5 steps to a super successful lemonade stand

This story first appeared on moneysense.ca as a part of their "How not to raise money monsters" package.

1. Location, location, location Your driveway is great, but if you live near a corner, double your traffic by setting up there. Neighbourhood pools, garage sales and local parks are also great for business, but note that you may need permission or city permits.

2. Get the word out Bring those customers in! Before you open up shop, go around the neighbourhood and post a few signs on telephone poles. You could even drop off flyers at neighbours’ doors.

3. Upsell those customers Customers love fresh lemonade. You’ll need a bag of lemons, some syrup and cold water to make the real stuff. But consider expanding the menu with impulse buys like Rice Krispies squares, cupcakes and cookies.

4. Price it right Don’t underestimate the power of cute. Or inflation. A quarter might have been the going rate when your parents were kids, but today’s customers will think nothing of paying 50 cents or a dollar for a glass of lemonade.

5. Set a goal See how much you can sell before noon. Or pack up and celebrate once you sell 50 glasses. Think about what you plan to do with the profits. A goal is a great way to stay motivated.

Read more: 10 tips for organizing and prepping a yard sale Nine-year-old boy opens lemonade stand to help fund adoption 7 easy ways to teach your little kid about money