The lemonade stand is often the first step for enterprising youth who grow up to start and run their own businesses. Unfortunately, many entrepreneurs continue to run their professional businesses with the same tactics that they used at the lemonade stand as a kid.
Today we will be sharing these tips to help small businesses keep from taking on lemonade stand business strategies from blogger Heidi Thorne.
Today we will be sharing these tips to help small businesses keep from taking on lemonade stand business strategies from blogger Heidi Thorne.
Selling To Anyone And No One. Most lemonade stands pop up in the yard or corner as close as possible to the residence of the young entrepreneur. The proprietor yells out “Lemonade” to anyone who passes by and then wonders why sales are limited. This is akin to the small business that positions itself offline or online wherever it is convenient or cheap. As Thorne points out, “proximity does not equal possibility.”
Instead, the lemonade stand would be better served to locate itself where thirsty people hang out, especially those for whom lemonade would be the perfect choice. In the business world, that could be either the right physical location or proper online positioning.
Sell Or Swim? Lemonade stands are in business as long as it is fun or there isn’t anything better to do. As soon as the fun ends, the stand closes down. The kids get bored, it might start raining or something better might come up. There are businesses that do the same thing. As soon as the going gets tough, the owner gets out. Instead, business owners should know why they are in business, have a commitment to that purpose and understand there will be ups and downs in the process.
Cash Flow And Go. For young lemonade moguls, the costs of doing business are primarily already in the kitchen. Wouldn’t it be great if every small business could ask “mom” for everything it needs to operate and it would be there for them? Unfortunately, many small-business owners fail to understand all the costs involved with doing business such as materials, labor, insurance, accounting, taxes and generating sales. The list is endless.
Before they know it, all the cash flow the business thought they would be retaining is going out the door for operating costs they didn’t factor into the finances. The business needs to do its research to be realistic in all the operating costs it will take and how those costs will change over time as the industry changes or the business grows.
Want to turn the “lemons” in your small business into lemonade? Be aware of these tips and you’ll enjoy the cool, refreshing taste of success.
Source: Heidi Thorne, Thorne Communications LLC, is a marketing coach, business speaker and author with more than 25 years of experience in sales, marketing, advertising and public relations, including a decade in the hotel and trade-show industries. She is also a promotional products distributor (PromoWithPurposeShop.com), author of several books for small business and former trade newspaper editor.
Instead, the lemonade stand would be better served to locate itself where thirsty people hang out, especially those for whom lemonade would be the perfect choice. In the business world, that could be either the right physical location or proper online positioning.
Sell Or Swim? Lemonade stands are in business as long as it is fun or there isn’t anything better to do. As soon as the fun ends, the stand closes down. The kids get bored, it might start raining or something better might come up. There are businesses that do the same thing. As soon as the going gets tough, the owner gets out. Instead, business owners should know why they are in business, have a commitment to that purpose and understand there will be ups and downs in the process.
Cash Flow And Go. For young lemonade moguls, the costs of doing business are primarily already in the kitchen. Wouldn’t it be great if every small business could ask “mom” for everything it needs to operate and it would be there for them? Unfortunately, many small-business owners fail to understand all the costs involved with doing business such as materials, labor, insurance, accounting, taxes and generating sales. The list is endless.
Before they know it, all the cash flow the business thought they would be retaining is going out the door for operating costs they didn’t factor into the finances. The business needs to do its research to be realistic in all the operating costs it will take and how those costs will change over time as the industry changes or the business grows.
Want to turn the “lemons” in your small business into lemonade? Be aware of these tips and you’ll enjoy the cool, refreshing taste of success.
Source: Heidi Thorne, Thorne Communications LLC, is a marketing coach, business speaker and author with more than 25 years of experience in sales, marketing, advertising and public relations, including a decade in the hotel and trade-show industries. She is also a promotional products distributor (PromoWithPurposeShop.com), author of several books for small business and former trade newspaper editor.