids as a guide to planning a business., search for worksheets, download the business plan template for kids.

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Table of Contents

A business plan is important to people who want to start their own businesses. This business plan template for kids will serve as a guide to understand how entrepreneurs use business plans to keep them from making mistakes.

See the fact file below for more information on Business Plan Template or alternatively, you can download our 19-page Business Plan Template for Kids worksheet pack to utilise within the classroom or home environment.

Key Facts & Information

Making a business plan.

• A business plan is an overall outline of your business: how you will be working on it, and how will it bring you profit in the long run.

Determine what business you would like to establish

• Choose a business that interests you, shows your skills, or a business that is needed in your area. 
• Determine if your business will offer either a service or a product or even both.
• Think of a business that will make you stand out among your competitors.

Make your business name

• Decide on a business name that is unique but easy to pronounce and remember.
• People should be able to easily determine what your business offers.
• Provide a brief discussion of what your business is all about.
• Include your goals, objectives, your product, and what makes your business different among others.

Plan your team

• You can do your business by yourself, hire employees, or seek help from your family members.
• Identify all your materials and determine the cost for each.
• If you are going to hire employees, compute how much you will pay them.
• If commercial spaces are to be rented, include the renting and utility costs in your expenses.
• After considering all expenses, you can now make a price for your product and estimate how much will be your profit.

Know your market

• Determine who will be your customers.
• Consider the place of your business and research the demographics of the area.
• Are there more professional people, young, old, mothers, fathers, or students? 

Competitors

• Know who will be your competitors.
• Do research on businesses in the same location that have the same product or service as you.
• Identify how long they have been established, how much they charge for their product, and how does their product differs from yours.
• With all the information you have gathered, determine how you can make an edge with your business.
• You can either offer lower prices without sacrificing the quality of your product or you can also offer additional services that your competitors don’t have.

Marketing Strategy

• Think of how you will market your business.
• How will you advertise your business?
• You can promote using social media platforms, send out flyers, make posters, make door-to-door advertising, or whichever strategy you think will work best for your business.
• With an effective marketing strategy, people will get curious about what you sell and this will push the consumers to try your product or service.

Business Plan Template Worksheets

This is a fantastic bundle that includes everything you need to know about Business Plan Template across 19 in-depth pages. These are  ready-to-use worksheets that are perfect for teaching students about Business Plan Template for Kids which will serve as a guide to understand how entrepreneurs use business plans to keep them from making mistakes.

Complete List Of Included Worksheets

• Business Plan for Kids Facts
• My Own Product
• Do You Like My Service?
• The Clothing Line
• Free for All
• What Went Wrong?
• In 5 Years…
• Click and Sell
• Special Delivery
• Show Me Your Strategy

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Link will appear as Business Plan Template for Kids: https://kidskonnect.com - KidsKonnect, November 10, 2021

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KidsKonnect is a growing library of high-quality, printable worksheets for teachers and homeschoolers.

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A Simple Guide for Kids’ Business Plans

Who said kids can’t run successful businesses ? Kids can start and run a successful business as early as the 4th grade.

Of course, you still need to get good grades in school, but it’s also great to nurture your entrepreneurial skills.

If you have a great business idea and would like to nurture it to join the likes of Mikaila Ulmer and Jack Bonneau, you should write a plan for it.

If you’re a parent, you want the best for your child . What better way to secure their future than to help them convert their business idea into a small business?

You can help your kid put down their ideas and plans by writing a business plan with one of the many free business plan templates available online.

Before perfecting your plan, you can write a sample business plan to orient you to the dynamics of a business plan for kids.

The Components of a Sample Business Plan for Kids

Starting a business requires commitment to a plan, much like studying for your tests.

State Your Business Ideas

The first part of a good business plan will be laying out your big idea(s).

What’s the Big Idea?

Before helping to start your kid’s business, you should clearly understand your child’s idea and how you can convert it into a money generating venture.

