|Objective||To teach children about cash flow and how much money goes in and out of a business.|
A Lemonade Stand is a great opportunity for your child to earn some extra cash and learn a little about starting a small business.
1. Go to the store and buy the materials they will need for the lemonade stand. Write down the total cost for the materials or keep the receipt for future reference.
2.Discuss how much they will charge for each glass of lemonade.
3. Have your kids set up their stand and start selling. They will need a container for the money from the sale.
3. After your child has finished selling their lemonade for the day have them count their money and write down the total profit.
4. Compare the amount of money the kids made to what the materials cost to see how much profit they actually made.
Note: For children 11+ you may want to take the cost of the materials back and leave them with the profit. If you are going to do this then make sure they know BEFORE you buy the materials - otherwise you could have hurt feelings and pouting.
If they didn't make more money than the materials cost ask them if they can think of ways to make more money next time. Talk about things like location, having an edge in the market, pricing the product a little higher etc.
Some creative ways to get an edge in the market could include: giving coupons or having a sale, a delivery system, donating a portion of the proceeds to charity etc.
When your child has opened and operated a lemonade stand at least once.
Track your progress and earn badges!
This activity is included in the following:
Giving Good Customer Service|
|Age Range||7 8 9 10 11 12 13 14 15|
|Tags||Logical-Mathematical Intelligence Interpersonal Intelligence Income Counting Customer Service|