A 10-year-old business owner is helping Brooklyn families in need buy affordable clothing for their children, and he got the idea from his own family.

Obocho Peters is on a mission to help families save money while giving back to the community. He opened his own thrift store business called I Am Obocho, selling children's clothing for low-income parents.

"If it's a challenge for my mom to pay her rent, take care of me and take care of her at the same time, I know it's a challenge for other families, too," he says.

The idea for his business came when his mother couldn't afford to buy new toys.

"He came to me and he said, 'Mom, why don't I just sell the clothes and shoes that I don't wear and I'll just raise the money to get the toys?'" says Sasha Peters, Obocho's mother. "So I said, 'Well, how do you plan on doing that?' He said, 'Mom, you're creative, why don't you just make me a website?"

After having an online thrift store for a year, Peters wants to open his first store location in Brooklyn. He hopes to use the money from his business to fund programs in the community, and he has big ideas.

"Offering free seminars, free financial literacy classes to teach families how to save money for their children's college fund," he says.