Some child-related businesses thrive while others die. Why? Because there are simply some businesses that "get" what it means to design their business to appeal to kids. They master the art of understanding how to design their experience, offering, and price points to appeal to the child as well as to the parents of those kids.
But, here's the rub - as an entrepreneur interested in starting a business for kids, how can you ensure that your business idea will actually work? One way to do this is to borrow a concept that some of the leading corporate businesses utilize - reverse mentorship.
It seems like the older you get, the wiser you become (in most areas). But in the area of finding successful ;business ideas for kids products;or services, the older you get, the further away from the kid-mind you get. And while this is advantageous for many areas of life, it may not serve you well when looking for ways to ensure that your business has what it takes to survive the brutally competitive environment of starting a a business for kids.
This is where reverse mentorship comes in. In simple terms, it means that you intentionally seek out the mentorship, mindset and guidance for kids (and parents of kids) who fit the demographics of your target audience. The benefits of reverse mentorship are huge because you get to hear the perspectives from a generation that is not defined by your own thought processes. It helps you to better connect with your target market's needs, wants and desires. It will also give you sharp insight into business design elements that WILL work for them as well as to give you warnings about what WON'T work for them.
Seeking out "kid wisdom," sounds a little weird at first, but it just might be the one key thing that insulates your new kid-focused business from failure. When building out your strategy for starting your business for kids, consider the 11 reasons below. And begin today building a continual-listening loop strategy around strengthening your kid-wisdom.
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