‘I get scared I’ll spend all my money and won’t have enough to restock’
‘I’ve always enjoyed making slime,” says Issy Dodd, founder of sassyslimes.co.uk. “It got to the point where it was a lot of money.” Some children might have requested additional parental funding, but not Issy. “It made sense to sell it because I’d make a profit, so I wouldn’t have to worry about affording the ingredients.”
Her mother, Cheryl, 42, a business mentor, was delighted to help. Issy says, “Before we bought the website, we identified my ideal customer – between six and 12.” She began by selling two products, then slowly expanded to 14.
Cheryl says, “Issy worked out how much glue and shaving foam to buy for her slime recipe, how much it would cost to make, how much she could sell it for, and what profit she’d make.” Revenue, since the launch last July, totals £1,777.
They use a spreadsheet, so Issy knows when to reorder ingredients. (She has a bank account – and repurchases stock herself, on Amazon.) Cheryl says, “Once you turn 11 you can get a debit card. You can’t use contactless and she can’t have a payment gateway. That has to be owned by an adult. So it goes into my account, and I transfer it.”
Cheryl has since launched BizKidz Academy (bizkidz.co.uk) an online course to help children start businesses. Meanwhile, Issy’s acquired confidence, as well as a financial education. “She’s learning when money comes in, it’s not all for her to spend,” says Cheryl. “She needs to reinvest a proportion in the business.”
Issy is saving for a post-pandemic shopping trip with friends, “but I might get a packet of sweets.” She says, “I don’t like spending a huge amount. I get scared that I’ll spend all my money and won’t have enough to restock.”