Should you hire your child to work for you? This is a question that many small business owners have probably asked themselves at least occasionally. If your business has you rather, well, busy, you might be wondering about the possibility of hiring your child to work for you. Children who are old enough to complete small tasks can prove to be quite helpful when it comes to getting things done. But you do not want to make this decision based on the benefit to you alone. Below are three ways that hiring your child to work for you can help them.
This is something that matters now and in the future. The work ethic your child develops can help him or her in school, and then eventually in the working world. When work ethic is becoming increasingly scarce in the workforce, helping your child build this will help him or her stand out well into the future.
For most of us, our first job is working for strangers or big business who never even know who we are. And that means that when we make mistakes, we tend to be judged harshly. Now, if your child is working for you, you should not approach them with favoritism. However, you will have the chance to correct these mistakes gently and efficiently, setting him or her up for greater success later on.
If your child is working for you, he or she will be earning a salary. And that means you have a golden opportunity to start teaching the basics of financial planning. When other kids are struggling to budget in college, yours will be doing just fine.