My kiddos were absolutely thrilled about the opportunity to participate in a Children’s Entrepreneur Fair. They’ve been working hard for the past few months making hand loom knit hats in 3 sizes. They finished a total of 36 hats for the fair.
Parents were not allowed to help make the products for the event and my kiddos took this rule very seriously. I taught them how to make practice hats and they did all of the hats for the sale without my help.
They ended up selling 6 hats and earned $49 profit after paying for the booth ($20) and the hat making supplies ($36). They divided the profit evenly and got $16 each, they gave the remaining $1 to their dad for driving and carrying everything from the truck to the booth and back again. 😂 They were very happy with earning a profit and had a lot of fun. They each gave 10% of their profit to the church were attending as tithe.
Parents were not allowed to help set up the booth or interact with customers at all. I was really proud of how hard my kiddos worked, and how they improved their customer service skills over the course of the 3 hour selling event. My 2 oldest kiddos worked on knitting hats during the event to demonstrate how the hats were made. My daughter gave a young mother with her baby a lesson on how to make the hats so she could make more for her baby. My oldest son ended up coming up with a closing statement, “We hope you enjoy your new hat!” to the last few customers after they made purchases. All the kiddos answered questions from customers, other kid entrepreneurs, and the event judges who stopped by the booth.
My oldest was really focused on marketing. He made a wearable sandwich board and a stand alone sign that was at the end of our row of booths. There was even an arrow-shaped sign with flashing led lights!
The kiddos kept track of which hats they sold to do an inventory analysis and learned that people bought 2 solid colored hats for adults, 3 multicolored hats for babies and one monster decorated hat for a doll. They also learned that people might prefer optional pom poms instead of pom poms that are “permanently” attached.
Here are the hats they sold.
Here are a few of our favorites that are available for sale:
I tried to help the kiddos price the hats appropriately based on size, types of yarn used and extra for pom poms. My husband thinks they are priced a bit too high. We have another event where we can try selling the hats again coming up in October. My kiddos would love to hear your honest opinions on the following questions for market analysis.
🧶 How much would you spend on a hand knit hat?
🧶 Would you prefer a hat with a pom pom or without?
🧶 Which size of hat would you be most likely to purchase: adult/child, baby, or doll?
🧶 Which of the hats featured in this post is your favorite? Why?