AT SOME POINT, ALMOST INEVITABLY, CHILDREN WILL TEST THEIR ENTREPRENEURIAL SKILLS. LEMONADE STANDS ARE A SUMMERTIME FIXTURE IN MANY NEIGHBORHOODS AND A GREAT WAY TO DIP A TOE IN THE WATER. DON'T FORGET CIDER STANDS IN THE FALL AND HOT COCOA IN THE WINTER!
Entrepreneurship fosters math, executive functioning, and problem solving skills. And, let’s not forget about interpersonal and community building skills too. Make sure your child’s experience is complete with these essential tips.
5 Essential Tips
“Lemonade! Lemonade!” Incorporate these tips into your child’s lemonade selling business to ensure a successful and safe experience.
Talk to your children about business basics. Go to the grocery store and have them write down (or find) the cost of cups, lemons and sugar (or powder mix). Ask your children to forecast sales numbers and plan purchase quantities. Talk about pricing. Discuss profit and loss concepts. Remind them successful businesses are hard work, but they can also be extremely fun and rewarding.
Ask helpful planning questions: “Where will you sell? What will you sell – only lemonade or snacks too?” Help your child make a plan, collect what he or she needs, and then let the business -- or simply play -- unfold.
A well-situated lemonade stand can do well selling to those who pass by. But, sometimes it’s necessary or helpful to add marketing into the plan. Ask your child talk about how he or she plans to get the word out.
Will your child collect cash or accept with electronic payments? Be sure to help your child, but allow him or her to work through the details. Cash will require some loose change and a cash box and electronic payments will necessitate working with an adult to set-up the right system.
Make sure your child is safe at all times. Consider road hazards, monitor interactions with strangers, and research local regulations about commercial stands.