A lemonade stand is the perfect opportunity to teach your children about money.
Involve them in the whole process.
The lemonade stand is a business.
Take your child to the grocery store and give him money to buy the lemonade mix and cups.
Save the receipt.
Your going to use it after the sale to teach your child about profit verses cost.
My son made this sign.
We talked about the price of the lemonade.
He wanted to give his original art work with each glass of lemonade.
So he thought he could charge a dollar.
I think he has a lot of confidence in his artistic abilities.
I told him to just let our neighbors pay whatever they thought was fair.
He thought I was crazy.
They will just give me a penny then.
So he wrote many choices of acceptable numbers for the price of the lemonade.
The only problem is he thought his brother and I were his employees.
See the park behind the stand?
He told us he would be on the monkey bars and to let him know when he had a customer.
After the sale we added up the money he made.
Then I explained we needed to subtract the amount on the receipt.
The cost of supplies.
I also told him that since his brother and I helped him while he played at the park he had to pay us something.
Since he is the boss I said he has to be fair and pay his employees.
Later, he learned another valuable business lesson.
His neighborhood friends came by after the sale and wanted some lemonade.
The lemonade had by this time sat outside for 3 hours.
I told him to offer them their lemonade for free.
I told him this is also a valuable lesson for a new business and for life.
Building relationships for future customers.
My son learned a lot and had a great deal of fun.
He even helped his friend with some marketing ideas when she had a stand of her own.
He also asked her if she wanted him to go door to door and tell people about her stand.
Helping other businesses succeed also helps your business and the whole community.
Which reminds me …