Talk about the equipment you need to run the business, any relevant training you have (or will get), and how you intend to actualize the business plans.

Conduct Competitor Analysis

Competitor analysis is a breakdown of what your competitors offer, their prices, and their marketing strategies.

When you plan a business, you must know what your competitors offer to gain a competitive edge.

Some of the items you should include in  your competitor analysis are:

• A product list for each competitor
• A price list for each product, for each competitor
• The needs that each competitor fulfils in the target market
• A list of the gaps in the market
• A proposal of how you intend to fill the gaps

Here’s a template of what your analysis should look like:

Record Your Research Findings

As a parent helping your child develop a business plan, guide them through the research process and help them identify the gaps. You could even be helping your child improve their grades in school as they learn how to conduct research.

Support their idea with facts, statistics, and visual elements to make it as accurate as possible.

You and your kid can even create a template like the one below to help you record your research findings.

Market Your Business

You already have your product and business laid out, but how do you get your target consumers to know about it?

A business is as good as its marketing strategy because it is the only way to make sales. When you, or your kid, write a business plan, map out a marketing path.

In the marketing section of  your business plan, have the following segments:

What’s Your Product ?

Although you introduced your product or service in the first part of your business plan, you need to talk about it in detail here.

Explain what your product is, what it is made of, and how it’s different from other products in the market. If you’re selling a service, explain why and how it’s different from other similar services in the market.

If your product or service is the first in the industry, explain what it is, what gaps it fills, and why the consumer should buy it.

Name Your Price

What is the price tag for your product/service?

You can easily influence your customer base by offering them unbeatable prices for your product.

This is where your math lessons come in handy; striking a balance between your sales volume and your prices to make a decent profit.

Are You Investing in Product Promotion?

How do you intend to introduce and maintain your product in the market? Discuss the forms of advertising you intend to use for your merchandise and how effective the strategies will be.

For instance, do you intend to use social media campaigns, or will you be marketing on other forms of media such as television adverts and printables?

Discuss how your product will be packaged to entice prospective consumers. The name, packaging, and contents of your product speak volumes about your business.

Explain the brand name and how it speaks to your target market. You can also include a pictorial sample of your logo or packaging to help explain how your product connects with the intended consumer.

What’s Your Location?

When you finally start supplying your goods or services, how will your consumers access them?

Are you a purely online seller, or will you have a brick-and-mortar store? If you have several stores, be sure to provide detailed information about them.

If you sell online, give accurate and working links to your online store. You can also provide a guide on how consumers can access your shop and make purchases.

Organize Your Finances

According to Alfred Marshall, an economics mogul of his time, “Capital is that part of wealth which is devoted to obtaining further wealth.”

Your business needs both human and financial capital to produce, distribute and sell your product or service.

You can list down a management team and have a worksheet to show their responsibilities and how much you intend to pay them.

In your business plan , explain how much capital you need to get your business up and running. Provide a working figure with a breakdown of how you will use it.

Sourcing Capital

Explain how you intend to raise the startup costs for your business. Do you have savings, or do your parents/guardians intend to finance your project?

What about angel investors? Do you have any?

If you are a parent intending to finance your child’s business, will you be investing from your savings, or do you intend to get a loan?

Breakdown Capital Usage

At this level, you will explain how your capital will be used. How much do you need for manufacturing and distribution?

Are there any other overheads between manufacturing and selling your products/service? If there are, explain how much they will cost.

Return on Investment (RoI)

Here, you explain how you will get back your capital and realize profits from your business. Indicate how you will price your product/service and show the projected profit margin.

Also, provide a timeline for how soon you should have regained your capital. Give a projection of how much profit your business should be reeling in a specific time frame.

Successful kids’ businesses are not run by geniuses; they are owned and run by kids who were passionate enough to capitalize on their dreams.

Awaken Your Entrepreneurial Self

Building your successful business starts with creating a well-detailed business plan.

If you aspire to become one of those kid entrepreneurs or would like to grow your child’s business dream into a successful business , write down an actionable plan.

