One of the first business experiences many of us have is running a lemonade stand. The fashion entrepreneur, Lilly Pulitzer, got her start running a juice stand in Florida. It is said that she created colorful prints in an effort to hide the citrus stains from juicing. At least 5 important lessons can be learned when children start their own business selling lemonade.
Lesson #1- PRODUCT
The lemonade recipe, ingredients, cups, presentation, and more need to be considered by young entrepreneurs. Capital of some sort is needed to begin. Adults can help children with the start-up money necessary to invest in their product. Kids can show their creativity and design skills when inventing products. Foster their imagination by encouraging inquiry. Another fashion designer in footwear came up with his unique product for boat shoes by watching how his cocker spaniel kept from sliding around on slippery surfaces. He copied the design of the dog’s paw and replicated the paw print on the sole of the shoes. Product ideas are everywhere…even where you least expect it.
Lesson #2- LOCATION
Where to sell the lemonade and set up shop is another important decision kids and adults will make. Deciding where to operate the lemonade stand will need adult support and supervision. Parents: be sure the location is safe. Consider traffic and cars, as well as other safety needs of children. Scout out areas that meet optimal safety standards. Kids will also need to sell their product in locations where there are customers.
Lesson #3- MARKETING
Help children get the word out about their business. Posters and other communication materials can be made by the kids. Their marketing campaign can be implemented with the help of an adult.
Lesson #4- SALES
It really becomes fun for kids once the stand is all set up and customers start to shop at their lemonade stand. Children can learn about selling their product. Some questions about money are: (1) how much will they charge for their product, (2) will it be a donation, and (3) do they have enough money to make change on sales? Children can further the decision making process when they decide what to do with the profits they make from sales.
Lesson #5- MANAGEMENT
Managing the lemonade stand takes time and effort. If there is more than one child involved, a process for managing labor will need to be considered. For example, employee roles and responsibilities will need to be discussed.
An adult should closely supervise children while they are learning all aspects of starting their business. Operating a LEMONADE STAND is a valuable learning experience and so much fun!