Lessons at the Lemonade Stand

When I was a young girl, summer days had their fair share of running barefoot through the sprinklers and picnic lunches, but it was at the lemonade stand where I learned about the "real world".  My best friend and I would set up the stand on the corner of our street, make the lemonade, set the price (10 cents a cup), put out our sign, and bring the cash box out.  We would chant to passerbys and attract as much attention as we could.  It was there I discovered a lot about myself (I liked earning money), and a lot about economics and how business works.  This summer, why not encourage your kids to set up a business they care about?  

Several moms I know have turned their young children's' interests in to businesses that they run together (one sells her own handcrafted tutu designs on-line, and the other makes and sells beaded jewelry).  Having hands-on experience running a business at a young age can really inspire your child to take their hobbies and passion to the next level.  Even if it becomes just a passing interest, the lessons they'll learn at the lemonade stand (or wherever) will be invaluable.  Here's what I learned all those years ago: 

1. Make sure you like and trust your partner. Fighting can kill desire (and profit).
2. Find a partner with skills that compliment your own.  My friend was good at promotions.  The sign was pretty; she had a good personality and knew a lot of people.  I was better at the business side of things, making sure that the lemonade and the cups never ran out.
3. Pay attention to outside forces working for and against you.  The weather had to be right -- if it was too cold or too hot then no one was out to buy.  The rain killed business altogether.  Obviously, things sell when there is a demand for it.  Cold lemonade near a soccer field where there were games going on meant lots of sales.  Click here to read more.

Finding Financial Strength:

Forging Your Own Path

While there are bills to pay and mouths to feed, it can seem pretty unrealistic to turn a hobby into a profession. But, no one says that you have to make the leap to full-time entrepreneur. In fact, for some people, a part-time business is a great fit because it allows a smaller time commitment with all the fulfillment of being paid to do "passion" work. The other benefit is that in uncertain economic times, the side business can become "Plan B" if it needs to be, helping to make the stress of a lay-off situation less desperate. When we started ATI Investment Consulting, Inc., for example, there were a handful of clients and not a lot of revenue. But, with my husband employed full-time, and with insurance covered the breathing room we needed to grow was there. In fact, it gave us time to develop and launch Real$martica, Inc., as well. Is it a busy lifestyle (he still juggles two full-time jobs)? Is free time a gift? Yes. But, investing in ourselves and our family, and helping others achieve financial freedom is worthwhile. I am a firm believer that having control over your money is empowering, so having more control over how you earn it is a real boost.

There are many free resources available to people looking to start or expand a business at the US Small Business Administration (SBA), including help with writing a business plan, getting funding, mentoring and networking opportunities. Small Business Development Centers are located throughout the country, as are SCORE offices. Veterans, women, and retirees have additional resources available to them. Find out where local resources are and learn about the programs and services available by visiting the SBA's website.