Working in a children's business sounds like the most fun job ever to many people, and it can be. However, like any business, there are critical things that must be done to set yourself up for success. That starts with separating the two words, "children's business", and carefully considering how your product or service holds up to each of the them separately. Looking at things through both lenses can give you the clarity to offer something that will be both rewarding and in demand.
4 Keys to Success in a Children's Business
Keep in mind that being successful in a children's business requires much more than four things, but taking the time to focus on the items below gives you a solid foundation from which to start. As time goes by, it can also serve as a great anchor point to make sure your direction stays true to what helped you build success.
- Keep it fun. Yes, that sounds like an obvious one. However, you don't have to look far to find products and services targeting kids that simply forget to be fun. While it may be "healthy" or "safe" or "developmentally appropriate", a young child will not understand those things. They do innately understand and seek to be happy, to laugh, and have fun though.
- Solve a problem. This may be a light bulb moment, but your children's business isn't paid for by the child. Since it is the parent who writes the check, at the end of the day your business has to solve a problem for them. Therefore you must be very clear on what that problem is and more importantly, how you communicate that.
- Adapt to stay relevant. You will not be the only one who sees an opportunity with a children's business. Parents spend a ton of money each year on their children, and there will be a constant flow of direct and indirect competition to your business. If you know this going in and plan to adapt rather than be forced to do so, you will be in much better position to maintain your own relevance.
- Run the numbers. Do not accept that you aren't a numbers person. If you are in business you must become one if you are to succeed. This is where separating the words children and business are most important. All of the expenses required to run your business must add up to success, and you will have to make hard decisions at times. You can certainly leverage the professional skills of others to help you here, but it can never be a total hand off. Understanding the financial picture is the difference between a business and a hobby.
It is always best to under promise and over deliver in business. So, with that in mind, here is a bonus for you. Prioritize personal development. This is true for any leader, and if you own a business that is what you have to be. One quick way to fail is for the only voice in your head to be your own. Seek out ways to stay positive, focus on what you control, and see multiple views of every challenge. Find a mentor or a mentor group to help keep you accountable to the things above (and more).
Are you ready to build that children's business? We'd love to talk to you about how we have fun with kids, provide a great service to parents, introduce new curriculum every year, and structure a business model that might make financial sense for your situation. Let us know if you'd like to talk!