Are you interested in helping your kid start a first business like a lemonade stand, but need some backup? Consider signing up your budding entrepreneur for National Lemonade Day. Many communities hold coordinated Lemonade Days sometime in May. Signups are underway now.
When they participate in Lemonade Day, your child gets a free backpack filled with everything they need to know about running a successful small business. This includes an explanation of the mysterious “supply costs.” Parents of first-time stand proprietors can tell you: Most kids have no idea that someone actually has to pay for lemonade and other ingredients, then get reimbursed from the stand’s profits. In other words, ingredients aren’t magically produced for free by Mom and Dad.
Adult Supervision Required
Each Lemonade Day setup kit also includes an adult guide. The sponsoring nonprofit organization, Prepared 4 Life, requires kids to partner with a responsible adult—a parent, grandparent, teacher or neighbor—on the project. The guide prompts adults to ask the kids key questions to help them set financial goals, choose a site for their stand, create an advertising plan and more.
This project also emphasizes the three-jar money concept of spending, giving and saving. Once kids earn their Lemonade Day profits and pay for their original supplies, they get to:
- Keep some of their earnings
- Connect with a local bank to save some of the profits, and
- Choose a charity to which they’ll donate a portion of their funds
The Lemonade-Day Advantage
Of course, you can always help your kid start a drink stand—or a dog-walking or lawn-mowing business—on their own, anytime. The coordinated Lemonade Day project just gives your kid’s business some extra structure and support. Plus, local organizers often connect kids with sponsoring community organizations.
Is your community participating in National Lemonade Day? Check the map.
(photo courtesy © Elvert Barnes cc2.0)
Just when you think you have your kids figured out, think again. Kids are extremely perceptive and will do some amazing things given the opportunity. Take Lily Born, now a 13-year-old entrepreneur who wanted to solve a problem that was personal to her.
When Lily was just 8 years old, she noticed that her grandfather was having difficulty drinking from cups without spilling. Why? Unfortunately, Lily’s grandfather suffered from Parkinson’s disease. She approached her father wanting to provide a solution for her grandfather, and he used that opportunity to teach her about prototyping.
With Lily designing the solution, and her father helping her with the rest, they successfully created the Kangaroo Cup. Lily used moldable plastic to build several prototypes before finally creating a no-spill cup. The Kangaroo Cup has three legs that make it far harder for someone to tip it over or spill. As it turns out, the cup was helpful for her father too! Lily created another version of the cup to save her father from spilling coffee onto his laptop. This time, the cup was built in a local pottery studio using ceramics.
Lily’s dad loved his daughter’s creation so much he asked her if she would be interested in making more for other people. They spent a lot of time designing a new product out of clay, and ended up traveling to China hoping to learn about production. After finalizing the design and picking a manufacturer, Lily needed funding to make the new dream come true.
Lily and her father made a video for Kickstarter (a crowdfunding platform), hoping to raise $25,000. Not only did Lily pass her goal, but her family had a lot of fun putting together the website and video! People all over the world loved the idea of the Kangaroo Cup and donated over $62,000.
Trial & Error
Now that Lily had the funds and a production facility, she had to perfect her invention. She recognized that there were many improvements that she could make. For example, her friends broke a few Kangaroo Cups playing outside of the house. She even received feedback that people would love a design that was better suited for children, and had more comfortable handles. After several versions of the cup, the final version was created.
The Company & Press
With Lily’s creation now available, she started the company Imagiroo where she sells the cups online. Each cup sells for $13 and ships all over the world. Lily has since sold over 11,000 cups! Moreover, LIly donates part of her profits to support STEM education for young girls, and donates cups to not-for-profit organizations that help adults and kids with mobility issues.
Lily has since shown her invention at the White House Science Fair, and has been featured on CNN Heroes, Headline News, NBC Nightly News, NPR’s Weekend Edition, Fast Company, Business Insider, and more. She loves to inspire others, and is constantly thinking about what will be her next invention.