Sunday, May 2, 2010

Today Was National Lemonade Stand Day! Did You Support a Kid Biz?

We just learned about a cool movement to promote entrepreneurship in tweens called  Lemonade Day. The idea is to promote business skills and financial learning among kids through the classic summertime activity: hosting a lemonade stand.

Our tweens were thrilled with an excuse to break out the juicer before Memorial Day, and the weather in D.C. was definitely summer-like - I think it hit 80+ degrees today. We decided to do the lemonade stand, but this time, the kids took charge: they had to figure out how much to charge, how much to make, the amount of groceries to buy, make the posters - everything - by themselves (mom had to supervise only).

So, they got out their pencils and calculators and figured out their initial investment for lemons, sugar, and paper cups. From there, they determined their price and made their store "signage"/marketing materials:

Then they got down to squeezing and mixing (Note: a key ingredient missing from posted lemonade recipes: elbow grease):

THEN, finally, they got to set up their lemonade stand:

Phew! That was a lot of hard work!
But they had a great time and learned A LOT: they learned about the cost of goods sold (packaging - i.e. cups - counts as a real cost), inventory management (when they ran out of cups midway and had to make a run to the corner market), customer service (good service yields tips), pricing (bundling brownies with lemonade results in more of both items sold), etc.

They're still figuring out how much was profit (due to an error in counting the starting change), but they did make a profit - no small feat in this lingering recession. Donald Trump, watch out - our tweens got a taste of business and want to franchise!
(Now if you'll excuse me, mom has to go remove the gazillion lemon seeds spackled to the kitchen counter.)

Did your family host a lemonade stand this weekend? Please share your stories - we'd love to hear how your tweens enjoyed the process!

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