Let’s talk lemonade stands. National Lemonade Day is August 20th, and we’re here to bring awareness to one of the most fun and creative ways your children can make some pocket change. It’s their first dollar earned, their first “business” and possibly, their first experience with success/failure.
To your kids, it’s just another summer activity. To you, it’s an opportunity to introduce them to important life skills they will need- and ultimately, thank you for. Here are some of the skills children both learn and obtain from running a lemonade stand:
Finances and the Value of Money
A lemonade stand can give kids a great education on the cost of goods, profit and loss and the time and effort that goes into making money.
What ingredients and other supplies are needed for the stand? How much do they cost? Are there ways to cut costs? Where will they get the money to pay for everything? How much will they charge for the lemonade? How many glasses do they need to sell to make a profit? These are important lessons for children on what’s involved in starting and running a business as well as understanding basic finance.
Once they earn money, parents can also guide children on making decisions about how to spend and save their money.
How are they spreading the word about their stand? Are they making signs to post around the neighborhood? Are they telling everyone at soccer practice? Will they design a stand to attract attention or give their stand a name? Should they offer something to entice people to their stand like discounts or cookies? Kids can get creative about different ways to promote their stand.
Team-Building and Teamwork
While this could be a one-person project, some help from others is often involved. Children learn how to build their “A-team” at this stage. Someone might be responsible for making the lemonade, someone might be the cashier, and another might pour the lemonade and give it to the customer. Managing, delegating, following instructions and cooperating with others are part of this process.
Communication and Customer Service
For children on the shy side, this is a chance for them to step out of their comfort zone and gain confidence initiating interaction. Sure, there are people who will approach a lemonade stand on their own. However, most of the time, the kids are trying to encourage individuals to come by shouting, “Lemonade!” and asking passersby if they want a glass. Children strengthen their manners using “please” and “thank you,” but also learn professionalism in dealing with customer requests, handling money and delivering their product and good service. They also learn how to deal with rejection politely since not everyone will want to buy lemonade.
These valuable life skills they learn will help your kids become money masters. So encourage your kids to set up a lemonade stand this summer. Please share a photo of their stand and be sure to tag us! We’d love to see the future entrepreneurs of America.