Actualize your great business idea by creating and following a great business plan.

Katrina McKinnon

I'm Katrina McKinnon, the author behind Small Revolution . With two decades of hands-on experience in online work, running eCommerce stores, web agency and job boards, I'm now on a mission to empower you to work from home and achieve work-life balance. My passion lies in crafting insightful, education content. I have taught thousands of students and employees how to write, do SEO, manage eCommerce stores and work as Virtual Assistants. Join our most popular course: SEO Article Masterclass

Business Plan Templates for Teens

What to include in a business plan, best business plan templates for teenagers, bizkids’ guide to writing a business plan, teen entrepreneur toolbox: the small-business guide for teens, home sweet road’s my business plan, proverbial homemaker’s family business plan guide, boss club kid entrepreneur kit.

This kit is literally a business in a box, so kids and teens can get started right away as soon as they have it in their hands! Choose your kit and create the following businesses:

Small Business Administration

Solid gold biz plan, shark tank lessons in business and entrepreneurship from scholastic.

A free lesson plan with a teacher’s guide that can be used in a group setting or as a family! Topics covered include entrepreneurship basics, writing an effective business plan, crafting persuasive pitches for investment presentations, and how to find a great business mentor. The target age group is grades 6 to 12.

Shark Tank Marketing Plan

Shark tank analysis worksheet.

Use this worksheet when evaluating businesses to learn what investors are looking for when assessing whether or not to invest in a business. Understanding what investors are looking for in a management team, mission, vision, product/service, research and development, and strategic implementation will help you create that within your own business to make your foundation strong.

Related Reading

About the author, jessica anglin.

Kids Business Plan Template & Guidebook

Starting a business can be an exciting adventure for kids looking to develop their entrepreneurial skills. Having a plan and the resources available to create this plan are just as important. With “The #1 Kids Business Plan Template & Guidebook”, kids will have access to an interactive template and advice from industry professionals that will help them bring a business idea to life. Kids will gain insight into the steps needed in creating their own business, starting with writing a viable business plan.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Kids Business [11 Steps]
• 10+ Best & Profitable Kids Business Ideas [2023]

How to Write a Kids Business Plan in 7 Steps:

1. describe the purpose of your kids business..

The first step to writing your business plan is to describe the purpose of your kids business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a kids business:

Our mission is to inspire and educate children to reach their full potential through creative, interactive learning experiences. We strive to create an environment that encourages collaboration, creativity, and exploration while helping kids develop valuable life skills.

2. Products & Services Offered by Your Kids Business.

The next step is to outline your products and services for your kids business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your kids business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your kids business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your kids business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a kids business?

To run a Kids business, you will need the following equipment, supplies, and permits:

• Safety equipment such as first aid kits and fire extinguishers
• Cleaning supplies and janitorial supplies
• Educational materials such as books, toys, and games
• Child care licensing from your state or local government
• Insurance to cover any potential liabilities
• Business license from your city or county government

5. Management & Organization of Your Kids Business.

The second part of your kids business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your kids business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Kids Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a kids business varies based on many different variables, but below are a few different types of startup costs for a kids business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your kids business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your kids business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your kids business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Kids Business Plans:

Why do you need a business plan for a kids business.

A business plan is an important tool for any business, including a kids business. It helps to define the mission, goals and strategies of a business, and allows entrepreneurs to assess their progress over time. A well-crafted business plan will help identify potential opportunities and risks associated with the business, provide a blueprint for launching and growing the venture, and ultimately increase the chances of success.

Who should you ask for help with your kids business plan?

Parents, mentors, teachers, counselors, and small business advisors are all helpful resources for creating a business plan. Additionally, there are numerous online resources available to help guide young entrepreneurs in crafting their business plans.

Can you write a kids business plan yourself?

Writing a business plan can be a complex task, so it is generally recommended that you seek the help of an experienced professional. If you do decide to write the business plan yourself, it is important to have a clear understanding of what elements should be included and be aware of the resources available to help ensure your plan is successful.

