Veteran business owner and Inc. magazine columnist Norm Brodsky shares his top tips for building and running a winning lemonade stand.
#1 Read Tom Sawyer.
Pay attention to the part about painting the fence. Hint: You don't have to do all the work yourself.
#2 Use Your AgeAdvantage in Designing the Stand
Make a deal with the best architect in town: If he designs a great lemonade stand for you pro bono (for free)--and you win the contest--you'll make sure he gets recognition on national TV.
#3 Find a Niche
A niche differentiates your stand from your competitors' stands. One idea: Hook up with a good cause and pledge a percentage of the profits to it.
#4 Be Nice to Your Parents
You'll need capital to build your stand and buy your ingredients. Unless you have savings, you'll have to find sympathetic outside investors, namely, your parents.
#5 Location, Location, Location
Only set up your stand in front of your house if you happen to live next door to the biggest mall in town. Look for a place with a lot of foot traffic. The more people who pass by you, the more sales you'll make.
#6 Don't Skimp on Quality
Buy the best ingredients--and let your customers know about it.
#7 Charge a Lot
You're a kid; you have the highest quality lemonade; and you need the money. If you're supporting a good cause, that's another reason people should be willing to pay more.
#8 Diversify
Who ever said that a lemonade stand could only sell lemonade? What about, say, cookies?
# 9 Follow Your Instincts
It doesn't matter if you make mistakes. Just make sure they're your mistakes. Learning from mistakes is how lemonade champions are made.
#10 Win the Contest
Ask a professional photographer to take your digital photos. (You don't ask, you don't get.) Have your teacher check your essay. But remember, in business winners make a profit.
Got a question about the contest? Contact us at lemonade@inc.com.
