Awesome to see someone enter the world of teaching.
First advice would be to check out the "Last Lecture" - nothing to do with music, but a lot to be taken from it.
http://www.youtube.com/watch?v=ji5_MqicxSo
Now, try and relate to what your students are trying to learn. You seem to know all the things they
need to know - theory, technique, etc... the key is incorporating a way to teach these things in a way that they
want to learn it.
One way I did this with my two stepkids was to incorporate popular music and songs into their studies. Instead of just using drills and exercises, I try to find passages from songs so they feel like they're playing music.
A couple other things:
1) Spend the first hour (preferrably free) talking with them and learning about what they want to do. Develop their lessons from there.
2) Don't let them try and get too fancy with their equipment - I've had my kids playing on a jazz through a clean 1-10" combo, so they can focus on the music instead of the gear.
3) If you use recorded music, try and stick with songs and passages where the bass is clear and present, and demonstrates a sound foundation.
4) If you're going to use books, use 2 at a time, that are focused on different things. Maybe one focused on technique and exercises, another focused on theory or styles. It keeps things from getting too repetitive.
I have my kids (and myself!) working on "Bass Fitness" by des Pres, and "The Art of Walking Bass" my Magnusson.
Because my little girl's hands are kinda' small, we do the exercises from Bass Fitness starting at the 5th fret. Another thing to keep in mind.
Good luck!