Today we kick off our series on ways to incorporate Bizainy Business into your family's summer fun.
When Life Gives You A Scorching-Hot Day, Get to Business Selling Lemonade
The hot days of summer are here, and this is the perfect time to enjoy the time-honored tradition of running a Lemonade Stand. Not only are Lemonade Stands nostalgic for adults and a blast for everyone, but they also offer a great opportunity to introduce inspirational business experiences and skills to kids of all ages. Whether your family is having a spontaneous Lemonade Stand today or has time to plan ahead, here are a few ideas to help your family feel inspired while running your Lemonade Stand:
- Lemonade for Sale- You can talk with your family about who your Customers will be, and what kind of lemonade they would want to buy, such as classic yellow lemonade or a fancier flavor like raspberry-infused pink lemonade. Customers have different preferences.
- Money Doesn't Grow On Trees- Make a budget listing all purchase Expenses and add up the total cost. Calculate how many cups you will need to sell, to cover your costs. Give your kids the gift of understanding how a business truly operates by charging them for all purchased items.
- Let's Talk Prices- Talk about how much you think your customers would pay for a cup of lemonade. Does this price cover your expenses and allow you to earn a Profit? We suggest setting a round price, so it is easier for kids to make change.
- A Stand to Draw a Crowd- Discuss how Presentation can attract customers and make them more likely to purchase a product. Decorate your stand with colorful "Lemonade for Sale" banners and posters featuring your lemonade price. Consider displaying your lemonade in clear pitchers lined with lemon slices to make your product really pop. You could even create a "garnish station" with containers of sugar cubes, raspberries, mint leaves, ice cubes and tongs so customers can customize their lemonade.
- Location, Location, Location- Talk about how a store Location is key to ensuring success. If customers cannot get to you, how can they purchase your delicious lemonade? Select a spot that will attract a crowd and is safe for you and others to stop and gather. Consider opening shop on your street corner where more traffic may pass, but make sure it's safe. You can offer your neighbor who lives on the corner free lemonade for rent.
- Buy Yummy Lemonade and Support A Great Cause- Today's kids are savvy about Consumer Promotions. Ask them for examples of TV commercials or in-store promotions that offer customers an incentive to buy more. Can you use these ideas for your lemonade stand? Perhaps your kids want to offer a discount to customers who buy multiple cups. People often feel good when their purchases help others, so do your kids want to donate part of the earnings to charity? If so, advertise this to your customers to provide an incentive to buy more lemonade.
- Get the Word Out- Teach your family about Advertising, by talking about the main points you must tell customers about your Lemonade Stand: the date, time, location, delicious products, reasonable prices and enticing promotions. Help them write an email advertising the Lemonade Stand to family and friends. Improve their phone skills by helping them call friends and loved ones to tell them about the sale. (use their cutest, most irresistible voices)
- Go Get'em Tiger- While most kids have mastered shouting to get customers' attention, kids often need us to teach them how to Close the Sale once a person approaches the stand. Practice convincing customers to buy tons of lemonade by touting your delicious products at reasonable prices with enticing promotions. Consider your kids' responses to common customer questions like "Why are you selling lemonade today?" "What are you going to do with the money?" and common customer comments like "When I was your age, I sold lemonade too."
- Customer is King- Talk about the importance of Customer Service. This includes looking every customer in the eye while politely telling them how much they owe, accepting their money, providing change due, and giving them their lemonade with a smile. Most importantly be sure kids value the significance of showing their appreciation through: "Thank you!" TIP stands for "To Incent Performance", and some customers may reward great customer service by saying "Keep the change!" The transaction process also provides a great opportunity for kids to count coins and make change, vital skills for all ages.
- Hard Work Pays Off In Many Ways- BEFORE you count your earnings, help your children recognize how hard they worked, and have them share what they learned, what they enjoyed and what they found to be rewarding. Help kids to experience and value the idea that enjoying what you do can be far more fulfilling than any monetary reward. Now that you've encourage your child to be driven by internal happiness...on to calculating the financial earnings.
- Counting Coins- Your kids can gain great financial literacy lessons by calculating profits. Make calculating fun by shouting out with kids as they count the money. Show them how to subtract Expenses from Revenue to calculate Profits. If your child chose to donate a percentage of proceeds to charity, deduct that as well. Split the profits amongst all the kids that helped...how much did they earn? Help them appreciate how hard one has to work to earn a profit. How many Lemonade Stands would you have to run to cover the cost of your school backpack, favorite shoes, or a movie ticket? Making the connection between the amount of hard work one has to complete to earn a specific amount of money helps kids appreciate the value of their efforts.
Next time, we'll continue this Summer Bizainy fun series with ways your family can manage your Lemonade Stand earnings. Ready, Set, Sell! Have a blast at your Lemonade Stand and be sure to share your experiences and photos with Bizainy by using #Bizainy on Facebook, Twitter, Instagram.
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