My boys have been wanting to have a lemonade stand all summer. Well, Ian has been wanting to make a lemonade stand all summer. It is not a bad idea, because also this summer we have been learning about money. I tried to guide them, as mamas do, to have the most successful lemonade stand they could. I explained, the work that had to go into the product, pricing, marketing and staging. But Ian just rolled his eyes and said "Mama, can't we just do this?!?!"
So a few days ago we did.
And if your little ones are wanting to have an end of summer lemonade stand, and are not listening to their mama's brilliant ideas...Here is a little advice from my boys.
1. Advertising is important.
2. You have to have a good product. You should test it often to ensure quality stays high.
3. Pricing is important. And sometimes you have to have a sale. (yes that would be $10 a glass we started at, then $5 and then settled on 50 cents.) Finding the right price point is sometimes difficult.
4. It helps to have friends who can help you with a custom logo design.
5. Sometimes it takes awhile for your product to catch on. You have to be patient. Magic tricks from tricks from your next door neighbor can help pass the time until your product really takes off.
6. Going into business with family is difficult as well. If you are not careful, your little brother can drink most of your profits away in mere seconds.
7. But seeing your satisfied customers smiling from behind their cups of lemonade makes it all worth it.
*** And this mama learned to let go a bit. And to let her young entrepreneurs learn on their own by doing.