WELLSBORO — “I have a million dollar idea.”

That’s what Rachel Smith, founder and coordinator of the Wellsboro Young Entrepreneurs Children’s Business Fair, likes to hear. And she heard just that from a 2022 fair participant at the informational meeting held on July 10.

This marks the fifth consecutive children’s business fair, which will take place on the Green on Aug. 5 from 4 p.m. to dusk.

“This is Wellsboro’s First Friday, and people tend to come over from the activities on Main Street,” said Smith.

The fair gives students up to age 18 a chance to create, design, market and sell a product or service. Products and services run the gamut from baked goods to jewelry to metal-detection services. Most goods and services are priced from $1 to $5.

Participants do not make a profit from the fair; they choose a charity to donate the profits to. Last year, local and national charities were the recipients of more than $2,200 of fair profits.

“Choose a cause that speaks to your heart,” Smith advised.

Smith is the school librarian at Don Gill Elementary School and donates her time and expertise to this annual event to promote business, math and marketing skills.

“This is a super casual family activity,” said Smith.

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At the July 10 meeting, Smith handed out a sample business plan that students can use to secure funding for start-up materials from parents and family. The packet walks kids through the business plan process and helps to organize their process and goals.

Smith discussed the difference between a product and a service, how to make a business stand out, what kind of customers kids can expect and how to publicize their product and the fair event. She also advised the students on how to calculate the cost per item made and how to recoup the cost of their labor.

Karter Campbell has participated in each Wellsboro Young Entrepreneurs Children’s Business Fairs. He has sold baked goods, jewelry and coasters, slime and (during COVID-19) hand sanitizer. Campbell is serving this year as Smith’s co-coordinator.

“It’s super fun,” said Campbell. “You can pick what you do, and there aren’t many rules.”

Citizens & Northern Bank provides funding for fair T-shirts for participating students and Mountain Graphics produces the shirts.

“This fair runs on donations,” said Smith. “The community has been really supportive.”

As for that million dollar idea? The young entrepreneur will unveil it at the fair.

It is not necessary to have attended the recent meeting to participate in the fair. For more information, visit the Wellsboro Young Entrepreneurs Facebook page or email [email protected]