To make the group presentation, students will publish the written report via the word processing program. Members of the group will co-construct slides using PowerPoint and other media using print material and resources gathered from the World Wide Web. Explain why the marketplace is not adequately serving a consumer demand and why your version of a product or service does.
Students will gain a better understanding of the research and planning required to plan for a new venture. Prior to beginning the project, you will need to: National Career Development Competencies: Assessments are made at a few steps in the lesson.
As with any planning exercise, your group will get out of it what it puts into it. Detail what steps you will take to monitor the performance of the new business.
Ask students to describe their ideal businesses. Explain to students that people need capital money to start a business. Include one- two- and three-year projections, complete with income and expense projections.
Organize students into cooperative groups. Students will work individually and in teams to review the elements of a business plan, and once prepared, proceed to creating your own business plan a plan for their course project.
Assessment Each group will complete a summary of discussion and publish it via Microsoft Word. Write each student response on the blackboard.
If you are using the plan to seek funding, include the investment cost and potential return. Have it Reviewed Have a business professional review your plan.
Marketplace Overview Use this section to discuss the need or demonstrated desire for your product or service in the marketplace using examples of existing retailers and products or services. They will work in groups to decide on the type of business they will create.
Include your name, the date and contact information. First, of the CEOs presentation of the sample business plan, and second, and the groups develop example sections of their plan for an existing local business.
If you have an accountant, have him review your financial projections. For example, if you are proposing a restaurant, your selling point might be that the area in which you intend to launch has many young families but does not have a low-cost family restaurant.
Careful consideration is needed to balance the efforts expended developing the plan, with the available resources and time to execute the plan. Create a primary and secondary target customer.
Include what the product or service is, who the customer is, where you will sell it and any examples of similar products and financial projections. Explain how you will get your product to the target customer.
Explain that most businesses in America are small businesses.
Limit the executive summary to about a half-page. Make sure that students understand that many small businesses fail but the ones that succeed do so because their owners take the time to carefully plan the business.
Using a variety of free resources, you can create a document that will help you attract investors, launch your business and guide you through your first year. The Service Corp of Retired Executive is a national organization with regional and local offices that pairs former business executive with entrepreneurs to provide free business advice.
Your secondary target customer would be a budget-conscious senior. The completion of these three plans will provide the group a complete business plan.
You and the CEO will need to become familiar with it, and the market for the selected business in your community, to support the guided practice section of the lesson. Students may use those sites as models for their own businesses. Use demographics such as gender, age, ethnicity, income level or location.
Next, ask students to list the things they think starting a business requires. Recall also that planning is a cyclical process; you may want to build in a business plan review at the mid-point of the class. You might price your product low to take market share from an established competitor with a high overhead, or set a higher price to create a higher perceived value.
Selling shampoo through a mass retail chain sends a different message about your product than selling it through salons. Discuss your price, which should cover your cost of production, overhead and include a profit margin.Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get.
Jun 29, · Start Your Own Business by Writing Business Plan. How to write a successful business plan for successful startups. Step By Step - How to write a business plan an effectively for starting your own.
Identifying and resolving these issues now will save time and money later and increase your chances of creating a successful business. For more information read Writing a Business Plan. A) Executive Summary - Summarize your business opportunity. Include a financial section in your business plan that covers all of the operating costs of your business, including your cost of production, overhead, start-up capital needs, projected revenues and projected profits.
Include a budget in a spreadsheet form for investors to review. Make your own Business Plan with Rocket Lawyer's legal document builder, and take the first step towards entrepreneurship. This customizable template is.
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