Q: There have been a lot of news stories about young students setting up lemonade stands but getting shut down by authorities. So how can students with dreams to set up a summertime lemonade stand best to avoid problems?
A: Unfortunately, the aspiring lemonade stand owners who were shutdown may have skipped a key first step: researching the idea.
Answers to the following must be known beforehand: Is the idea legal in their location? If so, what are the local business government rules for permits? And how much will the permit cost? The answer to the last question may reveal the idea won’t work.
For example, a CNN article reports that a lemonade stand permit in San Francisco, California is $1,000. If true, to make a profit, customers would have to include a herd of thirsty camels.
For some students, planning how to market and promote their lemonade stand for the following summer may be wise.
Dee Adams is the author of the fact-gathering tips guide
for aspiring entrepreneurs, Finding Your Niche: Discover a Profitable Idea for a Business at Home—or Elsewhere