Ilias and Saxon

Royal Oak Community School

Special to The Lake Report

Royal Oak was recently lucky enough to be able to spend an entire morning with our guests, Annalisa and Doug, from Meridian Bank. They talked to us about the basics of money and what they called “financial literacy,” which means being literate and knowledgeable about finances in a general way! We learned a lot about the importance of saving, when to make a purchase and how to know it’s a good one — but our favourite was learning all about how to start a business!

The steps to starting a business are:

1. Create an idea: What do I love to do? How could this be a business?

2. Make a plan: where will my business run out of? Who will work there? What will we sell or what service will we provide?

3. Create a catchy business name.

4. Find money – what will things cost in my business? What do I need to start and run my business? How much can I make in my business? 

5. Present!

We had a great time and our thinking is now we will create a business plan for our next bake sale and fundraiser for our Eco Warriors Club!