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How to Make a Business Plan (for Kids)

Last Updated: April 17, 2024 Approved

This article was co-authored by Michael R. Lewis and by wikiHow staff writer, Amber Crain . Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 21 testimonials and 85% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 157,783 times.

There are plenty of kids out there running their own successful businesses.To get started, you’ll need a great idea for a business and a solid business plan. Business plans can get pretty complicated, but they don’t have to be. As long as your business plan includes a few crucial things, you’ll have all that you need to get started!

Developing Your Business Idea

• Are you currently busy with school or is it summertime? Think about when the work for your business will be done. [1] X Research source
• Consider business ideas that are seasonal. For example, if it’s near Christmas, consider ideas that cater to that, like a gift wrapping service or making gift baskets.
• Are you in the middle of a very hot summer? This might be a perfect time to launch a neighborhood lemonade stand.

• Examples of product-driven businesses: baking cookies, building birdhouses, making gift baskets, creating greeting cards, selling candy, making doggie treats.
• Examples of service-driven businesses: lawn care, car washing, computer repair, pet sitting, babysitting, cleaning houses, dog walking, and teaching computer skills to older people. [3] X Research source

• Are you an animal lover? Consider offering pet sitting services.
• Maybe you’re crafty and enjoy making handmade jewelry or gift baskets. These are great products to sell. [4] X Research source

• Make sure your business name is easy to pronounce, as well.
• Clever and unique business names work well, just remember that the name needs to relate to what your business entails.

• List any specific objectives and goals for your business, as well.
• Write out what you think makes your product/service unique. [6] X Research source

Planning Your Business

• If you have a sibling that wants to help out, that would be a good place to start.
• You will be splitting your profits, so you will need to decide how much and when your employees will be paid.

• You could also ask your parents if they’d consider donating some of your future allowance as seed money for your business.
• If you bring them a solid business plan, they will be more likely to help you.

• By adding up your ongoing expenses, you will have a pretty good idea of what it will cost to keep your business running. [8] X Research source
• Another example – if you’re making cookies to sell, you will need to total up how much the ingredients cost and how often you’ll need to buy them.

• Let’s say that when you add up the cost of the ingredients, it costs you $3.50 to make a dozen chocolate chip cookies. You will want to charge more than that for each dozen in order to make a profit.
• You should also factor in how much time it takes you to make your product/perform your service. [9] X Research source You can then work out prices based upon how much you want to make. You should also factor in time that you aren't being paid (such as advertising your business or walking to a customer's home).
• For example, if it takes you a half hour to make the chocolate chip cookies mentioned above and another half hour to sell them, you will need to charge an amount that represents the amount of time you spent preparing them. This additional time is your "wage" for preparing them.
• You can work out your hourly wage by dividing your pay for a project or product (minus your expenses) by the amount of time spent working.
• In this case, if you charged $9.50 for the dozen cookies, you would be making $6 for the hour that you spent making and selling them.
• Subtract your expenses from your revenue to get your profit amount. [10] X Research source

Marketing Your Business

• You should also consider your market area. Unless you have a car (or your parents' help), market area is relatively small. This may include only areas that you can safely walk or bike to.
• These customer types are called customer profiles. Once you have your customer profiles, you will have a better idea of how to market your business to them.
• Different customer profiles sometimes require entirely different marketing strategies.

• You can market most effectively once you know these specific details about your competitors.
• Offering lower prices or providing higher quality products/services are two ways you can compete with them.
• For example, if you start a lawn care business, you will be competing with established lawn care businesses. You can build a customer base by offering better service and encouraging customer recommendations.

• Remember to keep your customer profiles in mind when choosing your marketing strategies.
• For instance, if you’re starting a pet sitting business, you could post flyers at veterinary offices and pet stores, and also hand deliver flyers to people in your neighborhood with pets.

