Will Your Teen Make Money this Summer?
Summer is coming. Most teens start thinking about earning extra money during the months between school terms. Is your teen looking for a J-O-B or is he or she thinking of starting a business?
Let’s look at the benefits of each to help you and him decide which way to go.
1. Income Potential
JOB: You’re guaranteed a set hourly income and only the amount of hours offered by the company.
Own Business: You earn money based upon your hard work, creativity and innovation. It is not guaranteed, but there is potential for more money if you work harder.
JOB: Your boss determines your schedule. He or she may be flexible. Or not.
Own Business: You schedule your own hours. This may mean working more or less than an hourly job. You can work around your life schedule.
3. Pay scale
JOB: You can earn your hourly rate and not much more. The potential to earn more is dependent on whether or not the boss can give you more hours.
Own Business: You determine the value of the work you’re doing and your asking price. You often can earn more money with fewer hours.
JOB: You may have a great boss and co-workers who you enjoy. Or not.
Own Business: You deal directly with your customers. You choose whom you do business with. Because your livelihood depends on it, you need to learn how to work with people well, even if you may not like them.
JOB: You get trained on the job.
Own Business: You teach yourself. The more you commit yourself to learning, the more your business will grow and develop.
It’s a tough choice. If your teen isn’t ready for starting a business completely on his own, then work together with him to make a family business a success. The key, however, is that he has to want it, or you’ll be fighting a losing battle. Start the discussion with him now and see if his own business might be the right choice this summer.