I almost always stop at lemonade stands. Even if I don’t take the lemonade and hand over a handful of coins, I make a point to stop.

Recently, during a speaking engagement, I shared my entrepreneurial journey, which started at the age of 10. I sold rocks door to door, sold penny candy for 2 cents at a candy stand, and of course, set up countless lemonade stands with my neighborhood friends. My entrepreneurial spirit hasn’t stopped since then.

There is so much value in creating even a little lemonade stand. I love looking back at the pictures from years of impromptu lemonade stands that I encouraged our kids to set up. If you know my husband and me, you know our minds are always buzzing with ideas, and our kids are wired the same way.

Watching our kids now with their own little side hustles reminds me of the invaluable lessons they learned at those lemonade stands. Not only did they grasp the basics of business, but they also learned the importance of hard work, responsibility, and perseverance. These experiences taught them how to set goals, manage their time, and interact with customers—skills that are essential in any field.  Sometimes it’s just research, and other times we dive in—creating logos, purchasing domains, and even building websites together. Some people call us crazy, but we wouldn’t have it any other way. I truly believe it all circles back to the lessons learned at the lemonade stand.

One way to encourage entrepreneurship is to have kids run their own lemonade stand. Really, there are only a few necessities: lemonade, cups, and kids! The location of the stand is crucial, as it should be in a high-traffic area that’s also safe for kids. Kids who run a lemonade stand can truly understand the meaning of “hard-earned money.”

Encourage your kids to start small businesses like lemonade stands or selling handmade crafts. This teaches them about profit, expenses, and customer service. Ultimately, saving is a good habit, and positive financial practices early in life shape our future habits. The new year brings a perfect opportunity to teach kids the skills they need to make smart money choices, especially with their newfound fortune. It’s never too early to teach the value of money and the importance of saving.

You can download and print this free resource- Tips for Running Lemonade Stand Business

There is also an awesome online game for lemonade stands that I used when teaching financial literacy and an online worksheet you can use to get kids reflecting on the business decisions they made while having the stand.