By Melissa Batai
Many teens want to work but can't legally do so until the minimum age of 14, though many businesses won't hire a teen until they are 16. However, there is an exception to this rule for kids who work for their parents. They can start working for their parents at any age.
If you're an entrepreneur who works at home and needs help, hiring your child may seem like a great solution for both of you. But should you hire your child?
What To Consider Before You Hire Your Child
Before you hire your child, consider her maturity. She may only be 12, but if she is mature and diligent, she may be the perfect hire for you. Likewise, if you have a child who has to be coerced to do any jobs around the house, you probably shouldn't hire her. Even when motivated by money, she may shirk jobs for you that she doesn't want to do.
Benefits of Hiring Your Child
A benefit of hiring your child is that he lives with you, so you can easily communicate needs and tasks as well as progress with one another. Plus, don't forget that as soon as a minor has a job and files a tax return, she can open a Roth IRA. Having her work for you can be a great way to give her a financial leg up for the rest of her life. (Plus, there are numerous tax benefits for your small business, which we'll cover in a later article.)
Drawbacks to Hiring Your Child
If you hire someone and it doesn't work out, you'll likely let them go. However, if that someone is your child, your relationship might be strained for some time. A way to avoid this is to first let your child do some tasks for you pro bono before you even mention possibly hiring him. See how he does.
- Is he diligent in his tasks?
- Does he do the work in a timely manner?
- Does he listen to direction?
- Is he eager to learn?
Would you consider hiring your child in your business? Have you already?
Melissa, a mom to three little ones (ages 7, 3 and 1) blogs at Mom's Plans where she writes about living a fulfilling life on less and focuses on cutting expenses, budgeting, paying down debt, saving money and once a month cooking.