Thursday, April 11, 2013

Money Kids

It's odd. These days many kids think that there is some magical genie who just creates money out of thin air. (Okay, the Federal Reserve does not count in this case.)
I've never seen so many kids walking around with Beats, Jordans, Polo units and G-Shock watches - while I know that their parents are still renting apartments, using payday loans and complaining about being on some imaginary 'plantation'.

I was talking to a nightclub promoter who is sick of the business and wants to give something back to a community plagued by poverty, ignorance, obesity and crime.
As we were discussing his next step, his son asked for money to pay for a week of summer basketball camp.
"These kids are spoiled. They just don't understand money", he said to me.
"What if we started a summer camp for entrepreneurs?", I said jokingly.

The odd thing is is that it's already being done in other cities.
We still have to create our curricula, find instructors, create logos, market the idea, find a building and business project and find a price point for our tuition - yet we signed up four corporate sponsors the first night of discussion.

I'm no teacher.
I know very little about business (even though mine is doing well).
In fact, I don't even know how much to charge or whether I should just make it a not for profit endeavour.

Does anyone have any suggestions?


Val said...

I would suggest getting a book on the subject. I'm pretty sure you can find a step by step guide on how to start and run a camp either at your library or on Amazon.

Desertflower said...

Call or go on the internet and find out what the going rates are for this type or similar type of camp. Then adjust your prices so they are tailored to your target market Taking into consideration all expenses and arriving at a realistic and 'doable' price point.
Good luck and best wishes in that.

CNu said...

Make it a non-profit so that your corporate donors can take the tax write-off.

Given your track record, network, and social influence, it should be no problem for you to get significant capital and operating donation up front to kickstart the effort.

Charge the minimum required to cover operating costs, utilities, consumable, etc..., but strike a deal with each and every one of your nascent padawan army of bidnis boys/girls that your camp/school gets 10-15% of the net that their endeavors incubated in the school yields.

You'll soon build a nice, grateful little army whose activities fund an annuity for the continuing operation of the camp/school, and, which has a measurable track record of achievement and possible self-sufficiency which will prove impressive to any and all reviewing you as a prospective recipient of corporate partnership and largesse.

DF said...

I would start small with seminars and little businesses that you can show them and help them bring into being. The hurdle is showing them how to start a business from start to finish. Whether that be getting them to sell products at a flea market, local festival and even run their own ice cream parlor. The goal is to get them to think business is a viable option.

The amount to charge varies and you can turn that money into you getting the necessary items to bring a viable business into being. Even selling italian icees in the summer time should make money and the machine and the whole package you can find on the R&G under the hustle section.

Since they're teens it's better to cater all your ideas around summer money creation instead of summer employment.

brohammas said...

go non-profit, but charge the kids... not to make any money, but to make the kids put some skin in the game.
Lesson 1) if you can't afford camp,seek investors.

logo up, but class it up. as in logo on the pocket of a sport coat, or a logo tie. set bench marks and kids earn a shirt, a tie, then a jacket... builds comeradery (uniform) and visible prestige... cuz kids do want that.
basic accounting, return on investment, market assesment/research... you got this, why am I even typing?

Reggie said...

You could easily be talking about my two children. My daughter will graduate from college next month and my son, later this year.

But I'd swear that the two of them think that when I take a dump, money falls outta my ass.

Anonymous said...

I like to say that poor people have nice clothes, middle class people have nice cars, and rich people have nice houses.


Draw said...

You might consider partnering with an afterschool program like Boys and Girls so that when the kids get shuffled in, for an hour or so a day you have someone come in and talk about how to start small and build upwards using language the kids can understand.