PLANNING A

MONEYMAKING OPPORTUNITY

With your brainstormed ideas close at hand, think about how your interests, talents, skills, needs, and opportuni­ties might translate into a MMO plan.

To start planning, you'll first need to answer some key questions: What? Why? Who? How? Where? When? Your thoughtful answers will help you plan your MMO. So let's go.

21

22 EARNING MONEY

 

What? What do you want to do—make a product or offer a service? Look back at your lists of interests, talents, and needs for ideas, and check out the MMO Ideas list (on page 17) for other sugges­tions. "But don't bite off

 

more than you can chew,"

warns author Janet Bodnar. "Kids who make it in busi­ness ask for help from their families, don't require much start up money, are close to their homes—and most are service businesses."

Why? What is the real reason you want to start your own MMO? While some entrepreneurs get into business for the money, it's not always the reason they stay in business.

"Growing a business grows you," says author Tom Ehrenfeld. "Your business will help you do something you believe in while helping others, allow you to create some­thing to care about—that is uniquely YOU—and reward you for what you're good at!"

Who? Who is going into business? Are you doing this alone, or do you have a part­ner? Will you seek the help of your parents or an expert in your new field? Who will your customers be?

PLANNING A MONEYMAKING OPPORTUNITY 23

How? How will you make your product or offer your service? Do you have the cooking skills to make Grandma's super-duper, double-decker fudge? Are your handmade craft items ready for the market? You may want to make a batch or two (or three) of Grandma's fudge or take another class before you begin your business. Having

the skills to offer a top-notch product or service

will set you apart from the ordinary bake sale and

craft bunch.

REACHING YOUR CUSTOMERS

Should you make a flyer or brochure, design a website, or rely on word-of-mouth advertising to let your customers know about your business? Allie and Maggie Cawood-Smith did all of the above, just not all at once. The twins started out slowly. First, they sold their lip balm out of their house. Then they asked stores to sell their product. Soon they followed up with a website.

24 EARNING MONEY

Text Box: DRY CREEK He:RFS Text Box: Allie and Maggie's website (left) helped boost sales of their popular Beet Lips lip balm (Logo below).

Beet Lips

Allie and Maggie

quickly learned that the

more they sold, the more they could sell. "Once we started selling our product, people loved it and kept ordering more and more. It was word-of-mouth advertising that has kept our sales going!" said Maggie.

Happy customers will be your best advertising. They will tell others about your product or service and help create more happy customers. To get your first happy customers, however, you'll have to spread the word with flyers.

Your first flyers don't have to be fancy. They just have to be eye-catching and have the right information. Flyers can be computer-generated or handwritten with your name, your product or service, and your phone number or e-mail address. Remember, well-made flyers will show possible customers that you mean business.

Once you've got your flyers made, start mailing them to your family and friends and handing them out in your

PLANNING A MONEY                                   o                       G7

neighborhood and at special events. Ask store owners to hang the flyers in their stores. Then think of other places where you can spread the word. Arm yourself with flyers and go there. Ask others to help.

Once you get customers, you'll have to work hard to keep them. The secret? Keep them happy. To keep your customers smiling, ask them from time to time, "How am I doing?" Listen to both the positive and negative com­ments. They will help you to become better at your busi­ness and to offer a better product or service.

SPREAD THE WORD WOW TO FIND CUSTOMERS]

Text Box: · Headline in BIG BOLD LETTERS · Graphic, picture, or a drawing of you or your product · List of reasons for using your product or service · Your name, phone number, address, and e-mail · A snappy tagline, or slogan—something to help customers remember you and your product or service Here's a flyer for Grace Burke's cat-sitting service: Text Box: AMAZING GRACE'S CAT-SITTING SERVICE I am sweet, reliable, and great with cats Can sit afternoons, evenings, and special occasions Will provide food, water, and tender, loving care Will clean litter box References available upon request Call Grace Burke (555) 455-2343 "Cats think she's amazing!" —Grace's grandmother and cat owner Text Box: LDrum up some business with a bright, well-written flyer, brochure, website, business card, or all of the above. Whatever pieces you choose to make, be sure to include the following parts:

26 EARNING MONEY

Text Box: Running your own business is a lot of work, but it can also be very fun and rewarding, as Elise and Evan Macmillan demonstrate above. Where? Where will you do this service or make this prod­uct? You'll probably want to set aside a space to run your MMO—a desk, part of your bed­room, or part of your parents' garage. Think about the supplies and tools you'll need and where you can store them.

When? When will you make your products or offer your service? There are only twen­ty-four hours in a day. You also have school, friends, and family events to think about. Decide how much time you want to put into your MMO. Sure, you'll have to put time into it, but

make sure to balance it with the rest of your life.

Text Box: Want to pass out business cards too? Print the name of your business, your name, your tagline, and your phone number on small cards. See Grace's sample business card:Text Box: AMAZING GRACE'S CAT-SITTING SERVICE Grace Burke (555) 455-2343 Text Box: "Cats think she's amazing!" —Grace's grandmother and cat owner How ABOUT A BUSINESS CARD?

Text Box: C happy cocalholo t fol.. I 116200410 ItlaltlaIn chocolate farmText Box: Anchoet*T ,sese hoelloclhoiestanarel, Neale. Wyk MeanText Box: The Chocolate Farm I G. olatChocolate For those who love to eat and make farm I,               The Chocolate Farm for Chocolates Cus tom Chocolates. Chocolate M Supplies.

Evan and Elise's Chocolate Farm website

 

I > HOME 1 >Gm Chocolates      > Make Your Own |                        .Farm Fun 1                Our Story 1Make

 
 


Shopping Cart   My Account                Shopping, info Tony

Your turn: Try your hand at a simple MMO plan. Start by answering the questions in this chapter. Need some encouragement? Listen to this! Fifteen-year-old Evan Macmillan and his thirteen-year-old sister, Elise, wrote their first business plan when they started the Chocolate Farm in Denver, Colorado. They made chocolate in the shapes of farm animals, such as cows, horses, and pigs. They sold their first chocolate animals at a holiday mar­ketplace. Since then, Evan and Elise have added to and changed their first business plan. "We've learned by doing," says Elise, "and by always thinking BIG. If you do, you'll never know what will happen!" Elise and Evan have created one of the top youth food companies in the United States.