Personal and Family Funding Sources for a Cosmetology Start-Up for SS 1

Class: SS 1
Term: Second Term
Week: 10
Age: 15 years
Duration: 60 minutes
Subject: Beauty and Cosmetology
Curriculum Theme: Financial Literacy Skills
Focal competence: Demonstrating good understanding of financial discipline
Key competencies/values: Creativity and Innovation; Communication; Collaboration; Innovation
Skills:

• Designing and making savings card
• Demonstrating how to carefully record savings

Previous Lesson: Importance and Methods of Saving Money
Topic: Concept Of Money: Sources Of Funding For Cosmetology Start-Up
Subject Matter: Sources of funding for cosmetology start-up

Specific Objectives

By the end of the lesson, pupils/students should be able to:

Cognitive Domain

• Identify the sources of funding for a cosmetology start-up.

Psychomotor Domain

• Create a savings card.
• Show how to carefully record savings.

Reference Materials

The following resources were used in planning this lesson:

• 2025 New Revised Senior Secondary Education Curriculum (SSEC)
• Relevant State Unified Scheme of Work
• Beauty and Cosmetology for Senior Secondary Schools, Book 1
• The HeadTeacher Scheme of work For The New Revised Senior Secondary Education Curriculum (SSEC)

Instructional Materials

The teacher will teach this lesson with the aid of:

• Samples of local currencies in different denominations
• Samples of piggy banks
• Cardboard paper to design a card for recording savings
• Savings chart
• Digital devices (for online search)
• Pens, pencils, rulers

Rationale for the Lesson

This lesson is important because it introduces students to the fundamental concept of funding for a business, specifically in cosmetology. Understanding personal and family funding sources helps students develop financial literacy and discipline, preparing them for entrepreneurial ventures in the beauty industry.

Prerequisite/Previous Knowledge

Students should have a basic understanding of money, its value, and the general concept of saving.

Lesson Content/Board Summary

Concept Of Money: Sources Of Funding For Cosmetology Start-Up

What is Funding for a Start-Up?

Funding for a start-up refers to the money or capital required to establish and operate a new business. For a cosmetology start-up, this capital is needed to cover costs such as renting a salon space, purchasing equipment (chairs, mirrors, hair dryers), buying products (shampoos, conditioners, makeup), paying staff, and marketing services.

Importance of Funding for a Cosmetology Start-Up

Adequate funding is crucial for a cosmetology start-up to:

1. Acquire necessary equipment and tools for quality service delivery.
2. Purchase high-quality beauty products and supplies.
3. Rent or build a suitable and hygienic salon environment.
4. Hire skilled and professional staff.
5. Market services to attract clients.
6. Cover operational expenses until the business becomes profitable.
7. Maintain professional standards, client care, and safety.

Personal Sources of Funding

Personal sources of funding involve using an entrepreneur’s own money or assets to finance their business. These are often the first options considered due to ease of access and no interest payments to external parties.

1. Personal Savings: This is money accumulated over time from earnings, allowances, or gifts. It is often the most common and accessible source for a small start-up.
2. Personal Loans: Funds borrowed from personal friends, relatives, or even small informal lenders, usually with agreed-upon repayment terms.
3. Sale of Personal Assets: Selling personal belongings that are no longer needed or are of high value (e.g., jewellery, electronics, land) to raise capital.

Family Sources of Funding

Family sources involve obtaining financial support from immediate or extended family members. This can be a significant source for start-ups, especially when formal loans are difficult to secure.

1. Loans from Family Members: Family members may lend money to the entrepreneur, often with more flexible repayment terms and lower or no interest rates compared to commercial banks.
2. Gifts from Family Members: Some family members may provide money as a gift, with no expectation of repayment. This is a direct injection of capital into the business.
3. Equity Investment from Family: Family members might invest in the business in exchange for a share of ownership or future profits.

Creating a Savings Card

A savings card is a simple tool used to track personal savings. It helps in visualising progress towards a financial goal.

1. Materials: Use cardboard paper, ruler, pen, and coloured markers.
2. Design: Divide the cardboard into columns for Date, Amount Saved, and Balance. Add a section for the Savings Goal.
3. Personalisation: Decorate the card to make it appealing and motivating.

Recording Savings Carefully

Accurate record-keeping is vital for financial discipline and managing funds effectively.

1. Date: Always record the exact date when money is saved.
2. Amount Saved: Clearly write down the amount of money deposited into savings.
3. Balance: Update the total amount saved after each deposit. This shows the cumulative progress.
4. Regularity: Make it a habit to record every saving transaction immediately to avoid errors or forgetting.
5. Review: Periodically review the savings card to track progress towards the savings goal.

