Session 3: How do I determine the price for what I am selling?

WHAT IS THIS SESSION ABOUT?

This is session is about figuring out a price for your product when you take in consideration what it costs to bring you product to market.

HOW WILL WE ACCOMPLISH OUR GOAL?

  1. We will determine what materials are needed to produce your product.

  2. We will list the price of each material?

  3. We will determine add up the price of all the materials used.

  4. We will figure out how many products we can make with the materials.

  5. We will divide the number of items we can make by the cost of the materials to get an amount. If the materials cost $20 and I can make 40 items, then 40 items divided by $20 is $2 per item.

  6. Research what similar items like your product are sold for.

  7. We will set our price higher than the amount it costs for the materials and at a competitive rate with what similar products sell for.

ACTIVITIES:

  1. Select a product and determine the cost to make that product.

  2. Read a chapter in our book and share ideas.

  3. Do some fluency practice.

SESSION RESOURCES:

Session 2: What is profit?

WHAT IS THIS SESSION ABOUT?

This is session is about understanding what profit is and how to determine if we are making a profit.

HOW WILL WE ACCOMPLISH OUR GOAL?

We will buy and sell items using real money to determine if we have a more money left over.

ACTIVITIES:

  1. Loot at items for sale. Discuss how much it cost to purchase and track if money is being made or if we break even.

  2. Read a chapter in our book and share ideas.

  3. Do some fluency practice.

SESSION RESOURCES:

Session 1: What is My Business?

What is this session about?

This is session one in preparation of the Acton Children’s Business Fair and our focus is to help burgeoning young entrepreneurs figure out what kind of business they are interested in starting.

How will we accomplish our goal?

We won’t tell you what to do. This is your business. Watch some of the video below and go through the activities to help yourself come up with some ideas for your business.

Activities:

  1. Why do you want to start a business?

  2. Brainstorm a list of things that your business could be about.

  3. Watch some of the video. Update your list.

  4. Discuss your ideas with others. Narrow down your list.

  5. Show what materials you would need for each of the final idea on your list. For example, if your business is about selling cookies, what kinds of things would you need.

  6. Pick one business to focus on. Figure out what materials and would need and explain how you would get those materials.

  7. Share with group.

Session Resources:

Videos:

Acton Children’s Business Fair DC #1

Acton Children’s Business Fair DC #2

2011 Acton Children’s Business Fair Austin

Ideas for Kid Entrepreneurs