Putting Your Business Plan on Paper

• Write the business name in large letters, or use a large font, and make it bold. It’s the most important thing on the page.
• The description paragraph can be in a normal size or standard 12 point font.

• Owner/Management example: “Kelly’s Doggy Daycare is owned by Kelly Klein. She has several years of experience pet-sitting and truly loves working with and caring for dogs of all kinds.”
• Business History example: "Kelly noticed that most of her neighbors were dog owners who worked long hours every day. Occasionally, they took vacations and/or experienced family emergencies, which could take them away from their pets for days at a time."
• "With her love for dogs, Kelly knew she could provide a pet care service that her neighbors would benefit from, and that’s how Kelly’s Doggy Daycare was born."

• You don’t need to get incredibly detailed – summarize and highlight the most important information for each.
• Example for product/service: "Kelly’s Doggy Daycare will provide hands-on pet care for today’s busy pet owner. The business will offer day rates along with in-house extended stay pet sitting. Walking services are included at no charge with every appointment."

• "It’s her mission to put your mind at ease when you have to be away from your pets. Kelly will make sure your pets are loved and cared for in your absence."
• "An email summary of every pet sitting appointment will always be sent to you via email during your absence or upon your return."

• Example: “Kelly’s Doggy Daycare caters to today’s busy adults. These are business people who work long hours every day and/or travel regularly for work, family vacationers, and anyone who finds themselves in need of last minute pet care."
• "The business has one competitor, Sam’s Sitting Service, but Kelly offers lower pricing and in-house extended stay care."
• "She plans to post flyers about the new business in her neighborhood to promote it. She will also be going door-to-door to introduce herself and inform neighbors of her services.”

• Example: "Kelly will need very few supplies to launch the business – a bag of doggie treats, 1 dog leash for a small dog and 1 dog leash for a large dog."
• "Ongoing expenses will be the replenishment of doggie treats and occasionally dog toys and/or dog blankets. The rate is $5.00 for each hour of pet care provided. The rate for in-house extended care is $25 per day."
• "Customers will need to provide their own pet food or reimburse Kelly for any food she has to purchase during pet care. Profit for each hour is approximately $3.50 after expenses."
• "Profit for each day of extended care is approximately $18.50 after expenses."

Expert Q&A

You Might Also Like

• ↑ http://www.wisebread.com/create-a-business-plan-by-answering-4-simple-questions
• ↑ http://www.mikemichalowicz.com/the-37-greatest-business-ideas-for-young-entrepreneurs/
• ↑ http://www.teachingkidsbusiness.com/business-plan-example.htm
• ↑ http://content.moneyinstructor.com/664/kids-starting-business.html

About This Article

To make a business plan for kids, create a cover sheet with the business name in large, bold font and a 5-6 sentence description of the business. Have a logo? Include that, too! Start writing up the company’s management and history on the second page, talking about yourself in 1-2 sentences and how and why you came up with your business in another 2-3 sentences. Then craft 3-4 sentences, each, to describe your product or service, business goals, marketing strategy, and funding needs. To learn more from our Entrepreneur co-author, like how much to charge for your product or service, keep reading the article! Did this summary help you? Yes No

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1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Write a Business Plan

Business Plan Template

Industry Business Planning Guides

10 Qualities of a Good Business Plan

How to Write a Business Plan for Investors

How to Create a Business Plan Presentation

Simple Business Plan Outline

How to Start a Business With No Money

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Business Plan Example

Writing the plan, what goes in a business plan, sample plans.

One of the best ways to learn about writing a business plan is to study the plans of established businesses in your industry.

http://www.bplans.com/sp/businessplans.cfm

Develop a Business Plan Worksheet

This worksheet describes the basic components of any business plan. Please note that every plan will be unique to its particular company.

