Of course if you are teaching financial tips to toddlers you are teaching their parents. What is this all about?
This is the latest BIP that I want to share with you for a potential part time business opportunity. If this doesn’t sound like your idea of fun, them please check out the other BIPs posted! There really is something for everyone; whether teaching your skills to others, running errands, or other experience you would like to do for others or teach others…it can be turned into an income opportunity!
Business Idea Prompt (BIP) – Toddler financial tips
Details – So what is this idea of teaching toddlers financial tips? Well it’s actually teaching caregivers first then providing them the resources to teach the toddlers as they mature. So, where did this come from? I realize there are other programs out there teaching savings tips for families, etc. but after talking to a few new parents and realizing financial issues/tips/savings, etc. are all hot topics for any age I have put together an Idea Prompt.
This Prompt is to teach anyone who has a new child in their life; parents, grandparents, aunts, uncles, friends, etc. The focus is for parents/caregivers that do not have a fund already established through employment, IRA type funds, etc. This is simple way to show anyone how they can provide a savings fun for the child in their life. The basis is helping caregivers see how significant savings is and how a little bit can really go a long way. It’s structured to be helpful for any budget, especially those that don’t think they can spare any extra money for a savings or believe a little really doesn’t add up. It does! And caregivers need to be encouraged and shown there are options for every income!
See the significance the amounts below add up to! (data you can teach your clients)
- .50 cents a day saved for 365 days (1 year) = $182.50 per year, if you choose to do this for say 18 years and give the child in your life this amount on their birthday, they’d receive $3,285! This may not seem like a lot to some, but imagine getting this money handed to you at 18 or any age, it’s a nice chunk to continue adding money to or put towards a car or education…house, or other high priced item!
- $5 a week = $260 per year, in 18 years that amount is $4,680!
- $25 per month is $300 per year, in 18 years that is $5,400!
- $15 a week =$780 per year, in 18 years that amount is $14,040!!
- $100 per month = $1200 per year, in 18 years that amount is $21,600!!
- ( I could go on and on with scenarios!)
Again, some of the total amounts may seem insignificant, but can make a huge difference, especially to a young person just starting out.
Some community colleges average credit cost per year total $4,500, so a two year degree would be around $9,000…for just $15 dollars saved a week, a child could receive a degree and have a little left over for books, living expenses, auto expenses, etc. Or even the smallest amount mentioned above could provide almost a full year of tuition at some community colleges, through in a possible scholarship and again, this is a gift of education with no loans to pay back.
There are some tiny homes that cost less than $20,000 to build…Can you imagine giving someone the gift of a home when they 18?! The freedom either of these scenarios would provide is actually priceless in my opinion!
If the amounts are easily achieved then imagine a few dollars more each week or month, adding even half of any birthday or holiday money given to the savings, teaching the child about the possibilities the savings can provide them when they turn a certain age, and encourage them to add to that amount, encourage family and friends to add to the fund as they are comfortably able to do. Easily the amounts above could double or even triple.
Experience/Skill Needed – I think a passion for helping others, especially new caregivers, is essential. Simple math skills required, knowing some local bank interests amounts would be helpful to share with clients, basic computer skills and form development skills so you can provide check lists, savings breakdown forms, etc. to clients attending the courses. Customer service skills are important to communicate with clients. This can be offered to individuals with an emphasis on their own personal budget, or in a larger group setting with general guidelines and budget information.
Marketing – Advertise with flyers and print up some reasonably priced business cards. Handing them out to pretty much anyone you know. You can create a web site, share your services via social media and even advertise via a sign on your vehicle and/or yard signs. Your web page should include price range, contact information and customer reviews (as you get them). Even free sites and a unique business email are great resources to help your business grow professionally. Reach out to local day care centers and other organizations to see if you can provide classes to caregivers or leave flyers and/or business cards. You can charge a fee per guest or provide a free class and sell an ebook or handout with more details on savings, worksheets and other products. Online video tutorials can also be an added marketing tool or downloadable forms for a small fee.
Research – The only research that may be needed is to find an average price for services and to see how many competitors are out there. Some financial research would be very helpful, the more you know, the more you can teach! Taking an online course through your local library (many offer financial courses, small business courses, and more) will help your credibility and experience.
Obviously, this is a basic outline/start to a potentially very in demand type of business!
If you aren’t interested in this topic, please read over it and brainstorm your own skills and interests. Ask yourself would someone pay money for this skill? Then turn that thought into action!
Thank you for reading and please share any tips or questions you have!
As with any business please check local and state guidelines to see what licenses, name registering, and other requirements may be needed before starting your business.