Lessons Learned in Kids Business

As a family we decided to take on an adventure, to be specific a business adventure but not for us: FOR OUR KIDS!

Our mission was to show the kids business principles through an actual physical experience, what we didn’t account for was all the other life lessons that would accompany it.

Here is our Story:

In November 2019, we sat down with our kids (ages 6, 4, 3, 2, and 1) and we talked about how they have been asking for a larger Play-Set to play on outside in the backyard. We shared with them a story from both of our past where we had wanted a large item and had done extra jobs to save money to purchase the item we desired.

After talking about the qualities it took to earn the money like: hard work, dedication, finishing what we start, planning, preparation, and patience, we then went into our business proposal for them to try. (Side note- before this conversation we took the time to prepare some ideas to suggest to them, teach them, and walk them through. If they were older we would probably have done this together, however since it was our first adventure out in business as a family we wanted the first time to have a foot in the right business smart path.)

Our proposal was that they would make and sale candles. This fit in perfectly since we only recently had an opportunity to visit Fort Stevens and walk through museums where they had visuals showing the making of candles long ago. In addition it seemed to fit perfectly with one of our family read aloud we had finished, Little House on the Prairie. It helped to provide a picture of candle making, yet as you will see we updated our candle making skills, no hand dipping for us.

We talked to our kids about how everything we need to have to make the candle cost us money, like the jar, soy filling, wicks, and essential oil for smell. Time is also a factor that needed to be talked about but perhaps the “time is money” talk will come on our next business adventure.

Once we had our supply list in hand we priced the necessary items, this created GREAT conversation about profit margin. (We tried our best to simplify it to their level, due to their ages.) We allowed the price of the needed items to indicate what price we would sell out candles at. Then we explained that we would be their investors and would front the money needed but that after we are done selling the candles they would need to prepay their initial investment.

During the same conversation we had a great time to talk about generosity and how we would get an opportunity to be generous with the money we make with the sell of the candles. This was super exciting as parents because it was allowing us to start this much needed conversation about how all of our money is not really ours at all, but that it is God’s. Within our house the kids get to practice acts of service, stewardship, and hospitality generosity but being generous with our money was harder to include our kids in so we were VERY excited about this lesson we would get to teach and learn through this process.

So We Began …

 

The kids were so excited when our supplies arrived. I was a bit fearful that hot wax would make it hard for them to participate in the actually making of the candle but come along and we will show you how we did it.

The Soy wax was awesome (and organic!), the kids were able to take out the flakes and put it into the pot before putting it on the stove, just using measuring cups. Then the adult was about to turn on the stove, and since it melted so nicely and did pop or anything, our two oldest got to pull over a chair and stir the mixture as it was melting.

The younger kiddos did a great job helping take all the jars our of their package, removing the lids and put the wicks in each jar.

One of the parts my daughter LOVED was creating the perfect smell, we chose to use the Young Living essential oils (if you are needing to get any head over: HERE)

Once the wax melted then Darren (daddy Rice) poured the hot wax while sweet kiddos fingers were all clear.

We didn’t realize how many metal wax holders we would need so we got creative haha!

The two smells selected was Holiday Spice and Peppermint. They both worked perfectly for the fall/winter season.

OUR BREAK DOWN:

After everything was said and down we ended up making (AND SELLING) ALL of our candles a total of: 190 candles

Our decision was to sell them at $5.00’s a candle, bringing in a total of: $950

Our kids were able to pay back the initial investment, then got the chance to be generous. We donated our generosity to our local church (which does amazing work: feeding homeless, providing meals for elderly, and the working poor, as well as many other service opportunities through the year that our whole family participates in together.)

We have now been able to do this business project for two years 2019 and 2020. The first candle business year the kids were able to earn a play set! The following year they saved enough to buy 2 family kayaks. We will see what next year brings. 

What a great lesson we have learned as a family 🙂 And they are still enjoying the fruits of their labor today!

Published by RaisingRices

Raising Households that Serve the Lord! Our goal is that through family focused intentionality, legacy minded thinking, and being rooted in Christ, that we would lead our family to serve the LORD! Joshua 24:15

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