Assets in Action: A lemonade stand is good business practice

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By Bernadette Lauritzen

This is the best time of year to get kids into their own business. Think about things they could do to earn a little money and keep you sane. Don’t just pawn them off outside to do it, engage with the leg work and set them off on the right foot.

A lemonade stand is always the best example of a business. There are certain times of the day when sales that can be done and if that involves the late afternoon, an all-day planning event too. So, let’s sneak some education into the deal. No, we aren’t telling anyone that we’re sneaking education into the plan, it just kind of happens.

I am all in when it comes to using some seed money to get everyone started and on the right track. That comes in the way of just a few key items and that can be lemonade, cups and a poster board. I assume you already have a few key items like paper, markers, a pitcher and cooler.

Now here’s a few guidelines, so they don’t just assume it’s a table and go. Have them involve a good friend, then you have an exit strategy at some point. The business needs a name. They need a sign and they need to figure out a decent and fair price. Selling a regular sized lemonade for a dollar or more doesn’t allow people to be generous. It is a high point in the day when a child gets a tip.

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