Kids are crazy about lemonade stands because they're so much fun and so very official. And what better way to foster an entrepreneurial spirit than with this classic childhood business venture?
To really delve into the business aspect of this summer activity, help your kids come up with a mission statement. What can they offer, guarantee and deliver to their customers? Perhaps it's to serve and sell a superior cup of lemonade... "Fresh, prompt, always icy cold with a straw & a smile!" Now, that's a tag line to include on signs!
Next, consider advertising-- how to get the word out. Options include eye-catching signs to post around the block. Be sure to clearly write location, date and time. Kids can also make their own business cards to hand out to neighbors they're acquainted with and friends. Flyers come to mind... hand delivered news of the "grand opening" in the neighborhood. Within all of these designs, consider a logo and catch phrase.
Consider the design of the stand itself too. To catch the attention of potential customers, kids can include banners, balloons, noise makers, music, costumed clerks. What else? Ask your kids... they'll have ideas!
In preparing the lemonade (and even treats) to serve, I highly recommend going the home-made route. Good for business because it shows heart and hard work. And one can charge more for "gourmet" offerings. Speaking of, determine the price point... now there's a way to sneak math into the summer vacation. Write down all of the ingredients (lemons, sugar, ice, secret ingredients like frozen raspberries or blueberries), supplies (cups, napkins) and materials (poster board) along with prices. Keeping receipts from purchases will help this task. Next, estimate how many cups of lemonade can be made and divide the total spent by that number. Then double it to help determine purchase price. You may find it necessary to round up or down depending on the market.
You may wish to encourage your child to make a plan for what they will do with the money earned. For example, my brother and I along with our next door neighbor (and business partner) Brooke had lemonade stands all summer long and reached our goal: A trip to the roller rink to skate, skeeball and eat pizza.
All of this adds up to an excellent and exciting intro to Business 101!