Teaching Methods/Instructional Techniques

Discussion, Explanation, Question and Answer, Practical Activity, Guided Practice, Group Work

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Engaging/Activating Prior Knowledge

Teacher’s Activity: The teacher greets the students and asks them what they understand by “money” and “saving”. The teacher then introduces the topic: “Concept Of Money: Sources Of Funding For Cosmetology Start-Up.”

Pupils’ Activity: Pupils respond to the questions and listen attentively to the introduction.

Learning Point: Introduction to funding

Step 2: Discussion on Funding for Cosmetology Start-Up

Time: 10 minutes

Teaching Skill: Explanation/Discussion

Teacher’s Activity: The teacher explains what funding means for a start-up and why it is important for a cosmetology business, linking it to the need for quality tools, hygiene, and professional service. The teacher guides students to search online for general information on funding sources for start-ups.

Pupils’ Activity: Pupils participate in the discussion, ask questions, and use digital devices to search for information.

Learning Point: Importance of funding

Step 3: Exploring Personal Funding Sources

Time: 10 minutes

Teaching Skill: Explanation/Examples

Teacher’s Activity: The teacher explains and provides examples of personal funding sources such as personal savings, personal loans, and sale of personal assets. The teacher uses samples of local currencies and piggy banks to illustrate the concept of savings.

Pupils’ Activity: Pupils listen, ask questions, and identify different personal funding sources.

Learning Point: Personal funding sources

Step 4: Exploring Family Funding Sources

Time: 8 minutes

Teaching Skill: Explanation/Discussion

Teacher’s Activity: The teacher explains family funding sources, including loans from family members, gifts from family members, and equity investment from family. The teacher encourages students to share relevant examples they might know.

Pupils’ Activity: Pupils listen, contribute to the discussion, and identify family funding sources.

Learning Point: Family funding sources

Step 5: Practical Activity: Creating a Savings Card

Time: 10 minutes

Teaching Skill: Demonstration/Guided Practice

Teacher’s Activity: The teacher demonstrates how to create a simple savings card using cardboard paper, showing how to include sections for date, amount saved, and balance. The teacher then guides students to create their own savings cards.

Pupils’ Activity: Pupils follow the teacher’s demonstration and create their individual savings cards using provided materials.

Learning Point: Savings card creation

Step 6: Practical Activity: Recording Savings

Time: 7 minutes

Teaching Skill: Demonstration/Guided Practice

Teacher’s Activity: The teacher demonstrates how to carefully record savings on the newly created savings card, emphasising accuracy and consistency. The teacher provides hypothetical scenarios for students to practice recording.

Pupils’ Activity: Pupils practice recording hypothetical savings amounts on their cards, ensuring correct date, amount, and balance entries.

Learning Point: Accurate savings recording

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. Mention two personal sources of funding for a cosmetology start-up.
2. State two family sources of funding for a cosmetology start-up.
3. What are the key sections you would include on a savings card?
4. Why is it important to record savings carefully?

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Understanding funding sources

Step 8: Note-Taking

Time: 10 minutes

Teaching Skill: Guided Writing

Teacher’s Activity: The teacher guides pupils/students to copy the essential Board Summary notes on funding sources and savings card creation into their notebooks.

Pupils’ Activity: Pupils/students copy the notes carefully into their notebooks.

Learning Point: Recording lesson notes

Step 9: Conclusion

Time: 5 minutes

Teaching Skill: Summarising

Teacher’s Activity: The teacher briefly summarises the main points of the lesson, reiterating the importance of personal and family funding sources and financial discipline for a cosmetology start-up. The teacher encourages students to start thinking about their own savings habits.

Pupils’ Activity: Pupils listen and ask any final questions.

Learning Point: Consolidating lesson understanding

Continuous Assessment/Further Study

Type: Homework/Practice Exercise

Instruction: Answer the following questions and continue practicing your savings record-keeping.

1. Interview an entrepreneur in your community (e.g., a salon owner, tailor, or small shop owner) and ask them about their initial funding sources. Write a short report (1-2 paragraphs) on your findings.
2. Using your newly created savings card, record any money you save over the next week. Bring the updated card to the next Beauty and Cosmetology class.
3. Discuss with your parents or guardians the importance of saving money for future goals.

Lesson Keywords

• Funding – Money or capital needed to start or operate a business.
• Start-up – A newly established business.
• Personal Savings – Money an individual has accumulated over time.
• Personal Assets – Valuables owned by an individual that can be sold for cash.
• Savings Card – A tool used to track personal savings and financial progress.
• Financial Discipline – The practice of managing money responsibly and consistently.

Differentiation

For students who grasp the concepts quickly, encourage them to research other informal funding sources beyond personal and family. For students needing more support, provide pre-drawn savings card templates and more direct guidance during the recording activity.

Suggested Lesson Videos

For further understanding of funding sources and savings, students can search on YouTube for: personal family funding sources startups nigeria SS1