The Executive Summary

Include crisp, clear descriptions of the following elements:

• Company history
• Company objectives
• Product/service offerings
• Competitive advantage (A persuasive statement of why and how the business will succeed)
• Projected growth for the company and the market
• Key management team members
• Funding requirements, including a timeline and details on how the funds will be used

The Products and Services

Answer the following questions in this section:

• Why is there a need for your offering?
• Is your product or service already on the market, or is it still in the research and development stage? If you are still in the development stage, what is the rollout strategy or timeline to bring the product to market?
• What makes your product or service unique? What competitive advantage does the product or service have over its competition?
• Can you price the product or service competitively and still maintain a healthy profit margin?
• What patents, copyrights and trademarks does your company currently own or plan to obtain?
• What confidential and non-disclosure protection have you secured?
• What barriers do you face in bringing the product to market, such as government regulations, competing products, high product-development costs, the need for manufacturing materials, etc.?

Include the following elements:

• A detailed description of your market
• A detailed description of your niche and why you chose it
• An explanation of the market demand for your product or service offering (Requires supporting documentation)
• What percentage of market share do you project you can capture?
• What is the growth potential of the market? (Requires supporting documentation)
• Will your share of the market increase or decrease as the market grows?
• How will you satisfy market growth?
• How will you price your goods or services to remain competitive in a growing market?

Note: If you are launching a new product, include your market research data. Likewise, if you have existing customers, provide a customer profile, detailing their purchasing habits and their buying cycle.

The Marketing Strategy

The following are some promotional options to consider:

• Social Media
• Direct mail
• Trade shows
• Public relations
• Promotional materials
• Telephone sales
• One-on-one sales
• Strategic alliances

If you have current samples of marketing materials or strategies that have proven successful for you, include them with your plan.

Discuss your distribution strategy:

• Will you mail order, personally deliver, hire sales reps, contract with distributors or resellers, or use some other method?
• What are the costs associated with your proposed delivery methods?
• How will you track the effectiveness of the methods you choose?

The Competition

Specific areas to address in this section are:

• Who are your closest competitors and what are their product/service offerings?
• Where are they located?
• What are their revenues?
• How long have they been in business?
• Who is their target market?
• What percentage of market share do they currently hold?
• Do they service a local, geographic market or a national customer base? Is that the same or different from your approach?
• In what other ways do your operations differ from each of them? How are they similar?
• What do your rivals do well? Where is there room for improvement?
• In what ways is your business superior to the competition?
• How is their business doing? Is it growing, declining or stable?
• Are there certain areas of the business where the competition surpasses you (management team, economies of scale, better distribution, volume discounts, etc.)? If so, what are those areas, and how do you plan on compensating for them?

This section of the plan should describe the following requirements of your business:

• Manufacturing

Note: Provide a rollout strategy as to when these requirements need to be purchased and implemented. In addition, describe the vendors you will need to build the business. Do you have current relationships, or do you need to establish new ones? Who will you choose and why?

The Management Team

When preparing this section of the business plan, you should address the following five areas:

• Business background of the principals
• Past experience — tracking successes, responsibilities and capabilities
• Educational background (formal and informal)
• Personal data: age, current address, past addresses, interests, education, special abilities, reasons for entering into business
• Personal financial statements with supporting documentation
• Direct operational and managerial experience in related businesses
• Indirect managerial experiences
• Who will do what and why? Who is responsible for final decisions?
• Organizational chart with chain of command and listing of duties
• A simple statement of what management members will be paid, by position
• Listing of bonuses in realistic terms
• Benefits (medical, life insurance, disability, etc.)
• Insurance brokers
• Accountants
• Consulting groups
• Small Business Association
• Local business information centers
• Chambers of Commerce
• Local colleges and universities
• Federal, state and local agencies
• Board of Directors
• World Wide Web (various search engines)

Consider the following questions in completing this section of the business plan:

• What are your current personnel needs (full- and/or part-time)? How many employees do you envision in the near future, and then in the next three to five years?
• What skills must your employees have?
• What will their job descriptions be?
• Are the people you need readily available? If not, how will you attract them?
• Will you pay salaries or hourly wages?
• Will you provide benefits? If so, what will they be, and at what cost?
• Will you pay overtime?

