It is not a good idea to take lightly the task of creating lesson plans for business math for high school students. In today’s difficult economy and tight job market financial literacy is just as important as reading and writing.
Business math lesson plans are essential for students’ well-being. They help students learn about investing, managing credit, and making major purchases. Financial literacy goes beyond personal finances. Many small businesses fail every year due to lack of basic business math skills.
Why business math is important
Many people believe that the key to starting a small business involves a passion for the services or products offered. Artists are driven to create art, doctors desire to heal. Business owners must make informed decisions about funding, payroll, property management and insurance carriers. We teach business math in high schools so that students can become successful business owners.
Plans for business math lessons
Engaging students is key when teaching high school business math. Your students should find their financial accounting homework as fascinating as the science experiment they were given by their science teacher, or as entertaining as rehearsals for school plays. These are three lessons that high school business math students will not shy away from.
- Establishing a business. This lesson plan focuses on setting up a small business. Your students can create their own business plans by using the Internet. They should be focusing on the physical aspects and determine the square footage they will need for their business. Also, how much monthly rental cost will they have to pay.
- Show me money. This lesson builds naturally from the previous one. After your students have selected a small business to start and located a home for it, they will need financing. This lesson will focus on how to obtain a loan, what assistance they may receive through the Small Business Administration, as well as what amount of profit the business must make each day in order to repay the loans.
- Spread the word. Advertising is an essential part of every company. No longer is the local newspaper the only place to advertise a company. There are many options available online. Ask your students to research all available advertising options. Compare the expected returns with the costs. Encourage them to think outside of the box. Advertising today can include smart phone apps, email campaigns and social media.
Create your own
These are some other important things to remember when creating your high school math lesson plans.
- Make it relevant. Students will be more engaged if they can see a direct connection between the lessons they are learning, and their future plans. According to the North Central Regional Educational Laboratory, (NCREL), studies show that students learn more when they are involved in class. Choose business models that appeal to teens when you plan lessons. For example, you could make your business a tattoo shop or an Internet cafe, or any other business your students would be interested in.
- Use a hands-off approach. You will set learning goals for your class, but let your students have as many options as they want about their education. Instead of telling students that they will need an accounting system, payroll, and loans to start their business, let them think about these components and create them. It will be fun for them to find solutions once they’ve identified the needs.
- Connect everything. Make sure your financial accounting homework is relevant to the students’ interests. They will learn more if they see the relevance of the homework.