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Not to let my 11 yo DS to open his own 'business'?

(51 Posts)
oreoxoreo Sun 26-Jan-20 19:01:43

My 11yo DS (soon to be 12) has been interested in dropshipping business for a while and he just asked me to open him a Shopify account so he can start trading. Without me knowing he created his very basic website to sell an item, and he wants to sign up for Shopify trial and start buying Facebook ads (for which he would pay) and is very keen for his 'business' kick off.

He did a lot of reading and a bit of effort and he things all will go smoothly and 'knows' all the risks and because I said no, you are too young, and I don't want to him to waste for nothing, he's now devastated that I won't let him and says I have ruined his life hmm

What do I do? Should I give in? I congratulate him for his effort but do think he will not sell (is a very generic item) and too young too understand. Also afraid if I put in my card details somehow somewhere I will end up with a loss.

AmelieTaylor Sun 26-Jan-20 19:07:34

I don’t know what Shopify will
Involve, or how much facebook ads cost, but I’d find out. I would think it’s great he wants to do this & support him in any way I could (I’d be prepared to pay some of the costs, but I’d expect him to use birthday/Christmas/pocket money too as that’s when they learn the most.

NoddyMcPintsAlot Sun 26-Jan-20 19:10:04

Whilst admiring his entrepreneurial endeavours it’s a bad bad idea. Everyone thinks they can become a millionaire drop shipping. There is little to no return to be made operating drop shipping unless it is in very large vols £25k+ per month in transacting volumes. How does he propose to propose payments ? Payment processors eg PayPal have an age requirement of 18 to open an account.

NotNowPlzz Sun 26-Jan-20 19:10:18

YABVU. I would be so proud if my child did this. He's showing initiative and enterprise. I'd agree a spending limit with him as to how much he can invest, and ideally find someone who knows a bit about it to help guide him.

SunshineAvenue Sun 26-Jan-20 19:10:51

No advice but WOW your soon is frickin awesome! Smart boy.

SunshineAvenue Sun 26-Jan-20 19:11:12

Son! Not soon

HundredsAndThousandsOfThem Sun 26-Jan-20 19:12:17

I would do as you have done, commend his effort but insist that he can't use your credit card and have you set up an account for him. There's a reason there's an age limit on these things. He could start an alternative business which he can legally run as an 11 year old.

BernadetteRostankowskiWolowitz Sun 26-Jan-20 19:12:31

Can't he just buy multipacks of chocolate bars for a quid and selling them at 50p a bar? That's what we all did back when.

DesLynamsMoustache Sun 26-Jan-20 19:12:40

Ask him to provide you with a business plan, showing planned expenditure, projected income, how he intends to make it work.

JaceLancs Sun 26-Jan-20 19:12:44

DS started an online business whilst at university - it’s doing really well
It was just to supplement his grant at the time but now is his house fund - it also funds a lot of holidays - designer clothes etc

BBBear Sun 26-Jan-20 19:14:14

Let him, as long as he realises he could lose his money.
Surely this is better than spending all his money on gaming or similar?

HarryRug Sun 26-Jan-20 19:17:09

Your DS is ambitious and enterprising which is of course to be commended. Unfortunately he is not old enough to enter into the contracts required to have a “drop shipping” business so cannot legally undertake his idea. Drop shipping is vulnerable to fraudulent activity which is another reason this isn’t a good idea. Can you get him involved in young enterprise or another business where he doesn’t act as a middle man?

Reginabambina Sun 26-Jan-20 19:17:48

Is this his own money? If you ywbvu to not support himX

HarryRug Sun 26-Jan-20 19:18:30

Some ideas on here www.young-enterprise.org.uk/

Woofbloodywoof Sun 26-Jan-20 19:20:15

Your son is amazing. All that initiative at such a young age. You should really do all you can to encourage this kind of gumption - so, while you have concerns why not work with him? Think of other products that might sell better. Talk about potential pitfalls. Set a very strict limit on how much money he uses for it and where that source of credit is to come from. Do it together to begin with if necessary.
This kind of independent initiative is what all parents wish for our kids - you’ve obviously been doing a lot right OP! Would be such a shame to pour cold water on it right now.

pooboobsleeprepeat Sun 26-Jan-20 19:23:59

That’s some impressive ambition!
There’s no inventory so he wouldn’t be losing much if it didn’t work out.
Why not provide him with a little budget and once it’s gone you won’t add anyone.
What’s the worst that could happen?
Also look around for courses he could do to further his interests.

NoddyMcPintsAlot Sun 26-Jan-20 19:25:42

Read through this with him

www.google.com/amp/s/www.cloudways.com/blog/dropshipping-failures-and-success-rate/amp/

DontDribbleOnTheCarpet Sun 26-Jan-20 19:27:26

I'd have a good read of the consumer rights surrounding distance sales. Adults frequently lose their shirts because of scammers, underestimating costs and a dozen other problems. A child s much less able to deal with angry customers, people claiming their order never arrived, payment problems, chargebacks etc.
Do you really want to be financially responsible for this? Dropshipping is really risky. It relies far too much on other people's honesty.

BiscuitBarrels Sun 26-Jan-20 19:30:21

This is all utterly alien to me. I have no idea 😂

Bringonspring Sun 26-Jan-20 19:31:45

I would congratulate him but Unless you are going to give him a lot of supervision then I would say no at this point. Dropshipping is an easy concept and makes sense but can come with a lot of issues especially if you pick products which are subject to a high return rate.

Brilliant effort on your sons part though

Jaxhog Sun 26-Jan-20 19:33:16

I also admire his entrepreneurial zeal, but it is a cut-throat business.

Here are some of the risks:

www.ecomdash.com/risks-dropshipping/

Jaxhog Sun 26-Jan-20 19:35:35

More on drop shipping

www.merchantmaverick.com/7-reasons-to-rethink-drop-shipping/

Jaxhog Sun 26-Jan-20 19:40:09

I also suspect that he couldn't do this due to his age. So it would effectively be YOUR business.

TinklyLittleLaugh Sun 26-Jan-20 19:48:04

He’s a bit young isn’t he? My 13 year old wants to cannibalise our old computers and use his Christmas money to build a bitcoin mining machine. That won’t be happening either.

He’s now got himself a paper round to build up the funds to start his business empire hmm

bridgetreilly Sun 26-Jan-20 19:50:57

No to using your credit card. Just no. It's great that he wants to run a business but he doesn't get to put your financial security on the line to do it. He needs to find some other plan.

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