Financial Data

Have a certified public accountant establish your accounting system before the start of business to provide you with data in the following four areas:

• Balance Sheet – indicates what the cash position of the business is and what the owner’s equity is at any given point (the balance sheet will show assets, liabilities and retained earnings).
• Break-Even Analysis – Shows the volume of revenue from sales that are needed to balance the fixed and variable expenses. Without exception, all businesses should perform this analysis, which is based on the income statement and cash flow.
• Income Statement (also called the profit and loss statement) – Indicates how well the company is managing its cash, by subtracting disbursements from receipts.
• Cash Flow – Projects all cash receipts and disbursements. Healthy cash flow is critical to the survival of any business.

Supporting Documentation

You will need to include all documents that lend support to statements made in the body of your company’s business plan. Please be aware that this list is not complete and may vary depending on the stage of development of your business.

• Credit information (include in appendix)
• Quotes or estimates
• Letters of intent from prospective customers
• Letters of support from credible personal references
• Leases or buy/sell agreements
• Legal documents relevant to the business
• Census/demographic data

How to make a business plan for kids (+ a free template!)

According to our Youth Economy Report , young people are rejecting a conventional career path in favour of being their own boss, with one in four kids aspiring to start their own business when they’re older. If your child’s thinking of starting a business, help them prepare by making a business plan. 

A business plan is not just a tool to attract investors. Or a roadmap to navigate the inevitable ups and downs – as well as the unexpected issues you might encounter along the way. Making a business plan will also help your child see if an idea’s worth pursuing.  

Here’s how to make a kid’s business plan, plus a template to get them started. 

Related: How to make money as a kid

What should be in a business plan for kids?

A kid’s business plan doesn’t have to be complicated. But it should include a few key elements:

• Business name, idea, and goals
• Marketing plan
• Costs. 

Helping your kids develop a business idea 

Does your child have a business idea already?  If not, there are ways you can help spark some. 

• Have them make a list of their favourite things to do. If they’re animal lovers, for example, they could offer a pet walking, or dog sitting service. Do they love to crochet, sew, or make jewellery? If your kids are crafty they could sell stuff they’ve made on Etsy. Or sell baked goods locally.
• Think about special skills they have. Are they musically gifted? Great at maths? A tutoring business might be the way to go. Or if they’re techy, how about helping less computer-savvy people set up their devices?  
• Which services does your neighbourhood need? Are there lots of families locally with young children who might want babysitters, for example? 
• Don’t rule out seasonal ideas. During the festive season, kids could offer gift wrap services or make Christmas decorations to sell. If we get some snow, they could help with shovelling neighbours’ paths. And in the summer, how about running a lemonade stand or offering a lawn mowing and garden care service? 

As your kids come up with ideas, get them to think about what each one offers. Is it a product or service they’ll be selling?

• Product-driven businesses include selling cakes and making gift baskets, jewellery, crochet blankets, or lemonade. 
• Service-driven businesses include pet sitting, babysitting, lawn mowing, or snow shovelling. 

You’ll find more business ideas for kids on our blog but whatever idea your child comes up with, try to encourage them. Tempting as it may be to shoot down an idea you think can’t possibly work, the end result doesn’t matter too much. Running a business is a learning experience, and that’s invaluable.

Helping your kids come up with a business name

Next, your kids will need a name for their business. The best names are:

• easy to pronounce
• easy to remember 
• describe what the business offers.  

Coming up with a catchy and creative business name isn’t easy. Suggest your kids get feedback. If they say the name and friends or family look confused, it’s probably not going to work.

Suggest they flick through a dictionary for inspiration. Or even one of their favourite books. And don’t rule out wordplay as long as the name still has something to do with the purpose of the business.  Then make sure someone locally isn’t already using the name.

Business goals and objectives

As a future business owner, your child needs to know their business inside out. 

Get them to think about their business goals and list them. It’ll be fun to revisit these and track their progress in a few months’ time. 

