On Saturday in class, we began a GoogleDocs document to start answering some basic questions about the viability of our business idea.
- Who would buy this?
- How is it different from what’s already out there? What need does it fill?
- What special skills and abilities do you bring to this business?
- Is this an opportunity, or simply a good idea? If you don’t have the resources or passion to do it, it’s an idea, not an opportunity!
- Are there any regulations or rules around this type of business?
- How will this business make money?
WHAT IS IT YOU LOVE ABOUT THIS CONCEPT?
Today in class, we are first going to review the business plan template and supplement in your binder. You can find the blank template and supplement attached here and save it to your google drive.
TODAY: The next step is to do some research on other companies that may exist. These could be your competition, if you have something better to offer, or you may decide that this idea can’t go forward because it already exists.
Here is a research guide to help you: Online Research Guide-2
Take notes on your google doc on the following topics:
- Does the business already exist?
- Is there a market for your product or services?
- What/who is your competition?
- How expensive will it be to create product or implement your plan? To answer this, you need to do research on how you will create the product. You need evidence to show you know the costs involved.
- Where and how would you sell your products or services?
THE END GAME: As you start, let’s keep in mind the end game. You will be presenting your business to an investor panel in slide show form with a memorized speech. Here is the template for the slide show and the template for your speech cards: