Resources: What you need to run your business

Apparel 2

Objective 4.01

Resources

All of the things used in producing goods and services. AKA “Factors of Production”

As Apparel 2 begins to brainstorm their business ideas **, they must consider the resources available to them.

Skills Do you have the skills it

will take to make the product?

Do you know people with those skills?

Is their skill level comparable to the products already on the market?

Is their skill level higher than yours?

Skills

Communications

Talents: things you’re good at

Technical Skills **

Knowing how to use tools, equipment, procedures and techniques

Math Skills **

Help you to calculate costs and profits; establish record keeping

Time Management Skills **

Delegating the work so that everything gets done

Capital Resources

Tangible (you can hold them) resources that can help you create a business.

Capital resources

Building and facilities

Supplies – fabrics and notions

Human capital – workers

Money ** - “investment capital”

Facilities

Where are you going to set up your place of business? Do you have a building in mind?

Site Selection

Look at location’s demographics: the characteristics of the surrounding community – gender, race, age**, socio-economics.

Site Selection

How much competition* and how close are they to you? (number of businesses and size).

Is the neighborhood growing*? And increasing in income?

Physical Building

Layout planning: administration, production, access to supplies

Automation

Making production faster with machines

Expensive* but cuts production time, reduces errors, simplifies procedures

Ex: machine embroidery instead of by hand

Time

How much time can you dedicate to the business?

What are you willing to give up to start your own business?