When my children were young, like most kids, they wanted to know what you were doing and they wanted to help - all the time. So I hired them, on contract of course, you know, just in case they didn't meet up to my expectations. And, the good thing about it, it was a business expense because I also paid them. You can speak to your accountant about this lovely deduction.
I had rules when it came to business that my children respected, which is definitely needed when you are running your business from your home. If my door was closed or I was on the phone, they had to learn patience. They needed to understand sooner rather than later, that the client I was talking to could make the difference as to whether they went to camp, or stayed home with a teenage babysitter during the summer holidays. They learned quickly that we had to be serious about business, despite having the luxury of working from a home office.
When I started my business, my children were 12 and 8 years old. Some people would ask - what can you give 2 young kids to do that would benefit your work and help you make money?
Plenty as far as I am concerned!
My daughter at 12 years old was very proficient on the computer and performing administrative skills, most of which I still don't like doing today. My son at 8 years old, brought inventory into the house, stocked the shelves, shredded (I don't like doing that either), fixed little things that needed fixing and was the guy we went to for muscles (boosted his ego just a little). What was really important though is the fact that they were involved in my work - period! It gave them a sense of value, boosted their self esteem and allowed them to understand at an early age the responsibilities of working hard to make a dollar. In our society, I think children believe money grows on trees with the parents always handing out money for everything without the child earning it. This needs to stop. We don't teach our children anything about money when it is constantly given to them.
So, 15 years into the business, my children are grown and no longer helping out but I'm proud to say that their employment with me taught them work ethics - sadly missing from a lot of our young workers today. My daughter has a business of her own and works hard, long hours to make a living but loves the fact that she is a business woman (like her mother, although sometimes being like your mother isn't always on the list of things you want to admit to anyone).
My son at a young age of 14, managed a sports retail business for the owner - he learned great people skills, organizational skills and counting money so that he can give back the right change. He knew how much he would make, what he would do with his money and saved, if he wanted to. Today, he has one of the hardest jobs in our country, in my opinion. He is a soldier employed by the Canadian Forces but he has always operated a small side business of his own. He is an IT geek (hopefully that offends no one) and an amazing photographer.
So, the 3 Reasons why You should Hire your Children:
1. It builds confidence, teaches new skills and allows them to be involved in the professional sphere of your life.
2. It's a great business expense that can be utilized to keep more money in the home, rather than paying CRA.
3. It builds family strength and unity; very much needed today.
Taking your children to work day, has a new meaning, when it's your business.
Founder/Workplace Health Strategist