Melton school forms first club for young entrepreneurs

Students at the town’s John Ferneley College, aged just 11 and 12, are about to launch their own innovative businesses as part of a link-up between Melton and District Money Advice Centre (MADMAC) and Melton Building Society.

A Young Entrepreneurs Club has been formed where the children are being supported to with advice and a small amount of start-up cash to start their own business.

The Melton Times was invited into school to see the first meeting of the club and the inspiration and drive of the youngsters would have impressed the likes of Lord Sugar and Deborah Meaden.

One of the students, Liam, has bought 200 second hand hoovers mainly from car boot sales and plans to repair them and then selling them for a handsome profit.

Beth has come up with a crochet business, making toys and items like headbands and gloves to sell while Martha has her heart set on a floristry start-up.

Other ideas from the young entrepreneurs included a business making items to order using a 3D printer, another providing specialist gaming mouse mats and another offering a dog walking service.

James Sherrenham, educational officer for MADMAC, hosted the club meeting and told the Melton Times afterwards: “I’m really excited about it – this is the first Young Entrepreneur Club and we hope more will start at other schools.

"Whatever they learn from this it can only be a positive experience and it will be very useful whether they go on to university, start an apprenticeship or become an entrepreneur after leaving school.

“I’ve been bowled over by the response of the students here at John Ferneley.

"I love seeing the enthusiasm and resilience of these young people – it’s the highlight of my week.”

The students eloquently described their business idea at the session and they were then challenged to come up the main issues they are likely to face when launching it.

They also helped each other by coming up with ideas on how to navigate through the problems they may face and also on how they can each develop their own businesses.

Representatives from Melton Building Society also attended to give their expertise and advise the youngsters on the best way forward.

Samantha Stanley, a teacher of business and head of careers at the school, said: “The students are really enjoying it.

"They just needed someone to inspire and believe in them so they can learn how to turn their ideas into real businesses.

"They are good with technology and that will help them with their businesses but they are learning that they still need things like time and money to make it happen.”

James has been going into schools across the area to help students with basic financial advice to teach them how to budget and save money.

MADMAC as a charity has helped 1,400 clients in the Melton area who have had trouble paying their bills and they’ve helped deal with nearly £9million of debt since they started in 2015.

Founder Amanda Heath told the Melton Times after the John Ferneley session: “Our aim is to reach every local child from the age of four upwards to help them learn lessions which will help them later in life.

"The current state of the economy and the cost of living crisis is scary for some of them.

"They are fearful because they hear their parents talk about it or they hear about it on TV.

"Just about every school has a food bank or a poverty issue and we hope we can help break this cycle with families in Melton.

"It’s exciting that we can make a difference."

On the hundreds of people who MADMAC has helped at some of the lowest times in their lives, Amanda added: “By helping people deal with their debts we are literally stopping suicides and preventing people being evicted or having their belongings seized by bailifs.

"This is people from all backgrounds, including families where both parents work and yet they can’t make their mortgage or rent payments.

"If we can help children learn how to manage money at this stage in their lives it can help prevent these issues happening when they are older.”

The partnership between MADMAC and Melton Building Society has been focused on funding James’ post so he can go into schools and colleges to provide financial education lessons to students.

The mutual building society is also be working closely with the debt charity to deliver money management sessions into local businesses, in an effort to directly support the community and offer helpful advice.

Commenting on the partnership, Simon Taylor, chief executive of Melton Building Society said: “We are proud to be supporting MADMAC with this great new partnership.

"With the escalating cost of living and rising energy prices, it is important to have these services available for everybody to access.

"The society is committed to investing in our communities and helping people during this difficult time.”

Any local schools interested in starting up a Young Entrepreneur Club can email James at [email protected] for more information.

Anyone struggling with debt problems in the Melton area is invited to visit the MADMAC website at www.madmacmoney.co.uk or call 07775 942046.

The debt charity helps individuals with their finances and provides debt solutions through a number of ways, such as debt management plans, insolvency solutions, budgeting tools and advice.