The following is an article “Things Kids Can Learn From A Lemonade Stand” by Marc Primo.
So it’s the summer break and your children come up to you looking for something worthwhile to do. The season is perfect for that refreshing glass of ice-cold lemonade and suddenly it hits you: this is the perfect time you can teach your kids a thing or two about money and business.
While children may somehow frown upon the thought of setting up a lemonade stand outside on a hot summer day, talking to them about the things that they may learn might change their minds. Outdated or not, a lemonade stand remains as a classic way to teach kids how hard work can earn them some profit.
Nurturing your children’s business spirit begins with teaching them the right attitude towards customers. Share with them the magic words “hello”, “thank you” and “welcome” when they engage in a sale. They’ll soon learn that being polite helps customers remember them when they go thirsty again.
Now as in any business, make sure that your children learn their responsibilities early on. Set up a schedule for them on when to prepare the lemons, fill up the ice trays, open shop, and do the inventory at the end of the day then make them perform them religiously. This will help them develop good work ethics. Most importantly encourage them to make the best lemonade they can for customers. Not letting people down with your product should always be the main goal.
Aside from building their entrepreneurial IQ and business ethics, you also get to shape up their communication skills. They get to meet different people from your neighborhood and learn to adjust to each of their customer’s uniqueness. But do make a list of standard responses for them so they’ll be consistent when customers ask about their lemonade and business. Setting them up to deliver the right answers will make them more confident about their product.
When the money finally comes in, have a sit down meeting with them and review their inventory. Track the cost of the ingredients that they initially used for the day’s lemonade sale and do the necessary calculations to derive their profits. Set aside the money they need to buy more lemonade for tomorrow’s sale.
After a few days, when they have accumulated their profits from their lemonade stand, help them decide where to put the proceeds. Empowering your children to choose what to do with their hard-earned money gives them a certain feeling of independence. Whether they want to expand their stand from one to two, or buy new toys, or donate the money to a pet shelter nearby, make sure you explain to them the good that will come out of their decision.
As a parent, getting the opportunity to support your children’s ambitions can be a lot of fun and truly fulfilling. By proposing that they invest on a lemonade stand to earn money for the summer, you get to teach them the basics of going into a worthwhile business that can make others happy, while they get to enjoy the fruits of their labor.