p - present the initial business idea w hat are we learning ? today we will be learning about why...
TRANSCRIPT
Unit 17 Starting a Small Business P - Present the Initial Business Idea
WHAT ARE WE LEARNING?Today we will be learning about why people start their own businesses as well as some of the ideas we have for our own small businesses.
WHAT SKILLS ARE WE DEVELOPING? Identify – What could I do as my business? Investigate – What do people think of my
idea? Decide – Which business am I going to
“start”? Analyse – Who would my competitors be?
What makes my business special (USP)? Justify – Why have I chosen this idea?
Groups: Whenever group work is required for this
assignment, you will be working with the following students and the group leader is responsible for ensuring all members of the group complete the task:
Group 1: Lee, Andrew, Ethan, Nick, George, Levi (Group Leader)
Group 2: James, Tom J, Aiden, Jake, Billy, Charlie (Group Leader)
Group 3: Josh W, Matt, Alfie, Omar, Adam, Josh B, Toni(Group Leader)
Group 4: Chloe, Ashley, Chris, Kye, Shane, Cameron (Group Leader)
Group 5: Tom F, Simone, Georgie, Ryan, Ellis, Hariije (Group Leader)
To begin:Why should I start my own business??In groups, list at least five reasons why
someone might want to start his/her own business.
Identify:Ideas Produce a brainstorm of at least 7 ideas.
Try to include a wide range of ideas and think about your target audience.
Your ideas must be: Small scale- a smoothie
stand –YES, a whole café-NO!
Legal Manageable Something you could do in
Folkestone Sensible
Identify:IdeasChoose your 5 best ideas. Produce a table in Word of advantages and
disadvantages to identify the best idea.
Idea Advantages Disadvantages
Fruit selling- our group would sell fruit in courtyards at break time…….
•Easy to do•Is healthy•Not been done before.
•Will need to buy fresh fruit. •May not be popular
Bracelet making
•Could be popular• Could make lots of money.
•Time consuming to make the bracelet. •would need to buy the resources
Investigate: OpinionsProduce a table to find out peoples opinions
of your 5 chosen ideas. Use a scale to investigate how much other
students like your idea. Idea:
1 2 3 4 5
Not a good idea Excellent idea
Decide:Final IdeaProduce a presentation about your final idea.
The final idea (What is your idea? What are you selling? Where are you located?)
What type of business is it? Sole trader, Partnership or franchise.
Analyse:What are the features of my business?Please add to your presentation including:
Your Unique Selling Point (USP)/ why is your business idea so attractive
One business aim and two SMART objectives for your business
Who your competitors will be? Why will your business be profitable? What are your
price ranges A STEP analysis.
Social Technological Equipment Personal
Justify:Why have I chosen this idea?Why you have chosen this idea- is there a
demand or gap for the business? What are the benefits of your business to
Folkestone?
Aims and ObjectivesFor P1 - Analyse
What are aims?All businesses have aims they want to achieve. These are the long-term visions or goals of a business.
Key aims: Profit maximisation – making as much profit as possible Survive – if a business is in difficult times or a new business Break-even – making enough money to cover costs (no profit
and no loss) Growth – to sell more goods or services or to open other
branches Service provision – offering a new service or improving
existing services to attract new customers Market share – taking business away from their competitors Develop relationships with other businesses – offering joint
ventures
What are objectives?Objectives are more specific than aims. They are targets which are set to help achieve the overall aims of the business.
SMART Objectives:
Specific There is a clear definition, often including a number, for example saving £20 a week
Measurable This means achievement can be checked.
Achievable This means you can reach your target if you stretch yourself a little.
Realistic This means that the target is sensible so that you stand a chance of achieving it.
Time-related Every objective should have a date for achievement or review. You should set a time limit to review your progress.
Aim or objective?
To make a profit
To increase profit by 10% in the next 12 months
To break-even within the next 6 months
To grow
To open 5 new outlets over the next 2 years
Your business ideaStep 1: Researching the market
how much competition is there?who are the competitors?what features make them stand out?is there a gap in the market?
Profile of two successful businesses in a competitive market.
Your business ideaStep 2: Select a product or service
what will your business do?how can it be different to the competition?
Step 3: Defining your target customerwho are your potential customers?how does this match the characteristics of the local market?
Step 4: How will your product or service meet customer needs?do your answers to step 2 match your answers to step 3?
Benefits and FeaturesFeatureA specific
characteristic of a good or service
BenefitWhat the feature
adds to the customers experience or enjoyment
Feature?
Benefit?
Features and benefits Does the advert show features or benefits or both?
Who is the target market?
How does the product meet the
needs of the target market?
Why should successful businesses
understand both the features and the benefits of
their products or services?