OUR 7 BEST TIPS FOR THE ULTIMATE LEMONADE STAND
It’s summer! Our top tips will help your girl be the boss of the best lemonade stand in town.
Few things say summer more than a lemonade stand. And what better way to launch your girl’s entrepreneurial career! Lemonade stands are a ton of fun but also offer life-lessons like goal-setting, confidence-building, and basic business skills – lessons that can set her on a path to succeed in life regardless of the path she chooses.
Here are our 7 top tips to help your daughter run the ultimate lemonade stand and get the most from the experience.
SET YOUR PRICE, OR MAYBE DON’T!
If your daughter wants to set a price for her lemonade, make sure she accounts for all her costs to ensure she’ll make money on each cup. It’s not just the lemons and sugar that cost money, don’t forget to factor in the cost of the cups, signs, and stand decorations.
But a totally different strategy is to not set a price at all. By asking people to pay what they want, she may raise even more money than if she sets a price for each cup. If your daughter is raising money for a good cause, or a local charity, this strategy can supercharge her revenue!
THE BEST LOCATION MAY NOT BE THE CLOSEST ONE
A lemonade stand starts strong if it’s located in a safe, accessible area with high foot traffic. If you live in a busy area, your front lawn, stoop, or driveway might be ideal. But if you live in a quieter location, think about partnering her with a friend who lives in a busier area or setting up somewhere else in town. But be sure to check with your local government to make sure that she won’t need a permit.
THE MORE EYE-CATCHING THE BETTER
Streamers, balloons, big signs, and cute pets are all great ways for her stand to catch people’s attention. The more eye-catching the better. Check out some of the bright and colorful lemonade stands on Pinterest and Instagram for inspiration. Or better yet, encourage your daughter to let her imagination fly and practice her creativity with her own ideas about how to get people’s attention.
PRACTICE THE PITCH
What will your daughter say to potential customers? Most kids get nervous talking to adults or strangers. Have your girl figure out what she’ll say to potential customers, write it down, then practice her pitch. The more she practices her pitch the more it will feel like reciting a line in a school play instead of talking to a stranger. Eventually, she’ll be so good at her pitch that she’ll stop being nervous and may even exude more confidence beyond her lemonade stand.
GET THE WORD OUT
Aside from making a big, eye-catching display, get her a few customers by asking friends and family to stop by and support your girl. And don’t forget to spread the word on social media. You and your daughter can also create flyers and pass them out around your neighborhood.
OFFER PAYMENT OPTIONS
Cash is king. But joggers, walkers, and cyclists usually don’t have cash on them. Let your girl borrow your phone to use your PayPal and Venmo accounts to collect money from her more active customers. Even if she never collects any e-payments, a child with a sign that says “We accept Paypal and Venmo” will catch people’s attention and gain her some serious entrepreneurial cred.
MANAGE THE PROCEEDS
Have your daughter do the math to figure out how much she sold (her revenue), how much she spent (her expenses), and what is left at end (her profit). Make sure to let her know that while it’s great to raise money for a cause she believes in, there is nothing wrong with working hard to make money for herself, too.
Ready to get your daughter’s lemonade stand started? We’re excited to see what she comes up with! Post snapshots online and use the hashtag #thestartupsquadlemonade for a chance to be our chosen our Lemonade Stand of the Week. Follow us on Facebook and Instagram for updates!
And if you need a recipe, we included our favorite in the back of The Startup Squad’s first book: juice from 6 lemons, 6 cups of water, and 1 cup of sugar. Yum!!