Supporting a youth-run lemonade stand can build the confidence of a child, help them understand the value of money, and learn important lessons about running a small business.
Not only are youth earning cash, they are learning and practicing the important principles centered around the five Ps of marketing a successful stand or any business. The more time and effort youth can put towards promoting and marketing their stand before opening for business, the more likely they are to be successful.
While lemonade stands are usually available in the summer and early fall, with colder weather starting to show up, it creates different and new opportunities of turning a lemonade stand into a Hot Chocolate stand instead.
THE 5 “Ps” of business marketing play a crucial part of if a business is going to be successful or if it will struggle to keep afloat. The 5 P’s — Product, Price, Promotion, Place and People — all help individual businesses differentiate from their competitors.
Product
The most important aspect of any lemonade stand is the product. This is a fantastic opportunity for the young entrepreneur to explore product development. Things to consider include:
• How does it look and taste? Will they make it from a powder, use fresh ingredients or have a special recipe?
• Have they considered temperature? Keeping the lemonade cold can boost sales and bring return customers. Youth may consider floating a large piece of ice in their pitcher or serving it in a cup of ice.
• Can they diversify their product line? Some possible preferences may include low calorie, pulp-free, or even a flight of rainbow-colored lemonade! Many enthusiastic entrepreneurs also sell additional products at their lemonade stand. These could include a tasty treat or even a handmade item.
Price
When thinking about price it is important to know who your customers may possibly be and what they might be willing to pay. The key thing to A few other things to consider might include:
• Look at what other stands are charging and where they may be set up. Also consider if they offer additional items that you may not.
• If you are planning on setting up in a location where a lot of foot traffic is available, you may look at wanting to charge more.
Promotion
How will you get the word out about your lemonade stand? The more time and effort you can put towards promoting and marketing your stand before opening for business, the more likely you are to be successful.
