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Making profit is child's play Entrepreneurs, aged 10 and 7, make more than $600 with lemonade stand
Daron Letts
Northern News Services
Published Tuesday, August 6, 2013
SOMBA K'E/YELLOWKNIFE
It seems few resources are better able to withstand fluctuations in the market as well as lemons -- for shareholders under 11 years old, at least.
Sisters Mali Straker, 10, left, and Taya Straker, 7, went into business with cousin Chase Straker, 10, this past Saturday to run Old Town Kidz Refreshments, a deluxe lemonade stand and hand-crafted-gift counter at the corner of Weaver Road and McDonald Drive. The trio earned more than $600 in one afternoon, not taking into account labour and expenses. - photo courtesy of Benji Straker
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Sisters Mali Straker, 10, and Taya Straker, 7, teamed up with cousin Chase Straker, 10, this past weekend to form Old Town Kidz Refreshments, a deluxe lemonade stand and hand-crafted gift counter. The young entrepreneurs earned more than $600 from selling their home-made wares, not accounting for expenses.
"It was very fun and we enjoy doing it every year," Taya said, adding that after the profits were divided three ways, each shareholder earned $206.
The owners also paid their friend Maggie Austin, 12, $50 because she had been subcontracted to create a small number of handmade crafts to add to the inventory.
Mali estimates the business attracted more than 100 customers in under six hours.
"It was a lot of people," she said, adding many family members patronized the cousins' kiosk.
The family business began last year on the edge of the lawn in front of Chase's family home at the corner of Weaver Road and McDonald Drive during Old Town Ramble and Ride. This year's stand returned in the same location, this time larger and offering a broader inventory, to coincide with the seventh-annual edition of the popular neighbourhood festival.
"Wow," Mali exclaimed on Sunday evening, reflecting on the growth of the profitable venture. "That was improved."
Products for sale included suede and hexagon key chains, handmade by Mali with help from an instructional YouTube video; treats such as cinnamon buns, chocolate chip cookies and muffins, home-baked by Mali and Taya's mom Evelyne Straker and Chase's mom, Leslie Straker; chalkboards made from recycled picture frames; and friendship bracelets.
"We had a lot of crafts this year," Mali said.
Another friend, Brook Dwyer, set up a T-shirt stand next to Old Town Kidz Refreshments, making the corner into a mini-mall of sorts.
The children's first sale of the day came around 10 a.m., Mali said, adding the product was a jar of her mom's homemade watermelon-mango salsa, all 12 jars of which sold out by mid-afternoon. In fact, most of the children's inventory was gone before 4 p.m.
One of the biggest-sellers, as the temperature reached 22 C by early afternoon, was Chase's Special Lemonade, made special by a "secret ingredient."
"We had to make three jugs of it because we kept running out," Mali said. "Everybody wanted it."
Mali and Taya's dad, Benji Straker, and Chase's dad, Randy Straker, constructed the rustic sales counter and storefront from weathered lumber. The cousins painted the sign.
Like any successful business, the project required "a lot of planning" and "a lot of work," Mali said.
Mali and Taya plan to use some of the money they earned during a family vacation to Ottawa and Toronto later this summer. Mali speculated that Chase will spend some of his take on video games.
The cousins also decided to donate $82 of their profits to a variety of local and international charities, including $25 to the Great Slave Animal Shelter.
Mali and Taya said they may reinvest some of the profits back into the business, perhaps by purchasing a flavoured frozen ice machine for next year.
"We hope it will be a real business sometime," Mali said, adding they may expand next summer by opening a weekly location at the Farmers Market in Somba K'e Civic Plaza. "We can make really, really cool stuff and make it better and maybe work in a building if we make that much money. We love doing it."
Whatever their business plans, Taya, Mali and Chase will continue to be supported by their four biggest investors.
"All three kids work really hard for this event and we are very proud of them," Evelyne said, on behalf of all the parents.
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