When I was young and my family would drive past a child holding a lemonade stand in their driveway, my parents would always go out of tier way to support them by buying a few cups. At the time, the only thing I did was analyze the flavor of the lemonade whether that be watered down or the best lemonade I've had in my life, but I realized why parents make their child do this. It's the beginning of entrepreneurship and introducing the concept of profit and making money with your own hands. You may ask, why is this important? Well, today, I'm going to breakdown 3 advantages of doing this as a child and I'll get into other ways to gain the skills especially in times like this pandemic when you don't want to go outside and interact with others.
Understanding a profit
We always expect our parents to buy us anything from clothes, toys, and anything we think we want. By running a lemonade stand, the child will understand that money doesn't come for free. It requires hard work to earn cash. A lemonade stand is perfect because it can be the introduction to learn what it means to make money. It requires some confidence to gain sales and creativity in sign-making to attract customers. Children will realize behind the action of getting some cash, so much work goes into it.
Especially in today's digital age where we are told communication is key, the next generation needs to know how to interact with others face-to-face instead of on a screen. Lemonade stands are the perfect way for your child to get out of their shell and talk to someone they've never met. Along with a growth in their interaction skills, they will develop self-confidence after watching adults buy from them.
Developing a Work Ethic
Not all lemonade stands will be successful. There will most likely be days when sales aren't as high as the child wants them to be. This will teach them that nothing in life is handed to them, and they constantly have to work hard in order to get the end goal they desire. A lemonade stand's impact may be small but with hard work and learning to develop a strong work ethic, your child can grow to run a bigger and more profitable business.
So let's talk about the alternatives to a lemonade stand.
Allowance from a Young Age
If you don't know how your child can make money, just give them 10 dollars a month to see how they spend it. If they spend it all in the first week, they will learn that they're out of money and start to spend it wisely. Over time, they will realize how to spend it on things they need instead of want and can develop all the skills mentioned above! This was how my parents taught me the importance of managing my money and I'm so glad I'm not a compulsive buyer.
Helping a Child Grow Their Passion
If your child loves getting in front of a camera, start YouTube. If they love to cook, help them deliver cookies to their neighbors. A lemonade stand is just a common way to get a profit but you can do anything to develop a work ethic and gain communication skills. The options are endless so it's important to help each child figure out what their strength is!
Starting something from a young age is important and although it may seem extra, it definitely pays off in the future! So let's try something new with our kids!