They should also know what makes their business unique. For example, if they’re starting a business selling cookies, what’s special about these cookies? Are they baked using a recipe handed down from generation to generation? Are they gluten-free? 

Helping your kids decide how to market their business

Before they decide on a marketing strategy, your kids first need to figure out who their customers are and what competition there is.  

Create customer profiles

Get them to write down who they think will want to use their service or buy their product. These are called customer profiles. When you know exactly who your customers are, it’s easier to market to them.

For example, if it’s babysitting, they’ll be families with young children. If it’s dog walking, they’ll be people who have to leave their dogs at home while they work. Or they may be infirm and not able to exercise their dogs regularly. 

To market to these customers they’ll need to work out their market area. It’s unlikely to be national, and unless you’re willing to drive them, their market area will be local. 

Know the competition

Encourage your kids to work out the competition in the area. What are they charging for a similar product or service? What makes your child’s business stand out? Pricing a product lower is one way of competing. So is offering a better service. 

Marketing options

Ask your child the following questions to help them decide which marketing route to go.

Will you have a website? Will you have business cards or flyers printed? Will you knock on doors? Will you use social media? 

If your teen is thinking about offering a dog-walking service, for example, maybe they’ll want to post flyers at the local vet’s or put them through doors in your neighbourhood.

Whatever marketing strategy your child decides on, there will probably be costs involved. These need adding to the cost section of their business plan. 

What to include in business start-up costs 

When planning a business there are usually start-up costs involved. These need to be listed and totaled up. To help your kids work out their costs, here are a few pointers.

Do they need help to run the business? 

Running a business solo will keep costs down.  If your child needs someone to help, a sibling, for example, they’ll have to split the profits or decide how much to pay them.  Either way the cost of staff, or a partner, is an expense to include in start-up costs.

What supplies, equipment or training will they need to get started?

Ask your child to list the things they’ll need to run their business. 

For example, If it’s cookie-baking, they may have ingredients and equipment to buy. If it’s garden work, will they use their client’s lawn mower, trimmers and rakes, or take their own? If they’re offering a babysitting service should they take a first aid course and what age do they feel comfortable sitting for? 

Will there be ongoing expenses?

As well as start-up costs, there may be ongoing expenses to factor in. Car washing equipment for example, or fresh ingredients for each batch of cookies. Get your kids to total up ongoing costs.

What will they charge for their goods or services?

How much will it cost to make the product or perform the service? Explain that to make a profit your kids will need to charge more for a product than it costs them to make. Here are some suggestions to help them figure this out.

• Say it costs £2.50 to make a batch of 12 cookies. To make a profit, they’ll need to charge more than £2.50 a dozen. 
• How much time does it take to make the product or carry out the service? Don’t forget to factor in the time it takes to walk to a client’s home to babysit or walk their dog. There’s also time spent doing admin, like preparing invoices and marketing to account for. 
• Say it takes a half hour to make the cookies and another half hour for marketing and selling them. This additional time is your child’s ‘wage’. 
• To work out an hourly wage, you divide your pay for your product or service (minus expenses) by the amount of time spent working. So, for example, if your child charges £8.50 for a dozen cookies, they’d earn £6 for the hour spent making and marketing them. 
• To work out their profit, they then subtract their expenses from the £6. 

Kids’ business plan template 

When your child is ready to write out their business plan, a template will help them organise their thoughts. 

GoHenry’s business plan template for kids makes it easy. It’s already got sections for name, goals, marketing and costs. All your kids have to do is fill it in. 

Download our free business plan template

How can kids save and spend the money they earn?

Running a business is a great way to teach your kids how to manage an income. From budgeting to balancing the books and creating cashflow. And as fewer people pay cash these days, your child could benefit from getting paid via a transfer to a GoHenry prepaid kids debit card instead.

GoHenry makes it easy for them to track their earnings and expenses. Plus, you can use our parental features to keep an eye on their spending and saving. You can help them set saving goals too. All through our app.  

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