Article by Jane Tweedy, Business Advisor, Western Sydney Business Centre
After two weeks with the angels at home, you’re probably looking forward to them returning to school! But have you noticed your pre-teen, or young adult has shown an interest in your business or running their own business? Many of the world’s top entrepreneurs started young, and if they show that spirit why not nurture it.
Working in your business
If you feel pulled between running your own business and your family, why not include your family members. From eight my step son has shown interest in helping out with my business activities. This can be from doing a bit of filing, to coming up with a logo concept! They can be great at IT – who knew you could have a background on Google Search. Turns out it’s another chrome extension – look that up if you haven’t heard of them!
The odd job may be fine for a bit of pocket money, but you can actually hire them as a casual or part time employee. In NSW there is no minimum age, but there are rules around minimum pay and not being able to work school hours. Check out Fair Work as you would for any employee.
Starting their own business
I’ve worked with clients aged eleven and twelve, and although their mums were there, the kidpreneurs were active participants. The business acumen Miss Twelve displayed recently exceeded many adults!
Hobby versus a business
Like any business venture involving a craft or home business, assess whether the ‘business’ is really a hobby or not. This can be assessed from the ATO website. A hobby where they cover only their costs by selling to friends or family could be a start.
A real business
Minors can set up a business, but there are some restrictions on entering into contracts. A minor can obtain a TFN and ABN so they can set up business as a sole trader or in a partnership with a parent easily. We would recommend seeing a business advisor if this applies and we can help make sure you and your child are on the right track.