The small business community was booming this summer, as the next generation of entrepreneurs put their business skills to the test.
Over two dozen local youth from between the ages of 10 and 16 took part in this year's Biz Kids program, hosted by Community Futures Lakeland.
One participant who got a taste of what it was like to own a business was 10-year-old Izzy (Isabella) Watters. The Bonnyville girl's lemonade stand, Lemon A-Peel, was a huge hit this summer, at events around the area.
“We went to big events like the rodeo and the Glendon Derby, and we make three different kinds: limenade, original, and pink lemonade. It's $5 each for a jar and you get a free refill,” explained Izzy, adding she's not new to the lemonade business.
“When it was my sixth birthday, I started selling lemonade. Then, we found out there's a thing called Biz Kids, so my mom and dad put me in it.”
Started in 2002 as the ‘I Want to be a Millionaire' program by Community Futures Lakeland, it took a short hiatus before making a return in the summer of 2015 when the Cold Lake Rural Alberta Business Centre (RABC) came on board.
Over the months of July and August, the Biz Kids are paired up with mentors in the community and attend a series of workshops, where they learn the ins-and-outs of the business world. This year they hosted three groups in Bonnyville, Cold Lake, and for the first time ever, in Medley.
“They come in the beginning and they really don't understand a lot of the business terminology. We make them commit to doing at least two public events, so some of them are a little intimidated that they have to go and set up in some place to do that. We teach them to do an income expense statement so they're actually keeping track of their money,” said Phyllis Maki, general manager of Community Futures Lakeland. “It's really fun to watch them develop those skills.”
They may be young, but they don't get to take any shortcuts. Each aspiring business owner is required to apply for a business license so they are able to operate throughout July and August. In order to earn up to $100 in seed capital to start their enterprise, the Biz Kids must pitch their financial need to a panel of program representatives.
“I think it's really essential; it's not just teaching business skills. You talk to the parents and the kids are suddenly very aware about how much a dollar buys them when they're getting supplies for their business. They become fiscally responsible very quickly when it's their money. When attending events, they're getting a lot better at their time management,” expressed Maki.
To celebrate the kids' successes this summer, on Wednesday, Aug. 23 the Biz Kids hosted a public market outside of the C2. Everything from homemade dog treats and fresh chicken eggs, to doll sleeping bags and handmade air fresheners were on display.
For the young owner of Lemon A-Peel, thanks to the mentorship and lessons from Biz Kids, her summer went better than she could have imagined.
“Going to the rodeo grounds, we sold 780 jars in just two days,” Izzy exclaimed.
In addition to bringing in sales, she also took home some valuable information.
“(I learned) to do market research. It was too cheap, so I asked business people and I changed my prices to $5 instead of $3.”
“I'm super happy for her. This can continue to build and is something that she can do in the summer,” said dad Tyson Watters. “She's employed several of her friends, she's employed her brothers, and paid them for the work they've done. It's been awesome.”
Watters, who has been his daughter's right-hand man in the lemonade business, noted they took full advantage of having a mentor, meeting with theirs as often as they could.
“Handling food, we've had to go through some different hoops because you need Alberta Health Services to approve it. Sal at Player's Lounge has been super helpful and supportive of her. We'd go and make our lemonade the morning of the event at his approved kitchen, try to guess how many we'd sell, and take them on ice to wherever we were going.”
With nothing but good things to say about the Biz Kids program, both father and daughter recommend other kids give it a try when it makes a return next summer.
