Business Planning

Today you will begin working on your preliminary business plan:

First, come up with an idea:

• Lemonade stand
• Refreshment stand at local games
• Child care
• Hot dog stand
• Yard care
• Developing a web page for others
• Youth community center
• Shopping service for seniors
• Pet sitting
• Delivery services
• House cleaning service
• Janitorial services for local businesses
• Selling used clothes
• Jewelry making
• Catalog sales
• Temporaries agency
• Computer service business
• Add value to an existing product (packaging, new Marketing local crafts design, new customers, different size)
• Travel services
• Musical group
• Repair services (shoes, electrical equipment, cars, clothing, etc.)

Next, answer the following questions [neatly] on paper.  If you don't know the answers, write out the question and then complete them for homework:

1. What is the name of your business?
2. Describe your business in one paragraph.
3. What is your product or service?
4. Who will buy it? What is your customer demographic?
5. Where should you locate the business?
6. How can you attract customers?
7. What is your competition? List and describe your competitors.
8. How much should you charge for the products or service?  Why?
9. What advice do you need and who can provide it?
10. How will you organize the managers and/or workers of the business?
11. How will you split the profits? Who is responsible for the losses?
12. What should you consider to be able to produce the product and get it to the customer?
13. How much money is needed to get the business started?
14. How many customers will you have per month and how much will they buy per month?
15. How much does it cost to make the product or provide the service?
16. What are your operating costs? (Include your own salary.)
17. How much money will your business earn each month by selling your product or service?
18. How much investment will you need to keep the business going until you make a profit?
19. How much money do you need to borrow to start this business?
20. How will you make the business grow in the future?

Design Questions:  Think about how people will recognize your business.  This may include business cards, flyers, signs, etc.. 

1. What would you use as a logo?  Why?
2. What color scheme would you select?  Why?
3. What other design elements would you need to consider for your store, business place or service?