How to Talk to Your Parents (or Grandparents) About Your New Business Idea
Claire Elizabeth Hager
Chief Executive Officer at Claire Elizabeth -Creator of The Way to A
As a young person who might not have saved up enough money from chores, gift money, babysitting or really anything, you might need a loan from Mom or Dad to get your business started. When you are ready to sell your idea to your parents, these tips might help you gain the parental support and investment funds you are looking for.
Schedule a Meeting
If the discussion of your new business seems to come out of nowhere and your parent(s) have had a tough day or are distracted, your proposal might not go well. It’s best to schedule some time to speak to your parent(s) when they are in the right mindset to listen to what you have to say. I personally always ask my parents for something when they’re in a good mood, so I’m more likely to get it. Timing is everything!
Be Prepared
While trying to sell your idea it is important to be prepared. You should write out the elements of your business idea including the concept itself as well as how much time you plan to spend on the business. Also, parents will want to know how much funding you need to make your dream a reality and when you can expect to make your first sale. With the start-up costs, be honest about how you plan to spend the money. Your parents are probably not as ruthless as the Shark Tank investors but it may help to watch the show to get an idea of how to sell your fabulous idea.
Conduct and Show Your Research
Any good business requires research about the target market and the competition. Show your parent(s) that you have conducted your research as this will give them more confidence in your business. Poll your friends for their feedback and present the results to Mom and Dad. You should also demonstrate to your parent(s) that you are aware of potential business risks.
Use Examples of Other Successful Kid or Teenpreneurs
Go online to find stories of successful kid or teenpreneurs. You should share these stories with your parents so that they can see how so many kids are succeeding with their own business ventures. Buy a teen magazine with inspirational stories to show your parent(s) too. Ask them about businesses they may have or that they had when they were younger and ask for their advice.
Listen to Your Parents
Your parents can give you helpful tips and they might raise some concerns about your business idea. My best advice is to listen. Your research and preparation should help you address many of the concerns that your parents have about your new venture.